Micronet Enertec Technologies announced on Tuesday that it has entered into a definitive agreement with Coolisys Technologies, a subsidiary of DPW Holdings, to sell its wholly owned subsidiary, Enertec Systems. Coolisys will pay a total of $9,250,000 for all of Enertec's assets and liabilities.
"This transaction fortifies our balance sheet by increasing our cash position and significantly reducing debt while improving our income statement by eliminating all General and Administrative costs associated with Enertec. In addition, we believe our improved cash position will enable us to expand our MRM offerings," said David Lucatz, Chief Executive Officer of Micronet Enertec Technologies.
Micronet's solutions and systems are integrated into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for the Israeli Air Force, Israeli Navy and by foreign defense entities.