On The Move Systems Corp. (OTC Pink: OMVS) is primarily engaged as an on-demand transportation provider. In addition, the company has a stake in Robotics Assistance Devices (RAD), a robotics company. Shares of the transportation and robotics company closed down 23.05% on Thursday, August 10, 2017. Over the past month, On The Move Systems Corp. has seen average daily volume of 4.69 million shares on the day. However, volume of 10.74 million shares or dollar volume of $2.15 million shares, exchanged hands during trading today.
Shares of On The Move Systems Corp. declined today, despite the fact that RAD has signed a distribution agreement with a North American security distributor. The agreement will utilize RAD’s automated security robots. Here is the full press release detailing of the agreement:
On The Move Systems Corp. Press Release:
RENO, NV — (Marketwired) — 08/10/17 — On the Move Systems Corp. (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.