Micronet’s organization transitioning to a recurring income design with sale of Artificial Intelligence (AI) and Program-As-A-Services (SAAS) based mostly products and solutions
MONTVALE, N.J., Aug. 18, 2020 /PRNewswire/ — MICT, Inc. (Nasdaq: MICT) (the “Business”), introduced right now that its subsidiary Micronet Ltd. (“Micronet”) has obtained the 1st sizeable purchase for its new, remarkably innovative movie telematics product, SmartCam, which integrates sophisticated software program and AI features to serve the fastest rising phase of the estimated $45 billion global telematics current market. SmartCam, which gained U.S. Federal Communications Fee (FCC) authorization for 2.4GHZ, 5GHZ and LTE, subsequently entered a pilot demo with a international telematics provider, an ongoing customer of Micronet, top to this very first significant order for SmartCam in the North American market place.
“We anticipate to ship and ebook revenues for this sizeable purchase toward the stop the 12 months, and we are hopeful that this sale to a significant global telematics participant will lead to even much more substantial orders in 2021. Micronet is at present piloting SmartCam with a lot of other shoppers. Some of these pilot trials had been interrupted owing to COVID-19 and are now back on observe. We are terrific believers in this product or service and anticipate extra conversions of pilot trials into orders later in 2020 and into 2021. Micronet’s merchandise portfolio comprises an rising quantity of systems like SmartCam that integrate superior AI and SAAS with digicam know-how that is made to boost driver safety and fleet overnight, thereby transitioning its business enterprise into a program-driven recurring earnings model,” stated MICT’s CEO, Darren Mercer.
“This first big sale justifies our recent expenditure into Micronet, and we believe that MICT’s financial investment has enabled Micronet to assistance these varieties of orders,” Mr. Mercer concluded.
We think SmartCam is a world groundbreaking, all-in-1 video clip telematics system. An open up and powerful Android system, ruggedized, built-in, and ready-to-go smart digital camera supporting entire telematics options built for in-car or truck use. SmartCam integrates driver struggling with cameras, road facing cameras, vehicle mechanical and running data, car site, and a highly effective telematics on-board laptop, enabling area processing of AI and image processing algorithms. Micronet’s SmartCam presents a functional, superior, and economical mobile computing system for a assortment of fleet administration and movie analytics remedies. The effective computing system, coupled with the Android 9 operating technique, permits fleet administrators to run their have apps or select and choose a established of apps and services from Micronet Market.
About MICT, Inc.
MICT, Inc. (NasdaqCM: MICT) operates by means of its subsidiaries, World wide Fintech Holdings Intermediate Ltd. (“GFH”) and Micronet Ltd. (“Micronet”). GFH’s versatile proprietary investing technological innovation system is intended to serve a large quantity of high advancement sectors in the worldwide fintech area. Key areas of target include on the net brokerage for equities trading and product sales of insurance policy items in many significant-expansion international marketplaces including Asia where GFH owns a substantial propriety databases of end users. Micronet operates in the increasing industrial Mobile Resource Administration (MRM) current market, largely in the United States. Micronet patterns, develops, manufactures and sells rugged cellular computing products that present fleet operators and discipline workforces with computing options in hard perform environments.
This push release consists of specific or implied ahead-searching statements in the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities guidelines. These ahead-on the lookout statements include, but are not confined to, our anticipations about obtaining orders for our items in the potential, statements relating to our small business and operations, statements regarding SmartCam, our anticipations regarding the world logistics and transportation telematics industry development, and the perception that a the vast majority stake in Micronet will leverage our world wide platform to grow the telematics organization. These ahead-seeking statements and their implications contain acknowledged and mysterious hazards, uncertainties and other components that might cause real final results or efficiency to vary materially from those people projected. The forward-looking statements contained in this push launch are subject matter to other risks and uncertainties, which includes individuals reviewed in the “Danger Factors” section and elsewhere in the Company’s annual report on Type 10-K for the 12 months ended December 31, 2019 and in subsequent filings with the Securities and Trade Fee. Apart from as usually necessary by regulation, the Company is beneath no obligation to (and expressly disclaims any these obligation to) update or change its ahead-seeking statements no matter if as a result of new information and facts, long run situations or if not.
Perspective initial material:http://www.prnewswire.com/news-releases/micronet-gets-initial-major-purchase-for-smartcam-pursuing-productive-pilot-trial-with-foremost-global-telematics-supplier-301113840.html