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IDSY > SEC Filings for IDSY > Form 8-K on 1-Aug-2013All Recent SEC Filings

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Other Events

Item 8.01 Other Events

On August 1, 2013, I.D. Systems, Inc. (the "Company") entered into a memorandum of understanding with Avis Budget Car Rental, LLC ("ABCR") with respect to ABCR's engagement of the Company to develop for ABCR their next generation of wireless in-vehicle technology which could be used for applications, including, but not limited to, car sharing, Connected Car and automated vehicle returns across ABCR's entire fleet or portions thereof, inclusive of ZipCar (the "Memorandum of Understanding"). Under the Memorandum of Understanding, the Company and ABCR agreed to negotiate an amendment to the Master Software License, Information Technology Services, and Equipment Purchase Agreement, dated August 21, 2011, between the Company and ABCR and certain related agreements, to reflect ABCR's engagement of the Company, and to extend the mutual exclusivity period under the Master Agreement from July 31, 2013 until September 30, 2013 in order to allow the Company and ABCR to complete their negotiations.

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