OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or
“the Company”), a provider of Supply Chain and Artificial
Intelligence (AI)-based solutions, today announced its new banking
agreement which includes the closing of a new lending facility with
Bridge Bank.
Deal highlights:
-
Borrowing capacity increases by 40% to $8.5M
-
Effective terms and interest rate significantly lower than previous
facility
The asset based lending facility will see
OMNIQ’s interest rates expense cut by about 40% effective interest
rate compared to its previous lender.
Bridge Bank was founded in Silicon Valley in
2001, and provides a full suite of professional banking services,
including asset-based lending.
ThinkEquity, acted as placement agent for this
debt financing.
Shai Lustgarten, CEO of OMNIQ commented on the
deal: “We’re delighted to start a relationship with a major
commercial Banking partner. This is yet another step in OMNIQ’s
continued growth and progress. This new lending facility will allow
us to utilize more funds at lower interest rates which will improve
cashflows and reduce interest expenses.” Niv Nissenson, CFO of
OMNIQ added: “This is a show of confidence from a major financial
institution. We’re looking forward to deepening the relationship
with Bridge Bank”.
“Bridge Bank is pleased to work with OMNIQ to
provide an asset-based lending solution that aligns with their
growth goals,” said Raelene Sagapolu, vice president in Bridge
Bank’s Capital Finance Group. “We look forward to providing them
with our relationship-driven expertise.”
About Bridge BankBridge Bank, a
division of Western Alliance Bank, Member FDIC, helps business
clients realize their ambitions. Founded in 2001 in Silicon Valley,
Bridge Bank offers a better way to bank for small to mid-market
businesses across many industries, as well as emerging technology
companies and the private equity community. Geared to serving both
venture-backed and non-venture-backed companies, Bridge Bank
delivers a broad scope of financial solutions, including startup
banking, capital, equipment and working capital credit facilities,
venture debt, treasury management, asset-based lending, SBA and
commercial real estate loans and a full line of international
products and services. Based in San Jose, Bridge Bank has 15
offices in major markets across the country, along with Western
Alliance Bank’s powerful array of specialized financial services.
Western Alliance Bank is the primary subsidiary of Phoenix-based
Western Alliance Bancorporation, with more than $50 billion in
assets. Western Alliance is again #1 best-performing of the 50
largest public U.S. banks in the S&P Global Market Intelligence
listing for 2020 and ranks high on the Forbes “Best Banks in
America” list year after year. For more information, visit Bridge
Bank online.
About omniQ Corp.omniQ
Corp. (NASDAQ: OMQS) 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, and 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. For more
information, 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. 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.
Koko
Kimball(385)-758-9241kkimball@omniq.com
OMNIQ (NASDAQ:OMQS)
Historical Stock Chart
From Jul 2024 to Jul 2024
OMNIQ (NASDAQ:OMQS)
Historical Stock Chart
From Jul 2023 to Jul 2024