HACKENSACK, N.J., March 28 /PRNewswire-FirstCall/ -- I.D. Systems, Inc. today announced the closing of the sale of 412,500 shares of its common stock pursuant to the full exercise by the Underwriters of their over-allotment option granted in connection with the Company's recent public offering of 2,750,000 shares of its common stock, which closed on March 15, 2006. These shares were sold at the public offering price of $21.75 per share. Net proceeds to the Company from the exercise of the over-allotment option are expected to be approximately $8.4 million.
Morgan Keegan & Company, Inc. acted as sole book-running manager of the offering and Cowen & Co., LLC and Jefferies & Company, Inc. acted as co-lead managers of the offering. Copies of the final prospectus may be obtained from Morgan Keegan & Company, Inc., 50 N. Front St., Memphis, Tennessee 38103, (800) 366-7426.
About I.D. Systems
Based in Hackensack, NJ, I.D. Systems, Inc. is a leading provider of wireless solutions for managing and securing high-value enterprise assets. These assets include industrial vehicles, such as forklifts and airport ground support equipment, and rental vehicles. The Company's patented Wireless Asset Net system, which utilizes radio frequency identification, or RFID, technology, addresses the needs of organizations to control track, monitor and analyze their assets. For more information on I.D. Systems, Inc., visit http://www.id-systems.com/.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and that are subject to risk and uncertainties, including, but not limited to, future economic and business conditions, the loss of any of the Company's key customers or reduction in the purchase of its products by any such customers, the failure of the market for the Company's products to continue to develop, the inability to protect the Company's intellectual property, the inability to manage the Company's growth, the effects of competition from a wide variety of local, regional, national and other providers of wireless solutions and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's registration statement on Form S-3. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update the information contained in this press release.
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