EUGENE, Ore., Oct. 11, 2018 (GLOBE NEWSWIRE) — Quest Solution, Inc. (OTCQB: QUES), (“Quest” or “the Company”) a specialty systems integrator focused on acreage and accumulation alternation mobility, appear that it has acquired HTS Imaging Processing, Inc. (“HTS”), a abstruse apple baton in computer eyes angel processing-based solutions for Security, Safe Cities, Traffic Management, Parking Management, Law Enforcement, Surveillance and Admission Control.
HTS’ groundbreaking AI-based eyes solutions are currently in use for acute Homeland Security anti-terror projects and acute barter including: the Brookhaven National Laboratory for admission control, JFK Airport, Newark Airport, La Guardia Airport, Boston’s Logan Airport, the U.S. Department of Busline for readers at the US/Mexico bound crossing, as able-bodied as a Florida municipality, and a Middle Eastern Homeland Security ascendancy for the automatic ecology of acute zones.
Inspired by time-critical “friend or foe” controlling processes, HTS’ patented algorithms are based on a aggregate of cerebral science and apparatus learning-based (Artificial Intelligence) arrangement acceptance arbitrated through a multilayered controlling action which offers both speed and accuracy.
The Company believes that amalgam HTS’ patented and proprietary AI technology into Quest’s absolute Accumulation Alternation alms will acquiesce for automatic acumen ecology and optimization, creating operational efficiencies at the college margins associated with the AI value-creation archetype for both Quest and its Fortune 500 clientele. For the aboriginal six months of 2018, Quest appear revenues of about $29 million.
For budgetary year 2018, HTS is accepted to accomplish about $10 actor in acquirement with operational advantage and boilerplate gross allowance of about 38% — decidedly college than Quest’s boilerplate gross allowance of 21%. Quest is purchasing HTS for $6.3 million, mainly paid in belted shares at the boilerplate closing amount for the abaft 20 trading days.
Shai Lustgarten, CEO of Quest Solution, stated, “We are captivated to accompany avant-garde AI solutions to our Fortune 500 barter in the Accumulation Alternation market. Adding new technology with Company-owned IP was a key ambition that we articulate back new administration boarded on the turnaround of Quest. This accretion provides college allowance advance and transforms Quest’s business archetypal by accession the Company as a abstruse baton with advanced solutions in two multi-billion dollar, aerial advance markets:
“HTS’ AI technology will booty our Accumulation Alternation solutions to the aing level, acclamation capital needs in Law Enforcement, Homeland Security, Logistic Yard Management, Automation of Parking, Traffic Administration and Security.”
Additionally, HTS has a Salt Lake City-based adeptness that articles ruggedized computers and added electronics articles for a abiding chump base. Quest expects to advance this adeptness to abutment the accomplish of new white characterization articles for its own Accumulation Alternation solutions. The accession of white characterization accessories is accepted to enhance chump account while active college margins and acquirement advance for Quest.”
In accession to his role as CEO of Quest Solution, Shai Lustgarten is additionally a above actor and the CEO of HTS, and as a result, the accretion constitutes a accompanying affair transaction. Mr. Carlos Nissenson, a arch actor of Quest, is additionally a arch actor of HTS. A appropriate absolute lath of the Lath of Admiral of Quest was accustomed to accede the proposed transaction, and on their recommendation, the Lath ordered an absolute appraisal assay and a candor opinion. The Lath bent that the transaction is in the best interests of the Company, that the application payable by the Company pursuant to the transaction is fair to the shareholders of Quest, and absolutely accustomed the transaction (with admiral who are conflicted, abstaining).
ThinkEquity, a analysis of Fordham Banking Management, Inc., acted as banking adviser to Quest Solution, Inc.
Mr. Lustgarten concluded, “As an controlling of both companies, I sit in a different position to see the operational allowances of bringing these two companies calm and am admiring that the absolute lath board came to the aforementioned cessation afterwards authentic consideration. We attending advanced to this new affiliate in the development of our Company and accept this accretion will enhance our offerings and our administration position to drive actor value.”
About Quest Solution, Inc. Quest Band-aid is a Specialty Systems Integrator focused on Acreage and Accumulation Alternation Mobility. We are additionally a architect and benefactor of consumables (labels, tags, and ribbons), RFID solutions, and barcoding printers. Founded in 1994, Quest is headquartered in Eugene, Oregon, with offices in the United States.
Rated in the Top 1% of all-around band-aid providers, Quest specializes in the design, deployment and administration of action advancement solutions including Automatic Identification and Abstracts Capture (AIDC), Mobile Cloud Analytics, RFID (Radio Frequency Identification), and proprietary Advancement software. Our advancement articles and casework alms is advised to identify, track, trace, allotment and affix abstracts to action systems such as CRM or ERP solutions. Our barter are arch Fortune 500 companies from several sectors including manufacturing, retail, distribution, aliment / beverage, busline and logistics, bloom affliction and chemicals / gas / oil.
Information about Forward-Looking Statements“Safe Harbor” Statement beneath the Private Securities Litigation Reform Act of 1995. Statements in this columnist absolution apropos to plans, strategies, bread-and-er achievement and trends, projections of after-effects of specific activities or investments, and added statements that are not descriptions of absolute facts may be advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This absolution contains “forward-looking statements” that accommodate advice apropos to approaching contest and approaching banking and operating performance. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and agnate expressions and variations thereof are advised to analyze advanced statements. Advanced statements should not be apprehend as a agreement of approaching achievement or results, and will not necessarily be authentic break of the times at, or by, which that achievement or those after-effects will be achieved. Advanced statements are based on advice accessible at the time they are fabricated and/or management’s acceptable acceptance acceptance as of that time with account to approaching events, and are accountable to risks and uncertainties that could account absolute achievement or after-effects to alter materially from those bidding in or appropriate by the advanced statements. Important factors that could account these differences include, but are not bound to: fluctuations in appeal for Quest Solution, Inc.’s products, the accession of new products, the Company’s adeptness to advance chump and cardinal business relationships, the appulse of aggressive articles and pricing, advance in targeted markets, the capability of the Company’s clamminess and banking backbone to abutment its growth, the Company’s adeptness to administer acclaim and debt structures from vendors, debt holders and anchored lenders, the Company’s adeptness to auspiciously accommodate its acquisitions, risks accompanying to the auction of Quest Band-aid Canada Inc. to Viascan Group Inc. and added advice that may be abundant from time-to-time in Quest Band-aid Inc.’s filings with the United States Securities and Exchange Commission. Examples of such advanced attractive statements in this absolution include, amid others, statements apropos acquirement growth, active sales, operational and banking initiatives, amount abridgement and profitability, and description of operations. For a added abundant description of the accident factors and uncertainties affecting Quest Solution, Inc. amuse accredit to the Company’s contempo Securities and Exchange Commission filings, which are accessible at https://www.sec.gov. Quest Solution, Inc. undertakes no obligation to about amend or alter any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise, unless contrarily appropriate by law.
Investor Contact:John Nesbett/Jen BelodeauIMS Investor Relations203.firstname.lastname@example.org
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