OMNIQ’S Q SHIELD™ AI-BASED SAFE CITY SYSTEM, TO BE DEPLOYED IN TWO ADDITIONAL CITIES IN IOWA BRINGING THE TOTAL NUMBER OF CITIES TO 16
January 04 2023 - 8:45AM
OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a
provider of Artificial Intelligence (AI)-based solutions, today
announced that the Company has been selected by the Cities of
Mitchellville, Iowa and Jewell, Iowa to deploy its Q Shield Safe
City System, based on vehicle recognition systems (VRS) technology
and its cloud based citation management platform. Q Shield™
identifies any vehicle driving through the city which is on a
National Crime Information Center (NCIC) data base or the cities
local Bureau of Investigations Database and cites violators who
drive through the city with outstanding traffic violations, and
provide notifications for law enforcement and local authorities,
that allow proactive actions preventing risks from becoming events.
Q Shield™ is used by law enforcement as a force multiplier and a
strong investigation tool. The system will also identify additional
alerts such as for unregistered vehicles.
Shai Lustgarten, CEO commented “With continued
momentum in our Safe City product, Q Shield™, we are excited to
expand our footprint in the state of Iowa. With the addition of
Mitchellville and Jewell, we now have 16 cities under contract
nationwide. Our pipeline continues to grow both in Iowa and in
several other states across the country. This is significant for
not only our company but also for the people and communities who
have trusted our technology to improve everyday lives with an
unbiased approach. In addition to added protection, each city
benefits financially with the use of our Vehicle Recognition
Technology adding to the overall impact of partnering with OMNIQ.
We look forward to continuing the momentum and achieving
significant recurring revenue for many years to come”
Q Shield, OMNIQ’s AI-based machine vision VRS
solution uses patented Neural Network algorithms that imitate human
brains for pattern recognition and decision-making. More than
17,000 OMNIQ AI based machine vision sensors are installed
worldwide, including approximately 7,000 in the U.S. Based on
superior accuracy and patented features like identification of make
and color, combined with superior accuracy based on the
sophisticated algorithm and machine learning that largely depends
on accumulated data provided by thousands of sensors already
deployed.
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 $29 billion by 2022, and the Ticketless Safe
Parking market, forecast to grow to $5.2 billion by 2023 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: IR ContactKoko
Kimball385-758-9241kkimball@omniq.com
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