August 18, 2020

mict

Micronet Receives First Major Order for SmartCam Following Successful Pilot Trial with Leading Global Telematics Provider


Micronet’s business transitioning to a recurring revenue model with sale of Artificial Intelligence (AI) and Software-As-A-Service (SAAS) based products


Montvale, NJ August 18, 2020 - MICT, Inc. (Nasdaq: MICT) (the “Company”), announced today that its subsidiary Micronet Ltd. (“Micronet”) has received the first significant order for its new, highly innovative video telematics product, SmartCam, which integrates advanced software and AI functionality to serve the fastest growing segment of the estimated $45 billion global telematics market. SmartCam, which received U.S. Federal Communications Commission (FCC) authorization for 2.4GHZ , 5GHZ and LTE, subsequently entered a pilot trial with a global telematics provider, an ongoing customer of Micronet, leading to this first substantial order for SmartCam in the North American market.

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About MICT, Inc. MICT, Inc. (NasdaqCM: MICT) operates through Micronet Ltd. (“Micronet”), a former subsidiary, in which MICT previously held a majority ownership interest that has since been diluted to a minority ownership interest. 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.

 

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