On The Move Systems Corp (OTCMKTS:OMVS)
On The Move Systems Corp (OTCMKTS:OMVS) was down by 4.29% in Thursday’s trading session to end the day at $0.134 a share. The selloff came even as the company announced that its proposed acquisition, Robotic Assistance Devices, had received an offer for the deployment of its robotic solutions in a major North American Utility. The company has also received an additional 10 robot reservations.
On The Move Systems Corp (OTCMKTS:OMVS) is a diversified company that provides transportation services in the U.S. The company owns an online app-based trucking service that leverages available routes and capacity to book haulage, freight, and transportation services.
In May, the company entered into a binding letter of intent for the acquisition of Robotic Assistance Devices. The acquisition is set to diversify the company’s areas of operations given that it specializes in the delivery of artificial intelligence and robotic solutions for security and monitoring needs.
On The Move Systems Corp (OTCMKTS:OMVS) has already completed due diligence on RAD as part of the binding LOI entered into in May. The company expects the transaction to close before August 10, 2017. The company’s CEO expects the merger to lead to a very successful partnership as they continue to pursue opportunities in the security industry.
RAD Growing Commitment List
RAD is specifically targeting the security industry with its array of monitoring solutions. The company is currently selling a robotic unit that is a fully autonomous unmanned ground vehicle. The signing of an agreement with a major utility in North America with over 5,000 employees has all but validated the unit.
“We are very happy to be deploying one of our autonomous security robots with this major utility. We are currently working with other large companies and distributors and we expect to enter into several other POC agreements with other large companies in the near future,” said Steve Reinharz, RAD CEO.
Robotic Assistance Devices has, to date, received commitments for 40 robots valued at about $4 million. The company expects the commitments to rise to about 60 by the end of the year, valued at about $6 million. The company has a sales pipeline of over 50 Fortune 500 companies and over 25 qualified dealers that it plans to leverage as it moves to market its solutions.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Marc worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.