WOODCLIFF LAKE, N.J., April 30,
2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq:
PWFL) today announced that Andrew
Martin of Private Capital Management, LLC ("PCM"), one of
the company's largest shareholders, has joined its board of
directors as an independent member of the board.
Mr. Martin is a Partner and member of the investment research
team at PCM, a leading small-cap value manager headquartered in
Naples, Florida. Mr. Martin joined
PCM in 2013 from H.I.G. Capital's hedge fund unit, where he was a
senior research analyst for the firm's value-oriented long/short
equity fund. Prior to H.I.G. Capital, Mr. Martin worked at Polen
Capital Management, Fine Capital Partners, as well as Credit Suisse
First Boston.
"We are excited to welcome Andrew
Martin to the Powerfleet board," said Steve Towe, Chief Executive Officer at
Powerfleet. "Andrew's deep understanding of the Powerfleet
evolution and experience in increasing shareholder value will be
vital to Powerfleet as we pursue the growth strategy for our newly
scaled business and unlock additional value creation opportunities
for our shareholders."
"I am delighted for Andrew to join our new board of directors,"
added Michael Brodsky, Chairman of
Powerfleet's board. "I am confident he will add valuable
perspective to the Powerfleet board."
"As a large shareholder with a long-term position in the
company, it is highly energizing to be joining the Powerfleet board
of directors," said Mr. Martin. "I am thrilled to be involved at
such an exciting time for the company, just weeks after the
business combination with MiX Telematics. I look forward to
partnering with the rest of the board, Steve, and his team to help
realize the short-term and long-term goals of the business."
Mr. Martin holds an MBA from Columbia
Business School. He received his Bachelor of Science in
Applied Economics and Business Management from Cornell University.
ABOUT POWERFLEET
Powerfleet (Nasdaq: PWFL; JSE: PWR;
TASE: PWFL) is a global leader in the artificial intelligence of
things (AIoT) software-as-a-service (SaaS) mobile asset industry.
With more than 30 years of experience, Powerfleet unifies business
operations through the ingestion, harmonization, and integration of
data, irrespective of source, and delivers actionable insights to
help companies save lives, time, and money. Powerfleet's ethos
transcends our data ecosystem and commitment to innovation; our
people-centric approach empowers our customers to realize impactful
and sustained business improvement. The company is headquartered in
New Jersey, United States, with offices around the globe.
Explore more at www.powerfleet.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking
statements within the meaning of federal securities laws.
Powerfleet's actual results may differ from its expectations,
estimates and projections and consequently, you should not rely on
these forward-looking statements as predictions of future events.
Forward-looking statements may be identified by words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions.
These forward-looking statements include, without
limitation, Powerfleet's expectations with respect to its
beliefs, plans, goals, objectives, expectations, anticipations,
assumptions, estimates, intentions and future performance.
Forward-looking statements involve significant known and unknown
risks, uncertainties and other factors, which may cause their
actual results, performance or achievements to be materially
different from the future results, performance or achievements
expressed or implied by such forward-looking statements. All
statements other than statements of historical fact are statements
that could be forward-looking statements. Most of these factors are
outside Powerfleet's control and are difficult to predict. The
risks and uncertainties referred to above include, but are not
limited to, risks related to: (i) future economic and business
conditions, including the conflict between Israel and Hamas; (ii) integration of
Powerfleet's and MiX Telematics' businesses and the ability to
recognize the anticipated synergies and benefits of the transaction
with MiX Telematics; (iii) the loss of any key customers or
reduction in the purchase of Powerfleet products by any such
customers; (iv) the failure of the markets for Powerfleet's
products to continue to develop; (v) the negative effects of the
transaction with MiX Telematics on the market price of Powerfleet's
securities; (vi) Powerfleet's inability to adequately protect its
intellectual property; (vii) Powerfleet's inability to manage
growth; (viii) the effects of competition from a wide variety of
local, regional, national and other providers of wireless
solutions; and (ix) such other factors as are set forth in the
periodic reports filed by Powerfleet with the Securities and
Exchange Commission ("SEC"), including but not limited to those
described under the heading "Risk Factors" in its annual reports on
Form 10-K, quarterly reports on Form 10-Q and any other filings
made with the SEC from time to time, which are available via the
SEC's website at http://www.sec.gov. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove to be incorrect, actual results may vary
materially from those indicated or anticipated by these
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements.
The forward-looking statements included in this press release
are made only as of the date of this press release, and except as
otherwise required by applicable securities law, Powerfleet assumes
no obligation, nor does Powerfleet intend to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com
Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999
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SOURCE Powerfleet