SAN DIEGO, Jan. 11, 2016 (GLOBE NEWSWIRE) -- Ctrack telematics solutions from Novatel Wireless, Inc. (NASDAQ:MIFI) recently aided authorities in the recovery of two fuel tankers valued over $1,000,000 that were stolen in South Africa. The assets were recovered within hours as a result of the Ctrack stolen vehicle recovery bundled solution which provides fleet tracking, asset monitoring and stolen asset recovery services.
"Ctrack’s industry leading stolen assets recovery rate is over 90%, due to a combination of our advanced technology and partnerships with law enforcement that aid in the recovery of stolen goods," said Sue Swenson, CEO of Novatel Wireless. "Security and peace of mind for customers are at the heart of our business and this is why our Fortune 500 enterprise customers trust us. Our Ctrack services have recovered millions of dollars of high-value assets and provide outstanding ROI for our customers."
BSI Intelligence, a leading U.S. based supply chain consulting firm, estimated 2015 annual cargo theft at $22 Billion globally. Criminals employ technology in theft and pirating tactics which has created a stronger need for telematics applications that protect and track assets in real-time.
“Cargo theft not only results in significant financial losses for companies, it has created a dangerous environment for fleet drivers as tech savvy criminals employ increasingly sophisticated and violent means to expedite the seizure of high-value products,” explains Pierre Bruwer, Managing Director of Ctrack. “These latest recoveries prove that our insights and technology ensure the protection of our customers’ high-value assets and personnel.”
About Novatel Wireless, Inc.
Novatel Wireless, Inc. (Nasdaq:MIFI) is a leading global provider of solutions for the Internet of Things (IoT), including software-as-a-service (SaaS) solutions for the fleet telematics market. The Company’s product lines include the CtrackTM fleet and vehicle telematics platform, FW IoT consulting services, appliances and device management solutions, along with Novatel Wireless’s MiFi® intelligent mobile hotspots and modems, embedded modules, mobile tracking solutions, and asset tracking and monitoring solutions. These innovative products and solutions provide anywhere, anytime communications and analytics for consumers and businesses of all sizes, with approximately 155,000 subscribed fleet vehicles for Ctrack among the Company’s 510,000 global subscribers. Novatel Wireless is headquartered in San Diego, California. http://www.novatelwireless.com. @MiFi (Twitter)
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to the ability of Novatel Wireless to expand its addressable markets and drive growth in service revenue and broaden its customer base as a result of the acquisition of DigiCore, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Novatel Wireless and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Novatel Wireless undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. These forward-looking statements also involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Novatel Wireless in general, see the risk disclosures in the Annual Report on Form 10-K of Novatel Wireless for the year ended December 31, 2014, and in other filings made with the SEC by Novatel Wireless (available at www.sec.gov).
Media Contact
Anette Gaven
(619) 993-3058
agaven@nvtl.com
Investor Relations Contact:
Michael Sklansky
(858) 431-0792
msklansky@nvtl.com