OMVS: Robotic Assistance Devices Prepares to Deploy Robot At Major North American Utility
July 24 2017 - 9:24AM
InvestorsHub NewsWire
HENDERSON, NV--(NewMediaWire - Jul 24, 2017) - On the Move
Systems (OTC PINK: OMVS) is pleased to announce that Robotic
Assistance Devices (RAD -- www.roboticassistancedevices.com)
is preparing to deploy one of its robots with a major North
American utility client with over 5,000 employees. RAD previously
announced that it entered into an agreement with this client for a
proof of concept ("POC") on June 22, 2017. RAD will be deploying
the robot this week. 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 be deploying one of our
autonomous security robots with this major utility," said Steve
Reinharz, President and CEO of RAD. "We are currently working with
other large companies and distributors and we expect to enter into
several other POC agreements with other large companies in the near
future."
RAD expects to deploy robots to end users in July. To date RAD
has commitments for 30 robots for total contract values of
approximately $3 million and expects to receive commitments for a
total of 60 robots for total contract values of approximately $6
million by the end of the summer. OMVS has successfully completed
its due diligence process on RAD as part of the binding LOI that
was entered into on May 10th, 2017 for the purchase of 100% of RAD
by OMVS. It is anticipated that the acquisition will close before
August 10, 2017.
RAD currently has signed agreements for 2 POCs with major
companies.
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
Artificial Intelligence ... (PK) (USOTC:AITX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Artificial Intelligence ... (PK) (USOTC:AITX)
Historical Stock Chart
From Apr 2023 to Apr 2024