MONTVALE, N.J., Jan. 17, 2020 /PRNewswire/ -- MICT, Inc. (Nasdaq: MICT) (the "Company"), announced today that Micronet Ltd, an entity in which MICT owns 30%, has received U.S. Federal Communications Commission (FCC) authorization for its new advanced video telematics camera, The Smart Camera ("SmartCam") for 2.4GHZ and 5GHZ.
With the launch of SmartCam, Micronet is penetrating the video telematics market, one of the fastest growing segments in the broader telematics market.
The first model in Micronet's new, highly advanced video telematics camera product line, SmartCam offers using among other 3rd parties technologies, sophisticated video analytics for fleet managers. 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 artificial intelligence (AI) and image processing algorithms.
The SmartCam is joining the family of the new advanced Micronet's products, SmarTab and SmartHub which are all based on an open software platform and Android operating system, enabling third party applications and easing development efforts for customers, while generating recurring software-as-a-service (SaaS) income for Micronet.
MICT's CEO, Mr. David Lucatz stated, "SmartCam is a highly innovative product, integrating AI and video technologies to bring a new value proposition to telematics customers by further improving driver safety and increasing fleet manager insight. By launching SmartCam, Micronet expands its reach into the fastest growing segment of the multi-billion-dollar telematics market, while also increasing our Software-As-A-Service (SAAS) revenues through software and AI services."
About MICT, Inc.
MICT, Inc. (Nasdaq: MICT), via Micronet, operates in the growing commercial 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.
For more information please visit: www.mict-inc.com.
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 the launching of SmartCam and how it expands Micronet's reach into the telematics market, while also increasing its Software-As-A-Service (SAAS) revenues. 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, 2018 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 MICT, Inc.