Woodcliff Lake, N.J. — February 26, 2016 — I.D. Systems, Inc. (NASDAQ: IDSY), a leading provider of enterprise asset management technology and solutions for the Industrial Internet of Things, has received additional orders from one of North America's largest truckload carriers for the VeriWise® Intermodal Container tracking system. The carrier purchased 500 new units, adding to a previous large-scale purchase in 2014, and extended the service contracts from previous purchases by 3 years. Together, the new purchases and service extension contracts are valued at $1.2 million.
The VeriWise® Intermodal Container tracking solution helps carriers maximize container fleet utilization and minimize idle time by providing visibility of loading/unloading events. Using ultrasonic cargo sensing and patented light sensing technologies, the system generates real-time data on load status throughout the shipment cycle, and is the only integrated solution that provides load and door status without the need for wired sensors. The system can reduce shipment cycle times by an average of 72 hours per container per month, and increase shipment volume and revenue by 10%, without increasing fleet size.
I.D. Systems Chairman and CEO Kenneth Ehrman stated: "We are delighted that our VeriWise® Intermodal Container solution is delivering the value we expected to see for this customer. With the real time visibility provided by VeriWise®, intermodal carriers can improve container shipping by enabling quicker asset turns, minimizing idle time, and reducing chassis rentals. These benefits have a clear and direct impact on increasing revenue per container and boosting bottom line results."