omniQ Announces Termination of Definitive Agreement to Acquire Tadiran Telecom

OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Artificial Intelligence (AI)-based solutions, today announced that the Company has terminated its definitive agreement to acquire Tadiran Telecom from Afcon Holdings LTD.

On July 10th2023, the Company announced that it had entered into a definitive agreement to acquire Tadiran Telecom for $15.25M with a 60-day closing period. As a result of certain conditions not being met, the Company along with Afcon Holdings LTD have mutually terminated the agreement.

The termination of the agreement releases the Company from its obligations to pay Afcon Holdings LTD $12.5M in cash and $2.75M worth of OMNIQ shares.

Shai Lustgarten, CEO of omniQ Corp commented, “Our top priority is always the growth of the Company and the best interest of our valued shareholders. Due to certain unmet conditions and in collaboration with Afcon Holdings, LTD, we have made the decision to terminate the agreement. We remain excited about the future and are looking forward to working with Afcon’s management to explore potential business opportunities and collaborations. We firmly believe that this decision paves the way for a bright future for omniQ.”

About omniQ

omniQ provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.

omniQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.

The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. For more information, visit www.omniq.com.