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Continuation of strategic cooperation with a major retail partner
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Order includes state-of-the-art portable IoT printers for seamless integration
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Paves the way for future technological upgrades
SALT LAKE CITY, Aug. 29, 2024 (GLOBE NEWSWIRE) — OMNIQ Corp. (OTCQB: OMQS), a leading provider of AI-driven and IoT-enabled technology solutions, is pleased to announce the receipt of a significant $2.5 million order from one of its most valued retail partners. This order, received on August 26, 2024, is a testament to the enduring relationship between the two companies and marks a new chapter in their over decade-long collaboration.
Through this long-standing partnership, OMNIQ has played a critical role in revolutionising the retailer’s operational capabilities. The latest contract involves the deployment of advanced portable printers across the retailer’s extensive network, improving both in-store operations and delivery logistics. The new technology is set to replace outdated systems and lead to improved inventory management, operational efficiency and customer satisfaction.
“Our ongoing partnership with this major retail chain reflects the sustainable value we add to their business,” said Shai Lustgarten, CEO of OMNIQ. “This order underscores their trust in our technology to keep their systems efficient and up to date, and we are committed to continuing to support their evolving needs.”
This development represents a continuation of OMNIQ’s strategic initiative to expand business with existing customers while building new customer relationships.
About OMNIQ
OMNIQ Corp. (OTCQB: OMQS) provides computer vision and machine vision solutions that use patented and proprietary AI technology to enable real-time object identification, tracking, surveillance and monitoring for supply chain management, public safety and traffic management applications. The technologies and services provided by the company help customers move people and objects safely and securely through airports, warehouses, schools and national borders, as well as in many other applications and environments, and manage large amounts of data.
OMNIQ’s customers include government agencies and leading Fortune 500 companies across a variety of industries, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas and chemicals. Since 2014, annual revenue from customers in more than forty countries has more than doubled, reaching $81 million in 2023.
The company currently addresses several billion-dollar markets with double-digit growth, including the global smart city and public safety markets.
For more information, visit www.omniq.com
Forward-looking statements:
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that address plans, strategies, economic performance and trends, projections of results of certain 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 press release contains “forward-looking statements” that contain information regarding future events and future financial and operating performance. The words “anticipate,” “could,” “would,” “will,” “expect,” “estimate,” “may,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results and are not necessarily accurate statements of the timing or by which such performance or results will be achieved. Forward-looking statements are based on information available at the time they are made and/or on management’s good faith beliefs at 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 or implied by the forward-looking statements.
Examples of forward-looking statements include, but are not limited to, statements in this press release regarding the closing of the Private Placement and the use of proceeds raised from 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 target 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 suppliers, creditors and secured lenders, the Company’s ability to successfully integrate its acquisitions and other information that may be set forth from time to time in OMNIQ Corp.’s filings with the U.S. Securities and Exchange Commission. Examples of such forward-looking statements in this press release include, but are not limited to, statements regarding revenue growth, increased revenue, 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 see the Company’s most recent filings with the Securities and Exchange Commission, available at 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, except as required by law.
contact
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5008fc1-63b6-457c-8c5f-f44c888461af
