On The Move Systems Corp. (OTC Pink: OMVS) is engaged as an on-demand transportation service provider. Shares of the transportation provider are surging 50%, through early trading on Thursday, July 6, 2017. Over the past month, On The Move Systems Corp. has seen average daily volume of 3.58 million shares. However, volume of 6.32 million shares or dollar volume of $385,520, has already exchanged hands on the day.
Shares of On The Move Systems Corp. are jumping today, after the company announced it has completed its due diligence of Robotic Assistance Devices (RAD). Furthermore, company expects to fully complete its acquisition of RAD by August 2017. Last week, the two companies had signed a binding letter of intent. Here is the full press release detailing of the completed due diligence:
On The Move Systems Corp. Press Release:
HENDERSON, NV — (Marketwired) — 07/06/17 — On The Move Systems Corp. (OTC PINK: OMVS) is pleased to announce that it has successfully completed its due diligence of Robotic Assistance Devices (RAD – www.roboticassistancedevices.com) and is currently preparing the required disclosure documents and financial statements in conjunction with company auditors and RAD’s management. OMVS expects to complete the acquisition of RAD by August 10, 2017 as previously announced. “We are looking forward to completing the acquisition with OMVS,” said Steve Reinharz, President and CEO of RAD. “We are confident that the combined teams of RAD and OMVS will lead to a very fruitful and successful partnership.”
RAD expects to deploy robots to end users in July. To date RAD has commitments for 15 robots for total contract values of approximately $1.5 million. OMVS has successfully completed its due diligence process on RAD as part of the binding LOI that was entered into last week for the purchase of 100% of RAD by OMVS. It is anticipated that the acquisition will close before August 10, 2017.
RAD currently has a sales pipeline of over 50 Fortune 500 companies and over 25 qualified dealers and distributors that have a combined customer base of more than 35,000 end user corporations.
For further information please refer to www.sec.gov
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are “forward-looking statements” that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of On the Move Systems to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. On the Move Systems undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in On the Move Systems expectations.