OMNIQ Receives $6.8 Million Purchase Agreement from a leading specialty retailer

Rhea-AI Summary

OMNIQ Corp (OTCQB: OMQS) announced a significant boost in business with over $24 million in new orders since January 1, 2021, including a $6.8 million contract with a leading specialty retailer. This order involves providing mobile computerized IoT equipment for retail automation and inventory control, supporting hundreds of stores across 49 states. OMNIQ’s advanced technological solutions and strong customer base, including Fortune 500 companies, underscore its market position as demand for efficient supply chain management grows, fueled by the effects of COVID-19.

Positive

• Over $24 million in new orders since January 2021.
• $6.8 million contract from a major specialty retailer generating over $2 billion in annual revenue.
• Strong customer base, including Fortune 500 companies.

Negative

• None.

• OMNIQ achieves record of over $24 million new orders since January 1^st 2021
• Customer has hundreds of stores across 49 states
• OMNIQ to provide mobile computerized solutions for retail store automation applications Supply Chain control, and growing e-commerce business
• Contract includes the supply of Powerful Mobile Computers, Professional Services and Technical Support

SALT LAKE CITY, March 05, 2021 (GLOBE NEWSWIRE) -- OMNIQ Corp (OTCQB: OMQS) (“OMNIQ” or “the Company”), a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, announced today that it has received an approximately $6.8 million purchase agreement from one of the largest specialty retailers in the U.S, which generates over $2 billion in annual revenue. The agreement calls for the supply of mobile computerized IoT equipment designed to support retail automation and inventory control applications, as well as DC supply chain solutions and a growing e-commerce business.   

OMINQ’s customer is a pioneer in implementing the newest technologies in retail and supply chain operations managing hundreds of stores across 49 states.

From its Salt Lake City facility, OMNIQ will commission and distribute advanced mobile computerized solutions including tested hardware and software, technical support, and warranty services, enabling the customer to enjoy the most technically advanced equipment combined with OMNIQ’s high quality managed services and support.

Shai Lustgarten, President & CEO at Quest, commented, “I am more than excited to announce this $6.8 million new purchase contract achieving a record of $24 Million of new orders generated in two months since the beginning of fiscal year 2021. Just after announcing the $6.1 Million Purchase agreement with a leading food distributor , the $3.5 Million expanded project with a metal solutions provider and two AI based Machine - Vision projects for strategic homeland security and traffic management, the momentum continues marking a strong beginning of FY 2021 and demonstrates the strength of our business model based on the quality of our solutions with the solid loyal customer base that includes fortune 500 customers, Governments, Education Organizations, municipalities and others. It also highlights how Covid-19 has accelerated the need to maximize efficiency, automation and touchless Supply Chain activities. We are proud to have been selected yet again to further optimize this customer’s operational efficiencies and believe this order proves the value of our comprehensive Hardware, Software and Technical support solutions. Our portfolio of mobility products, ranging from voice-picking headsets to barcode scanners, enables smarter decision-making through effective data collection and analysis. We look forward to continuing our relationship with customers of this pedigree, as we strengthen our offering with advanced AI-based technologies and machine-vision solutions.”

About OMNIQ Corp.
OMNIQ Corp. (OTCQB: OMQS) 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. 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 http://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

Brett Maas 
Hayden IR 
(646) 536-7331 
brett@haydenir.com

 

FAQ

What recent orders has OMNIQ Corp reported?

OMNIQ Corp announced over $24 million in new orders since January 1, 2021, including a $6.8 million purchase agreement from a large specialty retailer.

What is the value of the new contract obtained by OMNIQ Corp?

The new contract obtained by OMNIQ Corp is valued at approximately $6.8 million.

Which sectors does OMNIQ Corp serve?

OMNIQ Corp serves various sectors including retail, supply chain management, and provides AI-based solutions.

How is OMNIQ Corp responding to the COVID-19 pandemic?

OMNIQ Corp is addressing the increased demand for efficiency and automation in supply chain activities accelerated by COVID-19.