OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the
Company”), a provider of Artificial Intelligence (AI)-based
solutions, today announced that the Company has received a new
order for its AI based Machine Vision solution “Q-Shield” in South
America.
CEO Shai Lustgarten stated, “In partnership with
a multibillion-dollar publicly traded high-tech defense and
homeland security company, we have reached a remarkable milestone
with the new order from a state which we have previously supplied.
This achievement underscores the company's unwavering commitment to
making a positive and lasting impact on the lives of individuals
residing in some of the world's most sensitive areas. The first
contract garnered exceptional success and recognition, positioning
OMNIQ as a formidable contender for the esteemed Premio Alas de la
Asociación Latinoamericana de Seguridad award due to our unmatched
performance.
Building upon this foundation, OMNIQ's expertise
and dedication has led to an expansion of the contract,
encompassing additional sensors and features. One of omniQ's key
differentiators lies in our cutting-edge technology, empowering the
company to identify precise details such as vehicle make, model,
color, and differentiate among various license plate styles and
conditions. This distinctive capability sets us apart from the
competition and enables the provision of a comprehensive safe city
solution. By arming authorities and emergency personnel with
real-time data, our technology triggers proactive actions that
contribute to a safer city environment.
This new award involves the deployment of an
additional 55 cameras and a state-of-the-art software system in
several cities across Uruguay. With utmost confidence, we
anticipate these cities will witness tangible results, as the
company's system has consistently demonstrated its ability to
positively impact the everyday lives of citizens in various
deployed locations. As evidence of OMNIQ's continued success, the
interest in its proprietary technology remains robust, with a
substantial backlog of projects awaiting implementation in both the
US and overseas. This resounding validation further underscores the
recognition and trust that customers and stakeholders place in
OMNIQ's unrivaled solutions.
CEO Shai Lustgarten concluded, “omniQ’s
relentless pursuit of excellence and the transformative influence
it continues to exert worldwide position our company as a
trailblazer in the industry. With each new milestone reached, we
reinforce our position as a leader committed to delivering
unparalleled solutions that enhance security and improve the
quality of life for communities globally.”
Q Shield, OMNIQ’s AI-based machine vision
Vehicle Recognition System (VRS) uses patented Neural Network
algorithms that imitate human brains for pattern recognition and
decision-making. More than 17,000 OMNIQ AI based machine vision
sensors are installed worldwide today, including approximately
7,000 in the U.S. in airports, cities and universities. Based on
superior accuracy and patented features like identification of make
and color combined with superior accuracy based on the
sophisticated algorithm and machine learning that largely depends
on accumulated data provided by thousands of sensors already
deployed. omniQ’s AI based solution is deployed worldwide for
public safety, terror prevention, access control and automation of
parking. The technology has successfully performed in the most
sensitive areas of the Middle East, South America, the Far East and
the USA.
About OMNIQ Corp:
OMNIQ Corp. provides computerized and machine
vision image processing solutions that use patented and proprietary
AI technology to deliver data collection, real-time surveillance
and monitoring for supply chain management, homeland security,
public safety, traffic & parking management, and access control
applications. The technology and services provided by the Company
help clients move people, assets, and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.
OMNIQ’s customers include government agencies
and leading Fortune 500 companies from several sectors, including
manufacturing, retail, distribution, food and beverage,
transportation and logistics, healthcare, oil, gas, and
chemicals.
The Company currently addresses several
billion-dollar markets, including the Global Safe City market,
forecast to grow to $29 billion by 2022, and the Ticketless Safe
Parking market, forecast to grow to $5.2 billion by 2023 and the
fast casual restaurant sector expected to reach $209 billion by
2027.
For more information please
visit www.omniq.com.
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 “anticipate”,
“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. Examples of
forward-looking statements include, among others, statements made
in this press release regarding the closing of the private
placement and the use of proceeds received in the private
placement. Important factors that could cause these differences
include, but are not limited to: fluctuations in demand for the
Company’s products particularly during the current health crisis,
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, and
other information that may be detailed from time-to-time in OMNIQ
Corp.’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 Corp., please refer to the Company’s recent
Securities and Exchange Commission filings, which are available
at https://www.sec.gov. OMNIQ Corp. 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.
IR Contact:
Koko Kimball
kkimball@omniQ.com
OMNIQ (NASDAQ:OMQS)
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