It’s been several weeks since the last time we mentioned On The Move Systems Corp. (OTMKTS:OMVS) here at Street Register, and we thought we’d circle back around today to update on the fantastic move the stock has made on the chart as well as recent developments at the company itself.
In case you can’t recall, OMVS is in the process of acquiring Robotic Assistance Devices (RAD), develops artificial intelligence and robotic solutions for operational, security and monitoring needs. Its autonomous robotic guards improve the simplicity and economics of patrolling and guard services, and allow experienced personnel to focus on more strategic tasks.
On The Move Systems Corp. (OTMKTS:OMVS) via RAD, recently entered into an agreement for a paid proof of concept (POC) with a major North American utility with over 5,000 employees. RAD will deploy a robot at the utility during the month of July. The POC is scheduled to last 20 days after which, if satisfied, the utility is expected to place orders with RAD for robots. “We are very happy to have signed up our second major utility,” said Steve Reinharz, President and CEO of RAD. “We are currently working with several utilities that have demonstrated strong interest to undergo POCs, and we expect to enter into several other POC agreements with other utilities in the near future.”
RAD also recently entered into an agreement for a paid proof of concept (POC) with a major green energy utility with over 50,000 employees worldwide. RAD will deploy a robot at the utility during the month of July. The POC is scheduled to last 90 days after which, if satisfied, the utility is expected to place orders with RAD for robots across their U.S. network of power plants.
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. (Source: Marketwired)
Even more recently it was reported that RAD has received an additional 15 robot reservations for a total of 30 robot reservations with total contract values of approximately $3 million. “We are very pleased with the increase in robot reservations,” said Steve Reinharz, President and CEO of RAD. “And we are on track with the goal of reaching 60 reservations by the end of the summer.”
RAD expects to deploy robots to end users in July. To date RAD has commitments for 30 robots for total contract values of approximately $3 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 10, 2017. (Source: Marketwired)
Assuming that the company was acting in good faith when they announced that the robots would be ready to ship this month, then we should be on the lookout for an update from the company on the matter inside of the next couple of weeks. Operational delays happen, but all things remaining equal, we believe that the update should be forthcoming shortly. We’ll keep our ears to the tracks, and all you have to do is stick with us! Stay locked to Street Register for updates, and we’ll deliver important developments on OMVS as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in OMVS stock, short or long.