Micronet Enertec Receives Additional $1,600,000 in Contract From a Fortune 50 Medical Device Company

MONTVALE, N.J., Jan. 18, 2018 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced today that its wholly-owned subsidiary, Enertec Systems 2001 Ltd., received purchase order of approximately $1,600,000 during the month of January from a Fortune 50 multi-national medical device company. These orders follow the $650,000 order received from the same customer in August 2017. Enertec will develop and produce fully automated testing systems for medical calibration devices treating heart rhythm disorders.

“These purchase orders mark the largest orders ever received by Enertec in the medical device space and, we believe, further illustrate Enertec’s expertise in automated testing systems for critical applications. To date, Enertec has received over $3,000,000 in orders in the medical device space for the last year. Even more encouraging, Enertec has recently received indications from its customer, a Fortune 50 medical device company, that the customer plans to increase its testing capacity and capabilities and plans to use Enertec’s solutions in additional applications beyond heart rhythm disorders. As a result, we expect that the growth in the medical device space will contribute to our solid backlog and pipeline in the Aerospace and Defense industry,” said David Lucatz, President and CEO of Micronet Enertec Technologies.

About Micronet Enertec Technologies, Inc.

Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) provides high tech solutions for severe environments and the battlefield, including missile defense technologies for Aerospace & Defense and rugged mobile devices for the growing commercial Mobile Resource Management (MRM) market. MICT designs, develops, manufactures and supplies customized military computer-based systems, simulators, automatic test equipment and electronic instruments, addressing a multi-billion-dollar defense industry. Solutions and systems are integrated into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for the Israeli Air Force, Israeli Navy and by foreign defense entities. MICT’s MRM division develops, manufactures and provides mobile computing platforms for the multibillion dollar mobile logistics management market in the U.S., Europe and Israel. American-manufactured systems are designed for outdoor and challenging work environments in trucking, distribution, logistics, public safety and construction.

Forward-looking Statements

This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. These forward-looking statements include, but are not limited to, those statements regarding Enertec’s customers plans to use Enertec’s in additional applications, the ability for Enertec to develop and produce fully automated testing systems for medical calibration devices treating heart rhythm disorders and the Company’s expectation that the growth in the medical device space will contribute to its solid backlog and pipeline in the Aerospace and Defense industry. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

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SOURCE Micronet Enertec Technologies, Inc.