MICT, Inc. (NASDAQ: MICT), through its subsidiary, Micronet, Inc., operates in the commercial Mobile Resource Management market. Shares jumped 25.58% through early trading on Monday, December 24, 2018. Over the past three months, MICT has seen an average daily volume of 290,830 shares. However, through Monday morning, already 8.82 million shares have traded hands, equating to $9.5 million in dollar volume.
Shares surged Monday morning after MICT announced that Micronet, Inc., its Mobile Resource Management subsidiary, received $1.4 million worth of purchase orders from a leading U.S. telematics service provider. The orders are for the 4th generation TREQ®-317 hardware platform, which “enables real-time monitoring capabilities of both vehicle and driver activity” for commercial vehicle fleets. Here is the full press release detailing the purchase orders:
MICT, Inc. Press Release:
MONTVALE, N.J., Dec. 24, 2018 /PRNewswire/ — MICT, Inc. (MICT), (the “Company”), announced today that its Mobile Resource Management (MRM) subsidiary, Micronet Inc., has received 3 purchase orders for the supply and delivery of its 4th generation TREQ®-317 hardware platform, from a current customer, a leading U.S. telematics service provider, in the total amount of $1,400,000.
The TREQ®-317 hardware platform is a rugged Android™ based fix-mount on board computer, offering advanced functionality at a competitive price. Installed in the driver’s cabin the TREQ®-317 hardware platform enables, inter alia, monitoring and management of vehicle fleets including Android based advanced computing assignments such as follow-up of tasks, two-way communication with the fleet manager, remote vehicle and engineering equipment diagnostics, monitoring behavior and drivers hours of services.
The Micronet’s TREQ®-317 enables real-time monitoring capabilities of both vehicle and driver activity and is compliant with the US electronic logging device (ELD) regulations which mandate and regulates commercial truck drivers which requires among other reporting of hours of service and other safety data in a electronic manner .
About MICT, Inc.
MICT, Inc. (MICT) operates through Micronet Ltd (“Micronet”), in which it has a controlling interest. Micronet operates in the growing commercial Mobile Resource Management (MRM) market, mainly in the United States. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments
For more information please visit: www.mict.com, the content of which is not incorporated by reference into this press release.
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 potential growth of the Company’s MRM business with increased market share in the higher growth local fleet vehicle vertical, the Company’s business strategy and plans for future operations. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. 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, 2013 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.
Article By: Andrew Rego