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OMNIQ CORP: Wins AI-Machine Vision Based Smart City Project

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OMNIQ Corp. said it has been awarded a key project by the city of San Mateo, California to provide an innovative cloud-based Smart City parking and traffic control solution. The system is based on OMNIQ’s AI-Machine Vision technology integrated with its recently acquired PERCS solution that will assist in keeping the streets of San Mateo safe, secure and congestion-free by automating the enforcement and citation of traffic and parking regulations on city streets.

OMNIQ’s AI-Machine Vision technology combined with PERCS, provides a wide range of operational solutions and safety benefits with innovative intelligent features which include:

* Unprecedented accuracy in recognizing license plate
characters along with state jurisdiction

* Accurate, patented make and color recognition

* Geofence technology for automated control and law
enforcement in different city zones

* Ability to capture and record the positon of wheels on
parked vehicles to verify whether the vehicle moved and is
in a violation zone

PERCS incorporates cloud-based, ticketless, and gateless parking services and revenue enforcement capabilities within a single platform. The system allows an administrator to manage lanes, lots, spots and track revenue from one web portal, and utilizes a dashboard for the monitoring of all activity and transactions for visitors and transient parkers. The PERCS solution is ideal for a broad variety of customers, including municipalities, universities, medical centers and public parking operations.

Shai Lustgarten, CEO of OMNIQ Corp., commented: “As a leading provider of Machine Vision–Object Identification solutions, we are pleased to bring a new, comprehensive solution to the city of San Mateo. With our March 2020 acquisition of Eyepax IP assets, including the PERCS business intelligence suite, we accelerated our capabilities and became a prime contractor offering a data rich intelligent solution improving traffic flow and public safety. Our combined capabilities are proving to be attractive to parking operators and municipalities like San Mateo.

“Parking automation is expected to become a $5.2B industry by 2023*, and OMNIQ is uniquely positioned to capitalize on opportunities in this space with our solutions combining AI-Machine Vision technology with a cloud-based platform to drive efficiencies and enhance revenue generating capacity for the parking provider on both a monthly or a per transaction revenue model. We remain focused on bringing our innovative solutions to the marketplace and believe that our enhanced, fully integrated cloud and AI solution sets us apart from our competitors in the ticketless, gateless parking vertical,” Mr. Lustgarten concluded.

About OMNIQ Corp.

Headquartered in Salt Lake City, Utah, OMNIQ Corp. (OTCQB: OMQS) 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 reported a net loss attributable to common stockholders of $5.31 million for the year ended Dec. 31, 2019, compared to a net loss attributable to common stockholders of $5.41 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $34.45 million in total assets, $32.64 million in total liabilities, and $1.81 million in total stockholders’ equity.

Haynie & Company, in Salt Lake City, Utah, the Company’s auditor since 2019, issued a “going concern” qualification in its report dated March 30, 2020, citing that the Company has a deficit in stockholders’ equity, and has sustained recurring losses from operations. This raises substantial doubt about the Company’s ability to continue as a going concern.

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