I.D. SYSTEMS, INC. (NASDAQ:IDSY) Files An 8-K Termination of a Material Definitive AgreementItem 1.02.
On August 16, 2017, I.D. Systems, Inc. (the “Company”) provided a notice of termination with respect to the Loan and Security Agreement, dated as of December 18, 2015, among Siena Lending Group LLC, the Company, Asset Intelligence, LLC, and the other loan party obligors party thereto from time to time (the “Loan Agreement”). The Loan Agreement provided for a revolving credit facility in an aggregate principal amount of up to $7.5 million and a maturity date of December 18, 2017. The effective date of the termination of the Loan Agreement is August 30, 2017, ten business days from the date notice of termination is provided. The Company’s entry into the Loan Agreement and the terms and conditions thereof were disclosed in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2015. The Company did not incur an early termination penalty as a result of terminating the Loan Agreement.
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.
