OMNIQ Corp. Awarded Approximately $3.5 Million Service Project From a World Wide Leader in the Transport and Logistics Sector For Mobile Data Collection and Communication Devices

Rhea-AI Summary

OMNIQ Corp. (NASDAQ: OMQS) has secured a three-year $3.5 million service project from a leading global logistics company, reflecting confidence in OMNIQ’s advanced supply chain solutions. The contract focuses on technical support for mobile computerized equipment supplied previously. With a backlog of orders at the start of 2022, OMNIQ's annual revenues have exceeded $50 million, driven by clients across various sectors. The company is positioned in lucrative markets like the Global Safe City market, projected to reach $29 billion in 2022.

Positive

• Secured a $3.5M project, enhancing revenue prospects.
• Record backlog of orders at the start of 2022 indicates strong demand.
• Annual revenues have surpassed $50 million, showcasing growth.

Negative

• None.

• Customer part of a $33B group, provides logistics and fulfillment services to over 160,000 customers in over 120 countries.
  
• Project for technical support of mobile computerized equipment.

SALT LAKE CITY, March 16, 2022 (GLOBE NEWSWIRE) -- OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, announced that it has awarded an approximately three year $3.5M service project from  a worldwide Transport and Logistics multinational leader.

Customer is an industry leading third party logistics firm, performing contract distribution for many different industries and companies throughout the world.  OMNIQ to service advanced equipment it supplied a few years ago.

Shai Lustgarten, President and CEO of OMNIQ, stated, “We started 2022 with a record backlog of orders for all our product lines, proving the strength of our strategy and solutions. The newly received $3.5M project represents another vote of confidence from a multibillion dollar corporation that keeps procuring its critical needs for its operations from us. We reaffirm our solid position as suppliers of sophisticated computerized equipment to leading Fortune 500 companies.”

About:

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, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.

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. For more information, 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.

Investor Contact:
James Carbonara
Hayden IR
(646)-755-7412
james@haydenir.com

Koko Kimball
(385)-758-9241
kkimball@omniq.com

FAQ

What is the recent project awarded to OMNIQ Corp. (OMQS)?

OMNIQ Corp. was awarded a three-year $3.5 million service project for technical support from a leading global logistics company.

How much has OMNIQ Corp.'s annual revenue grown?

OMNIQ Corp.'s annual revenues have grown to more than $50 million.

Which sectors does OMNIQ Corp. serve?

OMNIQ Corp. serves various sectors including manufacturing, retail, distribution, healthcare, and logistics.

What is the market forecast for the Global Safe City market?

The Global Safe City market is forecast to grow to $29 billion by 2022.

What does OMNIQ Corp. provide in terms of services?

OMNIQ provides computerized and AI-based solutions for supply chain management, homeland security, and public safety.