WOODCLIFF LAKE, N.J., Feb. 28,
2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL)
and MiX Telematics Limited (NYSE: MIXT, JSE: MIX) today announced
they have received shareholder approval on the proposals related to
the previously announced business combination between the
parties.
The transaction is expected to close the first week of
April 2024, subject to the
satisfaction of remaining customary conditions. Upon closing, the
combined business will be branded as Powerfleet, with its primary
listing on Nasdaq.
"With the continued support from our shareholders, we are
thrilled to announce their approval of our transformative
combination with MiX," said Steve
Towe, Powerfleet's Chief Executive Officer, who will
continue serving as CEO of the combined Powerfleet company. "We
expect the business combination will establish Powerfleet as a
top-tier, global AIoT SaaS company, paving the way for accelerated
growth in recurring revenues, expanded profitability, and enhanced
investor value creation opportunities."
Upcoming events where the combination will be discussed further
include Powerfleet's Q4 2023 earnings call on March 12, 2024, and the 36th Annual
ROTH Conference from March 17-19
2024.
ABOUT POWERFLEET
Powerfleet (Nasdaq: PWFL; TASE: PWFL)
is a global leader of internet of things (IoT)
software-as-a-service (SaaS) solutions that optimize the
performance of mobile assets and resources to unify business
operations. Our data science insights and advanced modular software
solutions help drive digital transformation through our customers'
and partners' ecosystems to help save lives, time, and money. We
help connect companies, enabling customers and their customers to
realize more effective strategies and results. Powerfleet's tenured
and talented team is at the heart of our approach to partnership
and tangible success. The company is headquartered in Woodcliff Lake, New Jersey, with our Pointer
Innovation Center (PIC) in Israel
and field offices around the globe. For more information, please
visit www.powerfleet.com.
ABOUT MIX TELEMATICS
MiX Telematics is a leading global provider of fleet and mobile
asset management solutions delivered as SaaS to over 1 million
global subscribers spanning more than 120 countries. The company's
products and services provide enterprise fleets, small fleets, and
consumers with efficiency, safety, compliance, and security
solutions. MiX Telematics was founded in 1996 and has offices
in South Africa, the United Kingdom, the United
States, Uganda, Brazil, Mexico and Australasia
as well as a network of more than 130 fleet partners worldwide. MiX
Telematics shares are publicly traded on the Johannesburg Stock
Exchange ("JSE") (JSE: MIX) and the New York Stock Exchange
(NYSE: MIXT). For more information,
visit www.mixtelematics.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking
statements within the meaning of federal securities laws.
Powerfleet's, MiX's and the combined business's actual results may
differ from their 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,
the parties' expectations with respect to their beliefs, plans,
goals, objectives, expectations, anticipations, assumptions,
estimates, intentions and future performance, as well as
anticipated financial impacts of the proposed transaction, the
satisfaction of the closing conditions to the proposed transaction
and the timing of the completion of the proposed transaction.
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 the parties' control and are difficult to predict. The
risks and uncertainties referred to above include, but are not
limited to, risks related to: (i) the completion of the proposed
transaction in the anticipated timeframe or at all; (ii) the
satisfaction of the closing conditions to the proposed transaction
including, but not limited to, the ability to obtain financing;
(iii) the failure to obtain necessary regulatory approvals; (iv)
the ability to realize the anticipated benefits of the proposed
transaction; (v) the ability to successfully integrate the
businesses; (vi) disruption from the proposed transaction making it
more difficult to maintain business and operational relationships;
(vii) the negative effects of the announcement of the proposed
transaction or the consummation of the proposed transaction on the
market price of the combined company's securities; (viii)
significant transaction costs and unknown liabilities; (ix)
litigation or regulatory actions related to the proposed
transaction; and (x) such other factors as are set forth in the
periodic reports filed by MiX and Powerfleet with the Securities
and Exchange Commission ("SEC"), including but not limited to those
described under the heading "Risk Factors" in their 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, neither MiX nor
Powerfleet assumes any obligation, nor do they intend to publicly
update or revise any forward-looking statements to reflect
subsequent events or circumstances.
NO OFFER OR SOLICITATION
This communication shall not
constitute an offer to buy or sell any securities, or the
solicitation of an offer to buy or sell any securities, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
RESPONSIBILITY STATEMENT
The Independent Board of MiX
Telematics (to the extent that the information relates to MiX
Telematics) collectively and individually accept responsibility for
the information contained in this announcement and certify that, to
the best of their knowledge and belief, the information contained
in this announcement relating to MiX Telematics is true and this
announcement does not omit anything that is likely to affect the
importance of such information.
The board of directors of PowerFleet (to the extent that the
information relates to PowerFleet) collectively and individually
accept responsibility for the information contained in this
announcement and certify that to the best of their knowledge and
belief, the information contained in this announcement relating to
PowerFleet is true and this announcement does not omit anything
that is likely to affect the importance of such information.
Powerfleet Investor Contact
Matt Glover
Gateway Group, Inc.
PWFL@gateway-grp.com
+1 (949) 574-3860
Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999
MiX Telematics Investor Contact
Cody Cree
Gateway Group, Inc.
+1 (949) 574-3860
MIXT@gateway-grp.com
MiX Telematics Media Contact
Jonathan Bates
jonathan.bates@mixtelematics.com
+44 7921 242892
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SOURCE Powerfleet
