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Home » News Room » I.D. Systems Strengthens Management Team
I.D. Systems strengthens
management team
Hackensack, NJ, March 25, 2010—I.D. Systems, Inc. (Nasdaq: IDSY), a leading provider of wireless asset management solutions, today announced that it has reorganized its executive management team pursuant to its acquisition of the Asset Intelligence unit of General Electric Co. (GE), as announced on January 7, 2010.
“By acquiring the Asset Intelligence business from GE, we not only expanded the scope of assets our solutions address, broadened our customer base, and established a more stable recurring revenue stream, we also gained valuable management resources that we have now formally integrated into I.D. Systems’ executive team,” said Jeffrey Jagid, I.D. Systems’ Chairman and Chief Executive Officer. “The collective management expertise of our new Asset Intelligence colleagues, who are long-time veterans of GE, adds unique strength and experience to our core leadership structure.”
I.D. Systems’ integrated executive team now includes:
- Kenneth Ehrman and Ned Mavrommatis, continuing under Mr. Jagid in their roles as, respectively, I.D. Systems’ President and Chief Financial Officer;
- Darryl Miller, 23-year GE veteran and former Chief Operating Officer of Asset Intelligence, as COO of I.D. Systems, responsible for corporate operations, marketing, and Asset Intelligence sales;
- Michael Ehrman, former Executive Vice President of Engineering for I.D. Systems, as the company’s Chief Technology Officer, responsible for guiding corporate strategic technology development;
- Raju Kakarlapudi, former Information Technology Leader of Asset Intelligence, as Chief Information Officer of I.D. Systems, responsible for development and support of end-user systems, data analytics, and business systems; and
- Todd Felker, former Product Development & Marketing Leader of Asset Intelligence, as Executive Vice President of Marketing & Product Development for I.D. Systems.
“Together, our new executive team has already achieved significant synergies integrating the Asset Intelligence unit into I.D. Systems’ business—in sales, marketing, technology, and, especially, operations,” said Mr. Jagid. “Our primary objective has been to streamline our combined workforces—we have made, and will continue to make, staff consolidations that will reduce our total employee count by more than 30%, from 121 to 83, by July 31, 2010. We expect this and other cost management initiatives to reduce I.D. Systems’ consolidated annual operating expenses by an estimated $8 million.
“Our executive team remains committed to making I.D. Systems one of the world’s preeminent providers of wireless asset management technology, growing revenues, controlling costs, and ultimately delivering superior long-term shareholder value,” concluded Mr. Jagid.
About I.D. Systems:
Based in Hackensack, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a
leading provider of wireless solutions for managing and securing high-value enterprise assets, including
industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The
Company’s patented technology, which utilizes radio frequency identification, or RFID, technology, addresses
the needs of organizations to control, track, monitor and analyze their assets. For more information, visit
www.id-systems.com.
“Safe Harbor” statement:
This press release contains forward looking statements that are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995, such as the Company’s outlook for 2009 financial
results and prospects for additional customers and revenues. Forward-looking statements include statements
with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions,
estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other
factors, which may be beyond the Company’s control, and which may cause the Company’s actual results,
performance or achievements to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. All statements other than statements of historical
fact are statements that could be forward-looking statements. These forward-looking statements are subject
to risks and uncertainties, including, but not limited to, future economic and business conditions, the loss of
any of the Company’s key customers or reduction in the purchase of its products by any such customers, the
failure of the market for the Company’s products to continue to develop, the inability to protect the
Company’s intellectual property, the inability to manage the Company’s growth, the effects of competition
from a wide variety of local, regional, national and other providers of wireless solutions and other risks
detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including
the Company’s annual report on Form 10-K for the year ended December 31, 2008. These risks could cause
actual results to differ materially from those expressed in any forward-looking statements made by, or on
behalf of, the Company. The Company assumes no obligation to update the information contained in this
press release, and expressly disclaims any obligation to do so.
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