Hackensack, NJ – I.D. Systems Inc., (NASDAQ:IDSY) announced that Ford Motor Company will accelerate its corporate-wide deployment of I.D. Systems’ wireless Industrial Vehicle Electronic Control System (IVECS). The accelerated plan calls for more than 20 Ford assembly and stamping plants in North America to implement IVECS on a portion of their material handling vehicles by the end of 2003. The plan also enables Ford to deploy additional IVECS systems on other equipment at the aforementioned plants and at other Ford facilities. Pursuant to contractual terms, financial details of the accelerated plan are not being disclosed.
"This contract is of substantial value to I.D. Systems, not only in financial terms, but also as a clear reflection of our technology’s proven customer value," said Jeffrey Jagid, I.D. Systems chairman and chief executive officer. "In view of current economic conditions, we view Ford’s accelerated investment in our industrial vehicle management system as a testament to the wide array of benefits the system provides for Ford’s manufacturing operations. We expect that the accelerated corporate-wide deployment plan for IVECS will provide Ford with an immediate ability to control costs in these difficult times and set the stage for increased profits as the economy improves."
The IVECS system improves safety and security by restricting vehicle access to trained and authorized operators (as required by OSHA) and providing electronic safety inspection checklists. The system controls maintenance expenses by automatically uploading vehicle data, reporting problems identified on checklists in real time, scheduling maintenance according to actual vehicle usage rather than on a calendar basis, and helping management determine the optimal economic time to replace equipment.
I.D. Systems Inc. is a leading provider of wireless solutions for corporate asset management. For more information, visit www.id-systems.com
