
Plano, TX, September 8, 2010—Asset Intelligence, a leading provider of supply chain asset tracking solutions and a subsidiary of I.D. Systems, Inc. (Nasdaq: IDSY), today announced that its VeriWise™ Track & Trace system has been purchased by ContainerPort Group (CPG), a leading provider of cargo transportation services. CPG will deploy the system on a fleet of container chassis for an initial contract term of five years.
VeriWise Track & Trace is an easy-to-deploy asset tracking system that provides real-time data to improve the utilization, efficiency, and security of trailer and container fleets. It is designed for quick, flexible installation on a wide range of cargo-carrying assets, with patented power management technology to provide exceptionally long battery life and years of maintenance-free operation.
CPG, based in Cleveland, Ohio, provides a service network of approximately 20 facilities across the Midwest and East Coast of the United States. The company’s intermodal cargo transportation services include containerized freight shipping, cargo terminal operations, rail operations, container and chassis maintenance, and warehousing and logistics.
“ContainerPort Group chose VeriWise Track & Trace for its value, ease of installation, and reliability,” said CPG President Richard Coleman. “With our recent acquisition of another container management business, it became essential for us to optimize the control and efficient utilization of our expanding fleet of cargo-carrying assets. We needed a system that could be mounted quickly in an unobtrusive location on our chassis, yet could still communicate reliably, without relying on line-of-sight connectivity to a satellite.
“We tested several other solutions and concluded that VeriWise Track & Trace was the most robust solution available, with a unique covert mounting option, essentially maintenance-free life cycle, and reliable cellular communications. We expect the system will provide us with immediate real-time visibility of our assets, even when they are in remote customer facilities or rail yards, and significantly increase the utilization of our chassis fleet.”
“We are very pleased to add ContainerPort Group to our base of successful customers,” said Darryl Miller, Chief Operating Officer of I.D. Systems. “VeriWise Track & Trace is an ideal solution for CPG’s application—it’s an affordable, simple, effective system for basic asset tracking that can quickly drive cost and inefficiency out of container fleet operations.”
About I.D. Systems:
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of wireless solutions for managing and securing high-value enterprise assets, including industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The Company’s patented technology, which utilizes radio frequency identification, or RFID, technology, addresses the needs of organizations to control, track, monitor and analyze their assets. For more information, visit www.id-systems.com.
Asset Intelligence, a subsidiary of I.D. Systems based in Plano, Texas, is a leading provider of trailer and container tracking solutions for manufacturers, retailers, shippers and freight transportation providers. It offers a full range of solutions to improve safety, security and productivity throughout global supply chains.
“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, such as the Company’s outlook for 2009 financial results and prospects for additional customers and revenues. Forward-looking statements include statements with respect to the Company’s 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 the Company’s control, and which may cause the Company’s 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 risks 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, 2008. 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, and expressly disclaims any obligation to do so.