OMVS: Robotic Assistance Devices Signs Distribution Agreement With Major North American Security Distributor
August 10 2017 - 9:15AM
InvestorsHub NewsWire
August 10, 2017 09:00 ET
RENO, NV--(NewMediaWire - Aug 10, 2017) - On the Move Systems
(OTC PINK: OMVS) is pleased to announce that Robotic
Assistance Devices (RAD - www.roboticassistancedevices.com)
has signed a distribution agreement with one of the largest
security companies in North America for the distribution of RAD's
autonomous security robots. "We are very pleased to have entered
into a distribution agreement with this major partner," said Steve
Reinharz, President and CEO of RAD. "This partnership is expected
to significantly assist us in penetrating the North American market
as we continue to expand our distribution network."
Due to confidentiality RAD will only be able to release the
identity of the partner in the near future.
Due to the many commercial opportunities that RAD's management
has recently been pursuing, RAD was forced to divert staff
resources from the preparation of required documents for the
acquisition of RAD by OMVS. As a result, management of both RAD and
OMVS expect to close the acquisition by August 31, 2017. "We look
forward to consummating the acquisition shortly and are in the
final stages of completing the required documents for the closing,"
said Garett Parsons, President and CEO of OMVS.
RAD has commenced to deploy robots to end users. To date RAD has
commitments for 62 robots for total contract values of
approximately $6 million. OMVS has successfully completed its due
diligence process on RAD as part of the binding LOI that was
entered into on May 10th, 2017 for the purchase of 100% of RAD by
OMVS. It is anticipated that the acquisition will close before
August 31, 2017.
RAD currently has signed agreements for 2 POC's with major
companies.
RAD currently has a sales pipeline of over 50 Fortune 500
companies and over 25 qualified dealers and distributors that have
a combined customer base of more than 35,000 end user
corporations.
For further information please refer to www.sec.gov
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING
STATEMENTS
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Statements in this news release other than statements of
historical fact are "forward-looking statements" that are based on
current expectations and assumptions. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by the
statements, including, but not limited to, the following: the
ability of On the Move Systems to provide for its obligations, to
provide working capital needs from operating revenues, to obtain
additional financing needed for any future acquisitions, to meet
competitive challenges and technological changes, and other risks.
On the Move Systems undertakes no duty to update any
forward-looking statement(s) and/or to confirm the statement(s) to
actual results or changes in On the Move Systems expectations.
CONTACT INFORMATION
Investor Relations:
Everest Corporate Advisors Inc.
Jack Thompson
www.everestcorp.net
702-902-2361
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