OMNIQ Surges on Contract

OMNIQ Corp. (NASDAQ: OMQS) shares advanced Monday, on word it has received a purchase order with a total value of $29 million from a fortune 100 company with 70+ billion in annual revenue, hundreds of locations globally with more than 10,000 employees.

The purchase order is for a vast upgrade from legacy windows equipment to updated android based technology platform & devices and is to be used to enhance inventory management and reorder processes.

In supermarket functions like shipping and receiving, inventory control, and warehouse management, OMNIQ's supply chain mobility IoT solutions, including rugged handheld mobile computers, barcode scanners, and wireless connections, enable quick and accurate data collection, tracking, and processing. These devices provide a "contactless" approach to customer retail operations and are designed to integrate with corporate automated services.

Said CEO Shai Lustgarten, "We are always humbled and honored to receive large orders like this one, although, we are not surprised as we consistently demonstrate our solution focused approach to everyday problems that corporations large and small experience on a daily basis. The reputation of trust and loyalty we have earned throughout the industry is no doubt connected to our company’s value driven culture accompanied by our commitment to provide the latest technologies at the best price point.

"As we continue to strive for excellence, it is reflected in our record breaking backlog. This is only the beginning for omniQ, we are a strong company with a solid customer base and superior products and solutions that can bring us to new spheres in sales and profitability. I believe that these days our strategy pays off and we look forward to continuing this momentum."

OMQS shares jumped 32 cents, or 5.3%, to $6.40.