MONTVALE, N.J., Oct. 6, 2020 /PRNewswire/ -- MICT, Inc. (NASDAQ:MICT), (the "Company"), announced today that its majority-owned subsidiary Micronet Ltd. ("Micronet') received an initial order for 100 units of its pioneering, all-in-one video telematics device SmartCam for a pilot test to be conducted by one of the largest telematics service providers in the world. The customer is based in North America and is estimated to have hundreds of thousands of trucks in its network. Micronet is negotiating a large-scale commercial supply contract with the customer which is interested in expanding its range of offerings to provide video telematics services using the SmartCam.
"This contract is a huge potential win for Micronet, which overcame numerous competitors to be awarded the initial pilot order from one of the world's largest telematics service providers. Should the pilot proceed as well as we expect, this could translate into a sizeable commercial contract and substantial revenues for Micronet. We are extremely proud of the industry-leading technology that Micronet has built, particularly with SmartCam, as it serves the fastest growing segment of the global telematics market," stated Darren Mercer, CEO of MICT.
"We believe the stature and industry-leading position of this customer will place Micronet in very good stead with other potential customers in the industry, providing an invaluable reference point. Having also won orders with a global telematics customer in August and secured an initial order from one of the world's largest truck manufacturers last week, we are very excited about the significant momentum Micronet is building. The marked progress made over the past two months is testament to its innovation and the quality of its products that includes AI, software and hardware technology and gives Micronet great encouragement in targeting further telematics providers and OEMs," Mercer concluded.
SmartCam is a world pioneering, all-in-one video telematics device with an ability to integrate and analyze a wide range of data received from multiple sensors. An open and powerful Android platform, ruggedized, integrated, and ready-to-go smart camera supporting complete telematics features designed for in-vehicle use. SmartCam integrates driver facing cameras, road facing cameras, vehicle mechanical and operating data, vehicle location, and a powerful telematics on-board computer, enabling local processing of AI and image processing algorithms. Micronet's SmartCam provides a versatile, advanced, and affordable mobile computing platform for a variety of fleet management and video analytics solutions. The powerful computing platform, coupled with the Android 9 operating system, allows fleet managers to run their own applications or pick and choose a set of applications and services from Micronet Marketplace.
About MICT, Inc.
MICT, Inc. (NasdaqCM: MICT) operates through its subsidiaries, Global Fintech Holdings Intermediate Ltd. ("GFHI") and Micronet Ltd. ("Micronet"). GFHI's versatile proprietary trading technology platform is designed to serve a large number of high growth sectors in the global fintech space. Primary areas of focus include online brokerage for equities trading and sales of insurance products in several high-growth foreign markets including Asia where GFHI owns a substantial propriety database of users. 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.