I.D. Systems, Inc. designs, develops, and produces a wireless monitoring and tracking system that uses radio frequency technology. Our system can monitor, track, analyze, and control the movement of virtually any object, including vehicles, equipment and packages. Our products enable users to improve operating efficiencies, reduce costs and increase profits. Our principal customer to date has been the United States Postal Service. Federal Express Corporation, Avis Rent A Car System, Inc., Ford Motor Corporation, Hallmark Cards, Inc., QVC Inc. and World Color Press, Inc. have also recently placed orders for our system. For the year ended December 31, 1998, sales were approximately $3.3 million resulting in income from operations of approximately $500,000.
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