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MICT Reports Financial Results for the First Quarter Ended March 31, 2019


 Conference call scheduled for tomorrow, May 21, 2019 at 9:00 a.m. EDT

Montvale, NJ – May 20, 2019 - MICT, Inc. (Nasdaq: MICT), , , 
today announced financial results for the three months ended March 31, 2019. MICT’s financial results for the first quarter of 2019 reflect Micronet, Ltd. revenues for the months of January 2019 and February 2019 only. On February 24, 2019, Micronet closed a public equity offering on the Tel Aviv Stock Exchange which resulted in a dilution of MICT’s ownership interest in Micronet to 33.88%. Thus, based on U.S. GAAP, MICT no longer includes Micronet’s financial results in its consolidated financial statements effective as of March 1, 2019. However, MICT is of the opinion that it maintains effective control of Micronet by virtue of its high level of influence over Micronet. “We continue to be engaged in the transactions contemplated by the acquisition agreement entered into among MICT, BNN and ParagonEx Ltd.,” stated David Lucatz, Chief Executive Officer of MICT.

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About MICT, Inc.

MICT, Inc. (Nasdaq: MICT), via its equity interest in Micronet Ltd., provides rugged mobile devices for the growing commercial Mobile Resource Management (MRM) market. Micronet develops, manufactures and provides mobile computing platforms for the mobile logistics management market in the U.S., Europe and Israel. American manufactured systems are designed for outdoor and challenging work environments in trucking, distribution, logistics, public safety and construction.

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