Omniq Selected for an Approximate $50 Million Project to Modernize Supply Chain for One of the Largest us Food and Drug Chains

Rhea-AI Summary

OMNIQ Corp. has been awarded a project expected to exceed $50 million from one of the largest food and drug chains in the US. The project aims to modernize and enlarge the logistics system of the customer, utilizing Android-based handheld devices for managing the supply chain operations. The order includes specialized services and support.

• Project expected to start immediately and continue through the end of 2024.
  

SALT LAKE CITY, Aug. 15, 2023 (GLOBE NEWSWIRE) -- OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or the “Company”), a provider of Artificial Intelligence (AI)-based solutions, announced today that it has been awarded with a project expected to exceed $50 million from one of the largest food and drug chains in the US.

The project aims to modernize and enlarge the logistics system of this multi-billion dollar long standing customer. The order is for Android-based handheld devices (IoT), used in managing the customers total supply chain level operations within its warehouses, distribution centers and up to the point of delivery to their end customer. This application ensures proper timing, routing and proof of delivery ensuring customer success. The order includes specialized services and support, under omniQ’s responsibility.

Shai Lustgarten, CEO of omniQ, stated, “Our team has diligently worked over the last six months on securing the $50m project, focusing on design and seamless integration within the customer’s logistics system. Our efforts have culminated in success, and we take pride in once again receiving a strong vote of confidence from one of the largest and most prestigious corporations worldwide. The unwavering dedication of our team to meet the ever-evolving demands of our long-standing customers has played a pivotal role in nurturing enduring partnerships. This project, coupled with our robust pipeline and backlog, will undoubtingly have a positive impact on the Company’s performance throughout 2023 and beyond.”

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 $67.1 billion by 2028, and the Ticketless Safe Parking market, forecast to grow to $33.5 billion by 2032 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.

Contact Info:
IR@omniq.com

FAQ

What is the project awarded to OMNIQ Corp.?

OMNIQ Corp. has been awarded a project to modernize and enlarge the logistics system of one of the largest food and drug chains in the US.

What is the expected value of the project?

The project is expected to exceed $50 million.

What type of devices will be used in the project?

Android-based handheld devices (IoT) will be used in the project.

What does the project aim to achieve?

The project aims to ensure proper timing, routing, and proof of delivery within the customer's supply chain operations.

What does the order include?

The order includes specialized services and support provided by OMNIQ Corp.

Who is the CEO of OMNIQ Corp.?

The CEO of OMNIQ Corp. is Shai Lustgarten.

What impact is expected on the Company's performance?

The project, along with the robust pipeline and backlog, is expected to have a positive impact on the Company's performance throughout 2023 and beyond.