Micronet Enertec Technologies, Inc. (NASDAQCM: MICT, the “Company”) announced today that its wholly owned subsidiary Enertec Electronics, Ltd. signed a definitive agreement to acquire 736,341 shares of Micronet Ltd (“Micronet”) constituting 3.9% of the issued and outstanding shares of Micronet from Mr. Rafi Katz, Micronet’s former CEO. The consideration for the purchased shares is $642,000. After closing of the transaction, the Company’s ownership will increase to 62.5% of the issued and outstanding shares of Micronet.
David Lucatz, President and CEO of MICT stated: “Following our recently announced U.S. acquisition and the penetration to new market segments in the growing MRM (Mobile Resource Management) market, we continue to increase our ownership in Micronet. As we focus on this growing multi-billion dollar market, we are committed to become a leading solution provider and enhance our presence in the U.S. and globally.”