Johannesburg:PWR

Powerfleet Announces Change of Fiscal Year End

Retrieved on:

Thursday, May 9, 2024

WOODCLIFF LAKE, N.J., May 9, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today announced that its board of directors has determined to change its fiscal year end to March 31 from December 31, effective immediately. The primary purpose of the change is to align the company's reporting calendar with the April 2, 2024 close of its business combination with MiX Telematics and MiX Telematics's historical March 31 fiscal year end.

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Files 10-K for the Year Ended December 31, 2023
Reiterates Revenue and Adjusted EBITDA Guidance for Twelve Months Ended March 31, 2024
WOODCLIFF LAKE, N.J., May 9, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today announced that its board of directors has determined to change its fiscal year end to March 31 from December 31, effective immediately.
The primary purpose of the change is to align the company's reporting calendar with the April 2, 2024 close of its business combination with MiX Telematics and MiX Telematics's historical March 31 fiscal year end.
As part of the fiscal year change, Powerfleet expects to file a Transition Report on Form 10-KT for the three-month transition period beginning January 1, 2024, and ending March 31, 2024, on or before July 22, 2024.
The Company reiterates its guidance for revenue and adjusted EBITDA for Powerfleet and MiX Telematics on a combined basis exceeding $285 million and exceeding $40 million, respectively, for the twelve months ended March 31, 2024.

Powerfleet Appoints Andrew Martin to Board of Directors

Retrieved on:

Tuesday, April 30, 2024

Credit Suisse, Credit Suisse First Boston, Research, Business, Growth, Cornell University, Bachelor of Science, PCM, H.I.G. Capital, Columbia Business School, MBA, Economics, Partner, Management

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.

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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.
"We are excited to welcome Andrew Martin to the Powerfleet board," said Steve Towe, Chief Executive Officer at Powerfleet.
"I am delighted for Andrew to join our new board of directors," added Michael Brodsky, Chairman of Powerfleet's 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.

Powerfleet to Host Virtual Analyst and Investor Fireside Chat on April 30, 2024

Retrieved on:

Tuesday, April 16, 2024

Artificial intelligence of things, PowerFleet, Software as a service, Q&A, Management

The chat will take place on Tuesday, April 30, 2024, with presentations scheduled to begin at 9:30 a.m. Eastern time, followed by a Q&A session, with the event scheduled to end at approximately 11:00 a.m. Eastern time.

Key Points:

The chat will take place on Tuesday, April 30, 2024, with presentations scheduled to begin at 9:30 a.m. Eastern time, followed by a Q&A session, with the event scheduled to end at approximately 11:00 a.m. Eastern time.
The Powerfleet leadership team will provide a progress update on the company's vision, value creation opportunities, EBITDA expansion program, revenue growth plan, Unity platform strategy, and path to Rule of 40 performance.
"We are incredibly excited to update our current and prospective shareholders with further insight on the combined business opportunity, building on our Investor Day in November 2023," said Steve Towe, Powerfleet's Chief Executive Officer.
"The executive team and I look forward to sharing key milestones and the associated value creation opportunities we plan to achieve within the next two years and beyond."

Powerfleet Selected as an Artificial Intelligence Excellence Awards Finalist

Retrieved on:

Tuesday, April 9, 2024

Automation, Organization, Artificial intelligence of things, Data science, Internet of things, PowerFleet, AI, Life, Glass, OEM, Aggregation, Creativity, Safety, Machine learning, Fatigue, Artificial intelligence

WOODCLIFF LAKE, N.J., April 9, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today was announced as a finalist by the Business Intelligence Group for the Artificial Intelligence Excellence Awards program. This award recognizes organizations, products, and people who bring Artificial Intelligence (AI) to life and apply it to solve real-world problems.

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WOODCLIFF LAKE, N.J., April 9, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: PWFL) today was announced as a finalist by the Business Intelligence Group for the Artificial Intelligence Excellence Awards program .
This award recognizes organizations, products, and people who bring Artificial Intelligence (AI) to life and apply it to solve real-world problems.
Powerfleet's fleet intelligence platform, Unity, ingests, harmonizes, and enriches data from any internet-of-things (IoT) device, original equipment manufacturer (OEM), or third-party business system.
"Artificial Intelligence is now playing a more important role in our lives than ever before," said Maria Jimenez, Chief Nominations Officer for Business Intelligence Group.

POWERFLEET ANNOUNCES RESTATEMENT OF ACCOUNTING TREATMENT OF LEGACY CONVERTIBLE PREFERRED STOCK INSTRUMENT, WHICH HAS NO ADVERSE IMPACT ON PREVIOUSLY REPORTED REVENUE, CASH FLOW OR ADJUSTED EBITDA

Retrieved on:

Friday, April 5, 2024

Principle, PowerFleet, Security (finance), Bank statement, Annual report, Calendar, Cryptocurrency

This will result in the restatement of its financial statements for the fiscal years ended December 31, 2021 and 2022, and for each of the interim periods during the 2022 and 2023 fiscal years.

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This will result in the restatement of its financial statements for the fiscal years ended December 31, 2021 and 2022, and for each of the interim periods during the 2022 and 2023 fiscal years.
In connection with the restatement, the Company expects to voluntarily revise the financial statements for the same periods to make other unrelated and immaterial revisions.
This action follows a comprehensive review by the Company's management and audit committee.
Under Nasdaq rules, Powerfleet has 60 calendar days from the date of the written notice to submit to Nasdaq a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1).

Powerfleet and MiX Telematics Close Business Combination, Creating New Top-Tier Global AIoT SaaS Provider

Retrieved on:

Tuesday, April 2, 2024

Software as a service, Growth, Gateway Group, Artificial intelligence of things, William Blair & Company, History, MIX, L.L.C, DLA Piper, Artificial intelligence

"This transformative combination positions Powerfleet as a leading global AIoT SaaS company, setting the stage for accelerated growth in recurring revenues, increased profitability, and expanded avenues for creating shareholder value," said Steve Towe, Powerfleet's Chief Executive Officer.

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"This transformative combination positions Powerfleet as a leading global AIoT SaaS company, setting the stage for accelerated growth in recurring revenues, increased profitability, and expanded avenues for creating shareholder value," said Steve Towe, Powerfleet's Chief Executive Officer.
"On behalf of the entire board, we are delighted by the successful completion of the business combination between Powerfleet and MiX," shares Michael Brodsky, Chairman of the Powerfleet board.
Raymond James and Java Capital acted as financial advisors to MiX Telematics, and DLA Piper LLP (US) and Java Capital acted as legal advisors to MiX Telematics.
Gateway Group acted as investor relations advisor to Powerfleet and MiX Telematics.