- Recurring revenue model expected to drive predictable revenues and increased profitability
- Marks entrance into the Buenos Aires metro market with population of 13M
- Joining forces with leading integrator that has over 810,000 users worldwide to introduce Quest’s Visual Cortex™ software to the multi-billion dollar parking industry
- Proprietary Visual Cortex™ sensors imitate the human eye and brain to detect and analyze patterns; dramatically improves efficiencies in the parking market
EUGENE, Ore., Nov. 27, 2018 (GLOBE NEWSWIRE) — omniQ, Inc. (QUES) (“omniQ” or “the Company”) a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced it has received initial recurring orders for its AI-based Visual Cortex™ sensors for use in vehicle recognition IoT-based ticketless parking solutions.
omniQ’s AI-based Visual Cortex™ software imitates the capabilities of the human eye and brain and is able to detect, analyze and recognize patterns. The Visual Cortex sensors offer a holistic solution for parking operators enabling a cutting edge, IoT-based system for vehicle tracking and recognition that delivers an accurate, dependable and economical solution. The system saves valuable time as cars drive in and out of a parking lot, eliminating queues and traffic jams. Moreover, parking payment can be executed by a Smart Phone App.
Shai Lustgarten, CEO of omniQ, commented: “We continue our strategic plan to add proprietary technologies and to increase our software offering, services and recurring revenue model which generates higher margins and increased stability. This initial order is for a five-year program with a leading worldwide integrator who is introducing automation and innovative solutions to the multi-billion dollar parking industry, including its more than 800,000 customers,. This new partnership represents a breakthrough opportunity for our software to enable major improvements in the parking industry.”
Mr. Lustgarten added: “We are pleased to have been chosen to supply the program’s smart sensor, the most sensitive part of the system, demonstrating again the quality and superior accuracy of our proprietary technology. We look forward to capitalizing on more opportunities to leverage our unique technologies and strong Fortune 500 customer base, to grow our market share by offering innovative solutions and integrating our AI technology with omniQ’s legacy products.”
omniQ is a Specialty Systems Integrator focused on Field and Supply Chain Mobility as well as a provider of Artificial Intelligence (AI) monitoring and surveillance solutions. Additionally the Company is a manufacturer and distributor of consumables (labels, tags, and ribbons), RFID solutions, and barcoding printers. Founded in 1994, omniQ is headquartered in Eugene, Oregon, with offices in the United States.
Rated in the Top 1% of global solution providers, omniQ specializes in the design, deployment and management of enterprise mobility solutions including Automatic Identification and Data Capture (AIDC), Mobile Cloud Analytics, RFID (Radio Frequency Identification), and proprietary Mobility software. Our mobility products and services offering is designed to identify, track, trace, share and connect data to enterprise systems such as CRM or ERP solutions. Our customers are leading Fortune 500 companies from several sectors including manufacturing, retail, distribution, food / beverage, transportation and logistics, health care and chemicals / gas / oil.
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for omniQ, Inc.’s products, the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, risks related to the sale of omniQ Canada Inc. to Viascan Group Inc. and other information that may be detailed from time-to-time in omniQ Inc.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting omniQ, Inc. please refer to the Company’s recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. omniQ, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.