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nxTANK Adds Value to Robust iTank Device Portfolio
ATLANTA, May 30, 2017 -- Numerex Corp (NASDAQ:NMRX), a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), announced today the PTCRB certification of nxTANK, a new LTE tank monitoring device operating on the LTE network. The PTCRB was established in 1997 as the certification forum by select North American cellular operators as a critical network testing framework for new devices. nxTANK uses sensors to remotely measure and communicate tank fill levels for lubes and fuels, petroleum products and other bulk liquids like water, chemicals and CO2 that are used in industrial applications. These tank monitoring solutions are typically delivered by national and regional distribution companies to their customers. To develop this product and complete the successful testing, Numerex brought to bear its extensive experience in device development, certification, and platform integration.
Berg Insight's latest analyst report on the Oil and Gas Industry reports that the installed base of active oil & gas M2M devices is forecasted to grow to 1.12 million units by 2018. Berg Insight also anticipates that pipeline monitoring and tank monitoring will be the top two M2M/IoT applications in the oil & gas industry. Other market estimates conclude that just in North America alone, there are approximately 4 million unmonitored tanks across many different vertical markets, representing a significant opportunity for an Internet of Things remote tank monitoring solution.
Ken Gayron, Interim CEO and CFO for Numerex commented, “Numerex is excited to develop and certify a new LTE tank monitoring device. The nxTANK monitor with new LTE capability will further grow Numerex’s revenue and increase penetration into this expanding vertical market, bringing the cost of network services down while boosting profit and margin for our iTank managed solution.”
nxTANK LTE adds an additional tank monitoring product to Numerex’s already industry-leading remote monitoring device portfolio. nxTANK will integrate with the iTank™ solution, which allows remote monitoring of tank fill levels and configuration of delivery and distribution routes using an advanced, cloud-based IoT application. More information can be found on iTank at numerex.com/itank.
About Numerex
Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating efficiencies for its customers. Numerex provides its technology and services through its integrated platforms, which are generally sold on a subscription basis. The Company offers a portfolio of managed end-to-end IoT solutions including smart devices, network connectivity and service applications capable of addressing the needs of a wide spectrum of vertical markets and industrial customers. The Company's mission is to empower enterprise operations with world-class, managed IoT solutions that are simple, innovative, scalable, and secure. Numerex is ISO 27001 information security-certified, highlighting the Company's focus on data security, service reliability and around-the-clock support of its customers. For additional information, please visit www.numerex.com.
Statements contained in this press release concerning Numerex that are not historical fact are "forward-looking" statements and involve important risks and uncertainties. Such risks and uncertainties, which are detailed in Numerex's filings with the Securities and Exchange Commission, could cause Numerex's results to differ materially from current expectations as expressed in this press release. These forward-looking statements speak only as of the date of this press release, and Numerex assumes no duty to update forward-looking statements.
© 2017 Numerex Corp. All rights reserved. Numerex, the Numerex logo, and all other marks contained herein are trademarks of Numerex Corp. and/or Numerex-affiliated companies. All other marks contained herein are the property of their respective owners.
Media Contact: Thomas McKay Senior Director, Marketing and Communications (770) 485-2552 [email protected] Investor Relations Contact: Ken Gayron Chief Financial Officer (770) 615-1410 [email protected]
