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I.D. Systems Names Company President And Co-Founder, Kenneth Ehrman, As Interim CEO

Stocks in this article: IDSY

WOODCLIFF LAKE, N.J., March 3, 2014 (GLOBE NEWSWIRE) -- Kenneth S. Ehrman, founder and President of I.D. Systems, Inc. (Nasdaq:IDSY), has been named interim Chief Executive Officer of the company, effective March 2, 2014. He succeeds Jeffrey M. Jagid, who has resigned from his employment with the company. Mr. Jagid is expected to continue his term as a director of the company but will no longer serve as chairman of the board of directors. To identify additional candidates for the CEO position, I.D. Systems' board of directors has engaged Lancor, a global executive search firm.

"We would like to thank Jeff for his dedication and leadership during his tenure with I.D. Systems," said Harold Copperman, Lead Director of the company's board. "Over the course of more than 15 years, Jeff has made many contributions to help the company become a leader in wireless M2M solutions. We appreciate his hard work and wish him well in his future endeavors."

Mr. Ehrman said, "I would also like to thank Jeff for his long service to I.D. Systems and wish him all the best in the years ahead. Since founding I.D. Systems 20 years ago in Silicon Valley, I have remained passionate about our unique technology, focused on providing wireless M2M solutions for our blue chip customers, and committed to foster our company's growth. I look forward to leading I.D. Systems during this transition, as we work toward achieving our goals for our shareholders."

Mr. Ehrman has been President of I.D. Systems since he co-founded the company in 1993. He served as a director of the company from its inception to 2013. He also serves as a member of the board of directors of Financial Services, Inc., a privately held provider of data processing solutions for banking. Mr. Ehrman is a graduate of Stanford University, with a Bachelor of Science degree in Industrial Engineering.

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