Micronet Enertec Technologies Inc Awarded a $2 M Project of Missile Defense Testing System

Micronet Enertec Technologies Inc (NASDAQ: MICT), announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, was awarded a $2 million project for the development and supply of a generic computer-based test, diagnosis and simulation system designated to support a vast range of advanced missile defense systems.

The project was received from a leading multi-billion dollar Israeli-based Aerospace and Defense integrator partnering with a major U.S contractor for the development and global marketing of the state-of-the-art missile defense system. The customer has indicated that follow-on production orders are expected in 2015 currently estimated at a value of $4 million.

David Lucatz, President and CEO of Micronet Enertec Technologies, said, "We are proud to be selected to develop this mission critical system. Our computer-based solution which utilizes our most advanced design capabilities is responsible for the combat readiness of this state-of-the-art and critically important missile defense systems."

Mr. Lucatz continued, "Following the development phase of this project, we expect to receive additional production orders over the time life of the combat system. Our strategy continues to focus on the missile defense niche due to the increasing threats of this nature throughout the world. We believe that we are well positioned with our unique know-how and expertise in missile technologies, and expect this segment of the market to be a major contributor to our growth and success in the coming years."

Source: Micronet Enertec Technologies Inc
Date: Feb 6, 2014