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URGENT: Factual Inaccuracy - Statement about MiX Telematics quitting Brazil business is factually incorrect

29 May 2015
Following MiX Telematics’ full fiscal results 2015 announcement yesterday, 28 May 2015, an article appeared in the media this morning, titled: “MiX fails to track down Brazil success” and a teaser claiming “MiX Telematics to quit Brazil”.
Commenting on the article, Stefan Joselowitz states: “We confirm that the article published is factually incorrect and misleading and MiX Telematics has not exited operations in Brazil.”
 
To clarify the position on the Brazil market, please find below the statement made in our earnings calls and commentary yesterday, Thursday 28 May 2015.
 
Earnings commentary overview around Brazil business:
"While our asset tracking offerings are currently sold only in Africa, we see tremendous possibilities globally and particularly in the Americas. In Brazil, we are in the process of negotiating an amicable exit from our disappointing joint venture with Sascar. This will open up the opportunity to either go it alone or with a new partner.”
 
Sascar is another vehicle tracking company in Brazil with whom we partnered to take our Beam-e asset tracking solution to Brazil. In our previous quarterly call we stated that progress on the Sascar project had stalled. The statement made in this call was therefore a follow-up to that previous comment.
 
Please note that the statement made clearly states this gives us the opportunity “to go it alone or with a new partner” and is specific to our asset tracking product line. It makes absolutely no reference about exiting the business.
 
“In addition to the asset tracking opportunity, our Brazil operation also sells and provides premium fleet management services to a growing customer base, as was evident in the numbers reported. This is despite the tough market and social-economic conditions there. We have a dedicated and strong team and dealer network in Brazil, and look forward to the opportunities this market presents,” concludes Joselowitz.

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