Profile: Micronet Enertec Technologies Inc (MICT.OQ)

MICT.OQ on NASDAQ Stock Exchange Capital Market

2.83USD
20 Aug 2014
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Micronet Enertec Technologies, Inc., formerly formerly Lapis Technologies, Inc., incorporated on January 31, 2002, operate through two Israel-based companies, Enertec Systems 2001 Ltd (Enertec), its wholly owned subsidiary, and Micronet Ltd (Micronet), in which it has a controlling interest. It develops, manufactures, integrates and globally market rugged computers, tablets and computer-based systems and instruments for the commercial, defense and aerospace markets. In September 2012, the Company acquired control of Micronet. Effective August 18, 2013, Micronet Enertec Technologies Inc acquired a minority interest in Micronet Ltd, a manufacturer of custom and off-the-shelf terminals. In June 2014, the Company's subsidiary, Micronet Ltd acquired MRM/FM business division of United States-based Beijer Electronics Inc (Seller), a fully owned subsidiary of Beijer Electronics.

Micronet operates in the growing commercial mobile resource management (MRM) market. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions. Micronet offers mobile computing devices in three categories: entry level, mid-range and advanced, that range from basic display products for two-way messaging communication to the CE-500 series, available in a variety of product configurations. For the year ended December 31, 2012, its advanced products represented approximately 90% of its revenues. Micronet’s customers consist primarily of application service providers (ASPs), and solution providers specializing in the MRM market. Its customers are generally MRM solution and service providers, such as Trimble Navigation Limited (Trimble), primarily through its subsidiary PeopleNet Communications Corp. (PeopleNet), and XRS Corporation. These companies sell Micronet’s products as part of their MRM systems and solutions. Micronet has customers in 20 countries. During the year ended December 31, 2012, Micronet sold 69,000 devices.

Enertec operates in the defense and aerospace markets and designs, develops, manufactures and supplies various customized military computer-based systems, simulators, automatic test equipment and electronic instruments. Enertec’s solutions and systems are designed according to major aerospace integrators’ requirements and are integrated by them into critical systems, such as command and control, missile fire control, maintenance of military aircraft and missiles for use by the Israeli Air Force and Navy and by foreign defense entities. Approximately 78% of its revenues for the year ended December 31, 2012, were from independent business units or groups within Israeli Aerospace Industries Ltd. (IAI) and approximately 11% was from business units of Rafael Advanced Defense Systems Ltd., (Rafael). Command and control systems represented approximately 75% of Enertec’s revenues for the year ended December 31, 2012, and its automated test equipment represented approximately 22% of Enertec’s revenues for the year ended December 31, 2012. In addition to its traditional systems and products, it develops new systems, solutions and products in operationally resilient computers integrated into various weapon systems, missile launch platforms, command and control systems, and missile communications systems.

Company Address

Micronet Enertec Technologies Inc

SUITE 3, 28 WEST GRAND AVENUE
MONTVALE   NJ   07645
P: +1201.2250190

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