Micronet Enertec awarded $650,000 Contract of Testing Systems from a Fortune 50 multi-national medical device company

MONTVALE, N.J., Aug. 29, 2017 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT), announced today that its wholly-owned subsidiary, Enertec Systems 2001 Ltd., received a purchase order in the amount of $650,000 from a Fortune 50 multi-national medical device company, marking the largest purchase order received from this customer. Enertec will develop and produce fully automated testing systems for medical calibration devices treating heart rhythm disorders.

"This purchase order marks the first substantive order Enertec has received in the medical device space. It points to how our expertise in automated testing systems has application beyond the aerospace and defense markets. We look forward to continuing applying our technological expertise with mission critical applications towards new growth opportunities, while building a solid backlog and pipeline in the aerospace and defense, medical device, and other industries," said David Lucatz, President and CEO of Micronet Enertec Technologies.

About Micronet Enertec Technologies, Inc.

Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) provides high tech solutions for severe environments and the battlefield, including missile defense technologies for Aerospace & Defense and rugged mobile devices for the growing commercial Mobile Resource Management (MRM) market. MICT designs, develops, manufactures and supplies customized military computer-based systems, simulators, automatic test equipment and electronic instruments, addressing a multi-billion-dollar defense industry. Solutions and systems are integrated into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for the Israeli Air Force, Israeli Navy and by foreign defense entities.  MICT's MRM division develops, manufactures and provides mobile computing platforms for the multibillion dollar mobile logistics management market in the U.S., Europe and Israel. American-manufactured systems are designed for outdoor and challenging work environments in trucking, distribution, logistics, public safety and construction

Forward-looking Statement

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 Enertec developing and producing fully automated testing systems for medical calibration devices treating heart rhythm disorders, the potential application of our automated testing systems beyond the aerospace and defense markets to other fast growing industries and that we look forward to continuing to apply our technological expertise with mission critical applications towards new growth opportunities, while attempting to build a solid backlog and pipeline in the medical device, aerospace and defense, and other industries. 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, 2016 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.

SOURCE Micronet Enertec Technologies, Inc.