On The Move Systems Corp (OTCMKTS:OMVS)
On The Move Systems Corp (OTCMKTS:OMVS) traded lower after announcing it had completed the acquisition of Robotic Assistance Devices (RAD). The stock was down by 10.58% in Thursday’s trading session, to end the day at $0.169 a share.
On The Move Systems Corp (OTCMKTS:OMVS) has been on an impressive run ever since it announced plans to acquire Robotic Assistance Devices. The stock had rallied to highs of $0.27 a share and traders waiting to see if the recent pull back is just a minor correction.
A point of concern is that the stock is currently trading at the lower end of its $0.17 – $0.22 trading range. The stock faces immediate support at the $0.14 level. It now awaits to be seen if the acquisition of RAD will continue to strengthen investor’s sentiments on the company’s long term prospects.
Robotic Assistance Devices is already strengthening On The Move Systems Corp (OTCMKTS:OMVS) revenue base having received a commitment for 62 robots with a reported contract value of $6 million. The unit has also signed two purchase order contracts with major companies. The company is banking on its sales pipeline of over 50 fortune 500 companies, and 25 dealers and distributors, to attract more deals for its robotic solutions.
“I look forward to working together with OMVS and having the opportunity to build RAD into a major player in the robotic guard market. We have made great progress to date and with the close of this acquisition we will be well positioned to accelerate our development and deliver significant growth milestones in the near future,” said Steve Reinharz, President, and CEO of RAD.
Romeo Power Collaboration
Robotic Assistance has entered into an agreement with Romeo Power to outfit its SMP Robotics Security Guard Robot with the firm’s lithium ion energy solution. Integration of Romeo’s Power battery solutions should allow RAD’s robots to provide up to 12 hours of continuous operations.
The collaboration also paves way for Romeo Power to deploy two S5 autonomous security guard robots at its headquarters in Vernon Calif.
On The Move Systems Corp (OTCMKTS:OMVS) has also signed a distribution agreement with one of the largest security companies in North America for the distribution of the RAD’s autonomous security robots. The agreement should assist the company in penetrating the North American market.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.