OMNIQ Corp. (NASDAQ:
OMQS) (“OMNIQ” or “the Company”), a provider of Artificial
Intelligence (AI)-based solutions, announced today that its wholly
owned subsidiary acquired CodeBlocks Ltd (CodeBlocks) a leading
Fintech software company with over 80,000 deployments.
OmniQ, acquired CodeBlocks in exchange for NIS
4,666,664 (approximately US $ 1,275,044 based on today’s exchange
rate). The consideration is payable in seven equal installments
with the final payment due on January 11, 2025. The purchase
Agreement closed on February 1, 2024.
Shai Lustgarten, CEO, of omniQ commented “We are
excited to welcome the CodeBlocks scientists to our team as we see
the Fintech market as a significant growth engine and profit
generator for omniQ. We will enjoy immediate cost savings by
utilizing CodeBlocks technology, replacing historical licensing
fees. In addition, as we integrate our proprietary software, we
believe that we will have the opportunity to capture a bigger
market share as well as introduce our solution to the US and other
markets globally.”
Erez Attia CEO of CodeBlocks commented:
“Following years of successfully developing our proprietary Fintech
software, we are excited to join forces with a strong team and a
dynamic company like ominQ in order to provide innovative solutions
to the modern Fintech market.”
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 smart parking
market, forecasted to grow to $16.4 billion by 2030 and the
fast-casual restaurant sector expected to reach $209 billion by
2027.
The technology and services provided by OMNIQ
help clients move people, assets, and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.
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
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