SOURCE: On the Move Systems

June 22, 2017 09:00 ET

Signed agreement for POC with major North American Utility

OMVS: Robotic Assistance Devices Signs Agreement For POC With Major North American Utility

LAGUNA HILLS, CA--(Marketwired - Jun 22, 2017) - On the Move Systems (OTC PINK: OMVS) is pleased to announce that Robotic Assistance Devices (RAD - www.roboticassistancedevices.com) has 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 expects to deploy robots to end users in July. To date RAD has commitments for 15 robots for total contract values of approximately $1.5 million. OMVS is continuing its due diligence process on RAD as part of the binding LOI that was entered into last week for the purchase of 100% of RAD by OMVS. It is anticipated that the acquisition will close before August 10, 2017.

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