First telematics solution provider selected as a member to help develop standards and solutions for integrating blockchain technology into the freight industry
Rochelle Park, NJ, March 27, 2018 - ORBCOMM Inc. (Nasdaq: ORBC), a global provider of industrial Internet of Things (IoT) solutions, today announced that it has joined the Blockchain in Transport Alliance (BiTA), a forum for the development of blockchain standards, education and solutions for the freight industry founded in August 2017.
Leveraging its long-time expertise and leadership in developing IoT solutions for the transportation and logistics industry, ORBCOMM is the first telematics provider to be selected as a member of BiTA. With ORBCOMM’s complete, integrated transportation solution offering for nearly all asset types visible in a single platform, the company is well positioned to play an integral role in driving the transition to shared distributed ledger technology to support logistics management, asset tracking, transaction processing, and more in the freight industry. ORBCOMM will collaborate with BiTA’s members, including transportation service providers, shippers, OEMs, suppliers, vendors and insurance companies, to determine how to incorporate blockchain technology into the transportation supply chain, improving end-to-end visibility, streamlining manual paper operations, ensuring data integrity and security, enhancing communications, and optimizing efficiency.
“We believe ORBCOMM will be a key contributor and resource for BiTA given its history as an innovator and leader in delivering transformative technology to the transportation and logistics industry,” said Chris Burruss, President of BiTA. “We look forward to working with ORBCOMM to develop and embrace standards addressing interoperability and compatibility between solutions used across the supply chain.”
“We are pleased to be the first telematics provider to join BiTA, which we see as a great opportunity to drive the development of blockchain solutions that create further efficiency, transparency and security across the transportation supply chain,” said Marc Eisenberg, ORBCOMM’s Chief Executive Officer. “We are committed to providing our customers with the industry’s most complete, integrated transportation solution offering, and leveraging shared ledger technology is an important next step in making the freight business easier, more seamless and secure across multiple platforms and touchpoints.”
About ORBCOMM Inc.
ORBCOMM (Nasdaq: ORBC) is a global leader and innovator in the industrial Internet of Things, providing solutions that connect businesses to their assets to deliver increased visibility and operational efficiency. The company offers a broad set of asset monitoring and control solutions, including seamless satellite and cellular connectivity, unique hardware and powerful applications, all backed by end-to-end customer support, from installation to deployment to customer care. ORBCOMM has a diverse customer base including premier OEMs, solutions customers and channel partners spanning transportation, supply chain, warehousing and inventory, heavy equipment, maritime, natural resources, and government. For more information, visit www.orbcomm.com.
Certain statements discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to our plans, objectives and expectations for future events and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Such forward-looking statements, including those concerning the Company’s expectations, are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from the results, projected, expected or implied by the forward-looking statements, some of which are beyond the Company’s control, that may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In addition, specific consideration should be given to various factors described in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in our Annual Report on Form 10-K, and other documents, on file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise any forward-looking statements or cautionary factors, except as required by law.
Michelle Ferris, Director of Corporate Communications
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