OMNIQ's AI Machine Vision Systems to be Deployed at the Largest Seaport in Israel with Annual Cargo Tonnage of more than 20 million Tons
SALT LAKE CITY, July 15, 2021 (GLOBE NEWSWIRE) -- OMNIQ Corp. (OTCQB: OMQS) (“OMNIQ” or “the Company”), a provider of Artificial Intelligence (AI) and IoT - based solutions, announced today it has received an order to deploy its Q Shield™, AI-based machine vision solution at Port of Ashdod in Israel. Port of Ashdod is the largest Seaport in Israel with Annual Cargo Tonnage of more than 20 million Tons.
Q Shield™, OMNIQ’s AI-based machine vision VRS solution uses patented Neural Network algorithms that imitate human brains for pattern and color recognition enabling smart and quick decision-making. More than 17,000 OMNIQ AI-based machine vision sensors are installed worldwide, including approximately 7,000 in the U.S. Q Shield™ is founded on patented features like identification of make and color, combined with superior accuracy based on sophisticated algorithm and machine learning.
“The momentum continuous as we win more projects that require accuracy and top performance. This order is a part of a comprehensive plan by the State of Israel authorities to address maritime trade needs, increase ship size and strengthen Israel’s economy,” said Shai Lustgarten, CEO of OMNIQ. “In the field of security, the core of the security system, which includes 15 servers and end accessories is designed and assembled in our facilities integrated with our patented AI algorithm. The system will include OMNIQ’s external and internal sensors, VRS – Vehicle Recognition System complexes, electronic fence and hacking alert systems.”
About OMNIQ Corp.
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. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
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
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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.
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