OMNIQ’S Q SHIELD™ AI-BASED SAFE CITY SYSTEM, CONTINUES TO EXPAND IN GEORGIA ADDING AN ADDITIONAL CITY
April 11 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 City of
Lumpkin, Georgia to deploy its Q Shield vehicle recognition systems
(VRS) technology and its cloud based citation management platform.
This technology identifies any vehicle driving through the city
which is on a National Crime Information Center (NCIC) data base or
the city’s local Bureau of Investigations Database and cites
violators who drive through the city with outstanding traffic
violations, as well as other alerts such as unregistered and
uninsured vehicles.
Shai Lustgarten, CEO commented “We are proud
that our AI based Safe City product, Q-Shield is continuing to gain
momentum as we announce our newest contract with the city of
Lumpkin, GA. With this addition, our presence in the state of
Georgia continues to grow, as we now have 9 cities contracted. As a
direct result of cities recognizing the quick impact, we have on
both the quality of life and the revenue potential our pipeline
continues to grow. We now have a total of 18 cities in the US
contracted and anticipate continued growth in Georgia, as well as
additional other states across the country. Our revenue model is
based on recurring revenue sharing that will have a significant
impact on our profitability as we add more cities using our unique
technology. With a superior product offering and a robust pipeline,
we believe we are well positioned to make a significant impact on
countless lives as well as developing an expanding revenue stream
with higher profit margins for our clients and our company.”
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. Our AI based solution is deployed in sensitive areas in
the Middle East for terror prevention as well as in South America,
Florida and the Far East for crime prevention and public safety.
The technology is used for traffic management, automation of
parking and new verticals, such as retail shops and QSR restaurants
as part of the CRM system.
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.
Company Contact: Koko
Kimball385-758-9241kkimball@omniq.com
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