I.D. Systems Acquires PowerKey and Launches PowerKeyPLUS Product Line
for Wireless Industrial Vehicle Management
Corporate news announcement processed and transmitted by Hugin ASA.
The issuer is solely responsible for the content of this
announcement.
----------------------------------------------------------------------
--------------
HACKENSACK, N.J., April 24, 2008 (PRIME NEWSWIRE) -- I.D. Systems,
Inc. (Nasdaq:IDSY), a leading provider of wireless asset management
solutions, today announced that it has acquired PowerKey, the
industrial vehicle monitoring products division of International
Electronics, Inc., a manufacturer of access control and security
equipment, for $500,000. Simultaneously, I.D. Systems has launched a
new wireless product termed PowerKeyPLUS(tm) targeted at the
entry-level segment of the industrial vehicle management market.
PowerKeyPLUS(tm) emphasizes vehicle access control, safety checklists
and impact sensing -- the most popular functions for managing the
inherent safety and maintenance issues associated with industrial
vehicles. PowerKeyPLUS(tm) is a competitively priced standalone
system suitable for any fleet size, small or large. In addition,
PowerKeyPLUS(tm) serves as a platform for seamless expansion to I.D.
Systems' industry-leading, full-featured Wireless Asset Net(r) fleet
management technology.
"We will promote an aggressively priced, entry-level PowerKey brand
product that can be easily upgraded to our full-featured Wireless
Asset Net(r) solution, as customers' needs and wants evolve over
time," said Peter Fausel, I.D. Systems' executive vice president of
sales, marketing and customer support. "We believe this will make
I.D. Systems a powerful 'one-stop shop' that can address the needs of
virtually any industrial fleet."
"Our acquisition of PowerKey gives I.D. Systems instant access to a
broader base of quality customers, provides us with more solution
options for prospects in the entry-level segment of the industrial
vehicle management market, and consolidates our market leadership,"
said Jeffrey Jagid, I.D. Systems' chairman and CEO. "PowerKey has
earned a respectable brand name in this industry and achieved success
with dealers, distributors and fleet management providers. We
anticipate that I.D. Systems will be able to capitalize on all of
these assets."
PowerKey customers include Caterpillar, Owens Corning, Visteon, and
Whirlpool, as well as a network of forklift dealers and fleet
management service providers, which will be added to I.D. Systems'
own base of customers and channel partners. Manufacturing, marketing
and support of PowerKey products will be largely absorbed by I.D.
Systems' existing operations, sales and customer service
organizations, which will minimize overhead associated with PowerKey
revenues.
About Wireless Industrial Vehicle Management
Wireless industrial vehicle management systems improve workplace
safety and security by restricting vehicle access to trained,
authorized operators, providing electronic vehicle safety inspection
checklists, and sensing vehicle impacts. These systems also reduce
fleet maintenance costs by automatically uploading vehicle data,
reporting vehicle problems electronically, scheduling maintenance
according to actual vehicle usage rather than by calendar or manual
data entry, and helping determine the optimal economic time to
replace equipment. In addition, wireless fleet management systems
help improve productivity by establishing accountability for use of
equipment, ensuring equipment is in the proper place at the right
time, streamlining work flow through automated messaging, and
providing management with unique metrics on -- and controls over --
equipment utilization.
About I.D. Systems
Based in Hackensack, New Jersey, with European business offices in
Dusseldorf, Germany, I.D. Systems, Inc. is a leading provider of
wireless solutions for managing and securing high-value enterprise
assets. These assets include industrial vehicles, such as forklifts
and airport ground support equipment, and rental vehicles. The
Company's patented Wireless Asset Net(r) system, which utilizes radio
frequency identification, or RFID, technology, addresses the needs of
organizations to control track, monitor and analyze their assets. For
more information about I.D. Systems, visit www.id-systems.com.
"Safe Harbor" statement:
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements with respect to our beliefs, plans, objectives, goals,
expectations, anticipations, assumptions, estimates, intentions, and
future performance, and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control, and
which may cause our actual results, performance or achievements to be
materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. All
statements other than statements of historical fact are statements
that could be forward-looking statements. These forward-looking
statements are subject to risk and uncertainties, including, but not
limited to, future economic and business conditions, the loss of any
of the Company's key customers or reduction in the purchase of its
products by any such customers, the failure of the market for the
Company's products to continue to develop, the inability to protect
the Company's intellectual property, the inability to manage the
Company's growth, the effects of competition from a wide variety of
local, regional, national and other providers of wireless solutions
and other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission, including the Company's
annual report on Form 10-K for the year ended December 31, 2006.
These risks could cause actual results to differ materially from
those expressed in any forward-looking statements made by, or on
behalf of, the Company. The Company assumes no obligation to update
the information contained in this press release.
CONTACT:
I.D. Systems, Inc.
For Financial Press
Ned Mavrommatis, Chief Financial Officer
ned@id-systems.com
For Trade Press
Greg Smith, Vice President Marketing
gsmith@id-systems.com
201-996-9000
Fax: 201-996-9144
--- End of Message ---
I.D. Systems, Inc.
One University Plaza, 6th Floor Hackensack
USA
WKN: 924127; ISIN: US4494891033;
;