Micronet Enertec Technologies, Inc. Purchased Additional 3.9 Per Cent Of Micronet Ltd. & Increased Ownership To 62.5 Per Cent

images (2)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.” 

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