August 10, 2017 09:00 ET
RENO, NV--(NewMediaWire - Aug 10, 2017) - On the Move Systems (OTC PINK: OMVS) is pleased to announce that Robotic Assistance Devices (RAD - www.roboticassistancedevices.com) has signed a distribution agreement with one of the largest security companies in North America for the distribution of RAD's autonomous security robots. "We are very pleased to have entered into a distribution agreement with this major partner," said Steve Reinharz, President and CEO of RAD. "This partnership is expected to significantly assist us in penetrating the North American market as we continue to expand our distribution network."
Due to confidentiality RAD will only be able to release the identity of the partner in the near future.
Due to the many commercial opportunities that RAD's management has recently been pursuing, RAD was forced to divert staff resources from the preparation of required documents for the acquisition of RAD by OMVS. As a result, management of both RAD and OMVS expect to close the acquisition by August 31, 2017. "We look forward to consummating the acquisition shortly and are in the final stages of completing the required documents for the closing," said Garett Parsons, President and CEO of OMVS.
RAD has commenced to deploy robots to end users. To date RAD has commitments for 62 robots for total contract values of approximately $6 million. 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 31, 2017.
RAD currently has signed agreements for 2 POC's 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
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