National Retail Systems Rolls Out VeriWise™ Trailer Tracking Technology
$1.7 Million Order Awarded to I.D. Systems' Asset Intelligence Subsidiary
Woodcliff Lake, NJ (GLOBE NEWSWIRE) -- I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for securing, tracking and managing high-value enterprise assets, today announced that National Retail Systems, Inc. (NRS), a leading global logistics services provider, has executed a contract with I.D. Systems' Asset Intelligence subsidiary to deploy its VeriWise™ Track and Trace asset management system on a fleet of trailers. The contract is valued at approximately $1.7 million over five years.
VeriWise Track and Trace provides real-time GPS data via cellular communications and web-based software to improve the security and efficiency of freight transportation fleets. The system 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 maintenance-free operation.
NRS (www.nrsonline.com) offers an international transportation service network through four integrated companies—National Retail Transportation, Keystone Freight Corp., National Retail Consolidators, and World Logistics Inc.—to provide retail enterprises with factory-to-store supply chain management.
In a 2012 survey of U.S. logistics customers, NRS was named a "Top 100 Supply Chain Partner" for making a positive impact on customer service and supply chain efficiency. NRS is also one of only two U.S. transportation service providers to be certified by the Transported Asset Protection Association (TAPA) for full compliance with its new "TSR 2012" Trucking Security Requirements program.
"NRS has a long track record of capitalizing on leading-edge technologies to improve our customers' supply chain performance, and our contract with I.D. Systems is a key strategic investment in advanced wireless information technology," said NRS President, Raymond Wisniewski. "We view the VeriWise Track and Trace product as the most reliable, cost-effective, easy-to-deploy system available for real-time trailer fleet tracking and visibility.
"We haul more than a billion pounds of freight every year," continued Mr. Wisniewski. "Technologies like VeriWise give us a critical competitive advantage and maximize the return on our investment in our transportation assets. Based on past performance, we are confident that deploying the Track and Trace system on our trailer fleet will help us reduce operating costs and improve our asset utilization by 10-15%."
John Tabor, NRS Director of Corporate Security, added, "In addition to being a powerful tool for efficiency, the VeriWise system is a key part of our industry-leading commitment to the security of our customers' assets. Cargo theft is a multi-billion dollar problem worldwide, with 85 percent of major thefts occurring during road transportation. NRS takes extraordinary measures to safeguard the assets we handle, and we expect the real-time trailer visibility and alert functions provided by the VeriWise system to help us maintain our sterling reputation for loss prevention."
I.D. Systems' COO, Darryl Miller, commented, "We are thrilled to expand our relationship with NRS. Under this new contract, we will be upgrading some tracking products that we successfully deployed almost 10 years ago, as well as significantly expanding the number of NRS trailers equipped with the VeriWise system. We are proud to provide affordable, easy-to-deploy asset tracking technology to help NRS secure and optimize its trailer fleet."
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 solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
Since 1953, National Retail Systems has pioneered many of the retail logistics processes considered best practices today. The company operates an international network of transportation and distribution assets focused on one goal: delivering efficient and reliable logistics solutions to America's leading brands. NRS delivers competitive supply chain advantage—from factory all the way to the store—offering factory pick-up in Asia, international consolidation, freight forwarding, value-added services, asset management, transload, distribution and warehousing, DC bypass, nationwide full-truckload and LTL transportation, pool point services, dedicated fleets, yard management, and store delivery.
"Safe Harbor" statement:
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its 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. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2011. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, I.D. Systems. I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
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SOURCE: I.D. Systems, Inc.