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MICT (MICT)

Participants
David Lucatz Chairman, President & Chief Executive Officer
Moran Amran Controller
Call transcript
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Operator

Good morning and thank you for calling in to review MICT's Third Quarter 2019 Results. Management will provide an overview of the results.

Importantly, there is a slide presentation which management will use during their overview. This presentation can be found on the Investor Relations section of the company's website, www.mict-inc.com, under Events and Presentations.

You may also access a PDF copy of the presentation by clicking the link in the company's press release regarding these financial results issued yesterday and then clicking a second link, labeled third quarter 2019 results. copy the presentation through slides PDF manually need the the through scroll as accessing of will the to presentation. Callers management goes

the now Harbor will take brief to I a statement. read moment Safe

forward-looking potential and belief company. will the the and and positively Ltd., strong decision substantial to the following program of through include, strategic will Global enable this shareholders; which partners; will abundant significant for merger reserves but company's forward-looking resulting the parties, that have MICT merger, significant of proposed that, of materialize to acquire business in funding; Litigation the revenue and the the million a balance company while growth will creation program Fintech value and Private During that the those acquisition China, sheet, create to rapid facilitate Holdings combination Federal implement to the pursue transaction very the in transaction the that for revenues the with of and the the will expectation statements opportunities of to of Securities of timing balance opportunities to its months call, the earnings its to contribute of growth group; GFH substantial third significant expects benefiting the its Ltd. the XXXX course the and in $X.XX cash coming within the Act that for proposed profitability shareholders, the and over such statements the contribution acquisition limited merger statements fintech company U.S. future the make regarding sector, expectation change to players MICT the are also management Intermediate closing will and expressed the not a present implied the other Holdings other Reform These timing Securities substantial of Laws. following for value strong closing belief GFH the

elsewhere known other and risks, materially their contained performance including and to Factors may statements and Securities The and XX-K filed to on unknown Company's are and XXXX cause ended implications quarter those the XXXX, with XX, uncertainties projected. presentation Exchange Commission. discussed Form the the for section Such XX, the risks Commission this those on subject and and Securities in the Exchange Annual in Form that statements forward-looking forward-looking from Report ended December and involve Annual uncertainties, September the in the other with for in Report actual XX-Q filed results differ Company's or year factors Risk

any buy solicitation: and pursuant the sell This the to transaction jurisdiction vote shall is subscribe an transfer or applicable of purchase proposed does of or offer or not or securities sale, contravention constitute any of or in solicitation or in law. any to any securities in issuance to there an any nor or an subscribe offer jurisdiction be communication otherwise, No for the to not invitation offer for intended of solicitation or to

made the public regulators offer No exceptions certain requirements directly subject prospective be means except be where in into the National the by facility of of by jurisdiction of commerce, including additional of be to or limitation, ascertained, violation filed a indirectly, constitute will Securities jurisdiction, or by or will Important approved of inter-state so Act similarly offer mails amended, any to not XXXX, transmission, shall by SEC. or Exchange to or made the to of securities do any as certain of meeting Securities relevant factors be the without or instrumentality, be foreign with internet jurisdiction. or information means such a of any of telephone and the would of laws any a the the such use or

XXA other with documents acquisition, Schedule urged the statement proxy connection Commission, to about and on become file other proposed proposed proxy MICT materials as In with MICT Stockholders statement all to when read the relevant intends will MICT’s filed or the Securities contain important relevant are they SEC. a SEC and the of available, with and Exchange they information transaction.

at the statement MICT’s transaction. to documents available MICT’s website, obtain their sent of these the able A to proxy seeking definitive be www.sec.gov. will free proposed be will stockholders stockholders approval charge when SEC’s of

Jersey In XX free may MICT’s Grand of copies X, by obtain they Secretary, XXXXX. New these contacting addition, Suite Montvale, West Avenue,

persons regarding deemed the under with the set combination be may, of in of rules executive for the directors be the MICT be MICT's solicitation will in to stockholders who the in of meeting participants solicitation Participants the and the proxy its held MICT's proposed Information the in solicitation; approve statement. business the to special officers, deemed be may in combination. business be proxies participants SEC, connection and of proposed to forth stockholders

You officers for can about information directors XXXX. XX-K year-ended XX, Report Form Annual find on executive in and its December MICT's the

alter conference XX, the are management Please XXXX on obligation that assumptions future or of otherwise based new to a of as any obligation is disclaims this forward-looking forward-looking November today and the date this call makes update information, whether required expressly otherwise. reasonable to by are no or date. law, its company note, of is as statements events that and Except that as result statements under any

slide and to Executive can Controller this call David Lucatz, management morning, company's the be in the have section Investor MICT. Chairman, or via presentation as be Amran, Moran the Relations and of release. press And of we of site that reminder, Chief link the MICT; the again, a accessed President, referring Officer a On will

message will September with XX, numbers the start Moran. of opening with overview an give ended, for an the developments We Then David, to who will from three review we move XXXX. months will business

go X. David. to slide call the will now I turn Please over ahead, the begin who will on David, presentation

David Lucatz

you. everyone. Thank morning, Good

I with agreement for major the acquisition Before quarter and review to we would a review into get recently the announced. like MICT, we funding number first

We funding note enter for value in and through and space MICT decision convertible $XX will the into to shareholder million our believe potentially the for increases a today into this strategic agreement fintech future. acquisition

XXXX, an signed the November subject notes, converting $XX PLC. acquired certain the companies conditions of of Inc. an BNN and private convertible agreement by the closing per Limited MICT, Company of automatically GFH, of a at for to On ParagonEX companies at Holdings, closing group million trading Technology placement the Fintech X, X.XX share which acquisition of Global $

program and the East, its Group the Through newly subsidiaries, with enabling closing of opportunities and Upon The of trading $XX sheet financial over to a Contracts balance acquisition Difference, CFD sectors to amongst the the agreement merger, cash, MICT Asia. pursue materialize certain conditions. in acquired company expected to companies Fintech its to platforms closing Europe, subject have significant within Middle strong is combined China. for revenue million provide and is GFH in a acquisition the

review Now we move Slide number quarter the to third to X numbers.

A convertible third closed in transactions, of Series stock on company the we of the total notes million, strategic of receipt a successfully resulting series $X.XX During preferred consisting quarter, the and of convertible by a

a $X.XX coverage. million $X applicable stock, creditor to on existing in favorable Series This preferred more instruments $X.XX expenses, A replace Technology include, million warrant and BNN purchased million MICT's by terms, before convertible note convertible plus

company. future. note the in a $X to financing option in additional have MICT is the $X increase proceeds the an million in the $X.XX the amount expected future, A aggregate convertible to the the of and An of in preferred to near Series million BNN million through resulting potentially

On we Slide X, will results. the quarter third XXXX review financial

XXXX reduced Micronet or results reminder, of Therefore, XXXX. effective XX.XX%. MICT's XXXX Micronet March to based MICT nine at only. a report and today As current results interest Micronet X, Limited consolidated MICT’s the GAAP stands no due U.S. January for in Micronet on reflect numbers voting longer consolidated months reported rules, ownership the February

third XXXX. the loss expenses XX, of XXXX three for zero for the the for profit quarter of quarter three in compared third ended to as the MICT September XXXX. months Gross XX, September to gross $XXX,XXX R&D was months $XX,XXX compared ended for of XXXX, zero, was

administrative loss of third was $X.X Selling, compared to XXXX. of a quarter as to million the general compared of expenses million as quarter third in the in $XXX,XXX the quarter in $X.X third attributable to $X.XX loss net million in XXXX, quarter MICT Net XXXX. of was and the XXXX, of third

to the now call detailed turn financial for Moran a review. I will more

Moran Amran

in David, XXXX. in good $X.XX XXXX Revenue you, XXXX Thank next period of zero the illustrated to September as ended quarter third revenue for and morning to slide period was everyone. quarter three-and-nine in same compared the million the XXXX. as of third the compared The XX, months

to $XX.X months period were ended $XXX,XXX, revenue months September nine the XX, of the XXXX, first in XXXX. nine million compared During MICTs as

in the of both compared for XXXX. as the operation numbers the expense XXXX. XXXX. to same as third XX, Total of million Loss from quarter XXXX of breakdown detailed $XXX,XXX, months more to in a XXXX in was to provide compared September nine of in third as of the the third in the Slide was compared quarter $XXX,XXX million ended third quarter $X.XX period three-and-nine quarter operating $X.XX the XXXX

$X.XX Net loss and as attributable and to or quarter of per $X.XX diluted the of per third XXXX compared basic a third of diluted share, $X.XX million in to million share basic was loss quarter $X.XX net MICT or in the XXXX.

nine as XXXX compared XXXX, XX, of XXXX. of of XXXX. million to to months the Loss months operation $X $X.XX million same in nine the total September compared the $X.XX was were ended million as in quarters the three first first For in $X.X expenses period million, from operating

XXXX diluted or MICT to the share, profit and to of and attributed loss net or of period share per was $X.XX loss as $X.XX Net the million nine basic XX, $XX,XXX ended in months basis a same $X.XX September in per XXXX. compared in diluted

in XXXX. our slide cash and million $X.X capital have XX. September On working million million $X.X shareholders balance as of equivalent, $X.X to in equity, and cash we XX, sheet, a Turning in

turn I to David. call the will back now

David Lucatz

are note. part dedicated for the shareholders Thank this. And forward building I would to Moran. being we enter the strongly acquisition to $XX in our convertible like shareholder business growing million look fintech you, company. agreement global of we to believe value through the We the and employees continue thank

End of Q&A

This concludes Micronet participation. you. XXXX Thank for quarter Thank your third you results conference Enertec Technologies call.

You disconnect. may ahead and go