I.D. SYSTEMS, INC. (NASDAQ:IDSY) Files An 8-K Other Events
Item 8.01. Other Events.
On March 18, 2017 (the Effective Date), I.D. Systems, Inc. (the
Company) entered into a purchase agreement (the Purchase
Agreement) with Avis Budget Group, Inc. (Avis) and amended the
Master Software License, Information Technology Services and
Equipment Purchase Agreement (the Master Agreement) with Avis
Budget Car Rental, LLC, a subsidiary of Avis, dated August 22,
2011, previously described in the Companys Current Report on Form
8-K filed with the Securities and Exchange Commission on August
23, 2011. to the terms of the Purchase Agreement, the Company has
accepted an order from Avis for certain hardware and agreed to
license to Avis certain software, which collectively comprise the
Companys system relating to cellular-enabled rental car
management (the System). The order was placed to a statement of
work (the SOW#4) issued under the Master Agreement, which governs
the terms and conditions of the sale and license. Avis has agreed
to pay not less than $21,270,376 to the Company for the System
and certain ongoing maintenance and support services relating to
the System. In addition, the SOW#4 provides for a period of
exclusivity (Exclusivity Period) commencing on the Effective Date
and ending fourteen (14) months after the Effective Date, which
may be extended by Avis under certain conditions. During the
Exclusivity Period, the Company will not (i) sell the System to
any competitor of Avis for the same purpose set forth in the
Master Agreement, or (ii) market or engage in any sales
discussions or negotiations regarding any sale of the System with
any competitor of Avis that is prohibited under the Master
Agreement. Avis has the right to cancel or accept the System and
pay a lower price if the Company cannot retrieve the necessary
vehicle data from 25 makes and models 6 months after the
Effective Date.
On March 20, 2017, the Company issued a press release announcing
the entry into the agreements described in this Item 8.01. A copy
of the press release is furnished as Exhibit 99.1 to this
report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
As described above, the following exhibit is filed as part of
this report:
| Exhibit Number | Description | |
| 99.1 | Press release, dated March 20, 2017. |
About I.D. SYSTEMS, INC. (NASDAQ:IDSY)
I.D. Systems, Inc. (I.D. Systems) develops, markets and sells wireless machine-to-machine solutions for managing and securing enterprise assets, which include industrial vehicles, such as forklifts and airport ground support equipment, rental vehicles, and transportation assets, such as dry van trailers, refrigerated trailers, railcars and containers. Its systems utilize radio frequency identification (RFID), wireless fidelity (Wi-Fi), satellite or cellular communications, and sensor technology and software to control, track, monitor and analyze assets. It provides data reporting and analysis software tool platform, I.D. Systems Analytics PowerFleet IQ (for fleets of forklifts and other industrial trucks) and VeriWise IQ (for fleets of containers, trailers and other transportation assets). Its solutions include industrial and rental fleet asset management, industrial fleet asset management, transportation asset management and rental fleet asset management solutions. I.D. SYSTEMS, INC. (NASDAQ:IDSY) Recent Trading Information
I.D. SYSTEMS, INC. (NASDAQ:IDSY) closed its last trading session 00.00 at 6.19 with 36,505 shares trading hands.