Signed agreement for POC with major North American Utility
June 22 2017 - 9:39AM
InvestorsHub NewsWire
SOURCE: On the Move Systems
|
June 22, 2017 09:00 ET
OMVS: Robotic Assistance Devices Signs Agreement For
POC With Major North American Utility
LAGUNA HILLS, CA-(NewMediaWire - Jun 22, 2017) - On the
Move Systems (OTC PINK: OMVS) is pleased to announce that Robotic
Assistance Devices (RAD - www.roboticassistancedevices.com) has entered
into an agreement for a paid proof of concept (POC) with a major
North American utility with over 5,000 employees. RAD will deploy a
robot at the utility during the month of July. The POC is scheduled
to last 20 days after which, if satisfied, the utility is expected
to place orders with RAD for robots. "We are very happy to have
signed up our second major utility," said Steve Reinharz, President
and CEO of RAD. "We are currently working with several utilities
that have demonstrated strong interest to undergo POCs, and we
expect to enter into several other POC agreements with other
utilities in the near future."
RAD also recently entered into an agreement for a paid proof of
concept (POC) with a major green energy utility with over 50,000
employees worldwide. RAD will deploy a robot at the utility during
the month of July. The POC is scheduled to last 90 days after
which, if satisfied, the utility is expected to place orders with
RAD for robots across their U.S. network of power plants.
RAD expects to deploy robots to end users in July. To date RAD
has commitments for 15 robots for total contract values of
approximately $1.5 million. OMVS is continuing its due diligence
process on RAD as part of the binding LOI that was entered into
last week for the purchase of 100% of RAD by OMVS. It is
anticipated that the acquisition will close before August 10,
2017.
RAD currently has a sales pipeline of over 50 Fortune 500
companies and over 25 qualified dealers and distributors that have
a combined customer base of more than 35,000 end user
corporations.
For further information please refer to www.sec.gov
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING
STATEMENTS
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Statements in this news release other than statements of
historical fact are "forward-looking statements" that are based on
current expectations and assumptions. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by the
statements, including, but not limited to, the following: the
ability of On the Move Systems to provide for its obligations, to
provide working capital needs from operating revenues, to obtain
additional financing needed for any future acquisitions, to meet
competitive challenges and technological changes, and other risks.
On the Move Systems undertakes no duty to update any
forward-looking statement(s) and/or to confirm the statement(s) to
actual results or changes in On the Move Systems expectations.
CONTACT INFORMATION
Investor Relations:
Everest Corporate Advisors Inc.
Jack Thompson
www.everestcorp.net
702-902-2361
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