id systems inc (IDSY) Key Developments
ID Systems Inc. Receives Follow-On Contract from Nestle for Wireless Industrial Vehicle Management Technology
Dec 17 14
ID Systems Inc. has executed a contract with the U.S. division of Nestle, to further expand deployment of I.D. Systems' PowerFleet wireless Vehicle Management System (VMS) across Nestle's North American operations. The new contract encompasses hardware, software and a service term of five years for more than 700 vehicles across more than 20 facilities. Following implementation, I.D. Systems will have deployed PowerFleet on a cumulative total of more than 2,000 vehicles across more than 60 sites for Nestle.
I.D. Systems, Inc. Amends Agreement with Avis Budget Group to Convert Lease Financing Receivable to $5.4 Million in Cash
Dec 15 14
I.D. Systems Inc. has amended its Master Software License, Information Technology Services and Equipment Purchase Agreement with Avis Budget Group to convert Avis Budget's obligation to make monthly hardware lease payments to I.D. Systems into a one-time payment of approximately $5.4 million in cash. The monthly hardware lease payments were associated with I.D. Systems' deployment of approximately 30,000 rental car management systems for Avis Budget in North America. Under accounting rules, I.D. Systems recognized the full amount of hardware revenue when the hardware was shipped in 2012, and has carried the monthly lease payments on its balance sheet as a financing receivable. I.D. Systems expects to continue providing maintenance services for the hardware, as stipulated in the agreement, for the duration of the agreement, which runs through September, 2017. The transaction will reduce the financing receivables and increase the cash on I.D. Systems' balance sheet by approximately $5.8 million and $5.4 million, respectively. As a result, the company expects to record a one-time charge of approximately $400,000 in the fourth quarter of 2014, reflecting a discount rate for Avis Budget's early payment of its remaining lease commitment.
I.D. Systems Receives Follow-On Order from a U.S. Airline Worth $500,000
Dec 1 14
I.D. Systems Inc. has received a follow-on purchase order from a leading U.S. airline to expand deployment of I.D. Systems' AvRamp(TM) wireless vehicle management system (VMS) on aircraft ground support equipment (GSE). The airline previously implemented the AvRamp system at two major U.S. airports. The follow-on order, valued in excess of $500,000, extends AvRamp deployment to a third major U.S. airport.
ID Systems Inc. Receives Renewal Contract from Knight Transportation for Trailer Fleet Management Solutions
Nov 20 14
ID Systems Inc. has executed a contract with Knight Transportation Inc. to extend Knight's deployment of VeriWise(TM) transportation asset management solutions from I.D. Systems' Asset Intelligence subsidiary. The renewal contract, which has a term of one year, is valued at more than $900,000. VeriWise asset tracking systems combine sensor, wireless, and web technologies to provide real-time visibility and control of trailers and their cargo. The systems automatically identify, analyze, and respond to critical transportation issues to improve the efficiency and security of logistics operations. VeriWise Dry Van is an advanced trailer monitoring system with patented full-length cargo detection sensors and solar charging technology. The system reports reliable, uninterrupted trailer location and loaded/unloaded status--even if the trailer is disconnected from tractor power for an extended period--designed for faster trailer turns, increased asset utilization, improved cargo security, and optimal fleet efficiency. VeriWise Intermodal container management system helps increase asset utilization and reduce transit cycle times. The system enables visibility and control of containers from the seaport to the rail yard and ultimately to the final destination, marking loading and unloading events, which helps increase shipments and revenue per container.
ID Systems Inc. Presents at Macquarie Group Mobile Corporate Day, Dec-16-2014
Nov 20 14
ID Systems Inc. Presents at Macquarie Group Mobile Corporate Day, Dec-16-2014 . Venue: Boston Harbor Hotel, Boston, Massachusetts, United States. Speakers: Kenneth S. Ehrman, Co-Founder, Chairman, Chief Executive Officer and President.