Micronet Enertec Awarded Contracts Totaling Over $1,200,000 in Aerospace & Defense

MONTVALE, N.J., Jan. 12, 2017 /PRNewswire/ -- Micronet Enertec Technologies, Inc. (NASDAQCM: MICT) announced today that its wholly-owned subsidiary, Enertec Systems 2001 Ltd. (Enertec), was recently awarded three purchase orders from two global aerospace & defense contractors, for an aggregate amount of more than $1,200,000. This includes a $250,000 continuous order for a mobile command and control center from a multinational aerospace & defense contractor.  These command and control centers are used in rugged and difficult terrains for the control and monitoring of advanced weapons systems. The second purchase order of $470,000 is for the development of a computer-based test and simulation system to ensure the combat readiness of a critical missile system. Valued at approximately $500,000, the third purchase order is for the development of a rugged diagnosis and simulation system for Unmanned Aerial Vehicles (UAVs).

Zvi Avni, CEO of Enertec said, "We are proud that our customers are placing additional follow on orders for our sophisticated computer based systems, and especially proud to receive a continuous order for our mobile command & control centers, a breakthrough project for Enertec which is slowly becoming a key growth engine for Enertec's future."

"In view of the latest $38 billion approved budget by the Obama administration, we strongly anticipate an additional flow of new orders," added MICT CEO David Lucatz. "As previously indicated, we continue to see a growing demand from our current customers and from new customers for our state of the art, mission critical systems."

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 the 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 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 Statements

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's Mobile Command and Control Centers as a key growth engine for Enertec's future and our anticipation of additional orders of our products and solutions. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. 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, 2015 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.

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SOURCE Micronet Enertec Technologies, Inc.