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"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."
Hmmm you mean you can't get a loan because your accumulated deficit is 10 times your market value?
Utah Federal Court decision is now public record.
OMNIQ have no protectable Intellectual Property, treat employees, vendors and customers like trash, have lost a 4 year litigation while spending millions on lawyers!
Impressive!
Court 120 page decision and order points out the convoluted corporate structure and the abusive litigation practices as well as the family relations of executives:
Getting closer to my sub $1 target
Great job, Shai n Haim
You
Bet
On
The
Wrong
🐎 horse
Going below $1
Delisted soon
Congrats Shai and Haim on dealing with losers and dissing the ONLY ONE THAT HAD A HISTORY OF HELPING
More meaningless news this AM. The El Salvador airport has parking lots that are served by two lanes of traffic. so at maximum they got 4 sets of cameras. NOT news worthy. in addition, TAS has been an HTS partner in Central America since 2017.
More Hail Mary PR
Its a good thing you HIreD a LOSER and LIED to a WINNER
How did that work out for you
Going lower
TO BK!
The news, on the surface, always seems to be good
Yet, there is never ever any pop at all
Not even when they announced the alleged $50 million contract
Means there is something beneath the surface that is very
BAD
A 5 yr low and approaching a 10 yr low
https://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=omqs&insttype=&freq=2&show=True&time=13
It's Down 35% But OMNIQ Corp. (NASDAQ:OMQS) Could Be Riskier Than It Looks
Unfortunately for some shareholders, the OMNIQ Corp. ( NASDAQ:OMQS ) share price has dived 35% in the last thirty days...
Read in Simply Wall St: https://stocks.apple.com/AdjyGAYgZSIWRFfJgBM_rGA
Shared from Apple Stocks
the only way to cure this is
to have the stock run up, but with losses and negative growth, that cant happen
or
issue tons of shares to get mkt cap up and that will kill stock price
soon to trade BB
good work hiring losers and not doing right by the ONE guy that helped
Lake Street, the last broker that has coverage lowered targets to $7,
BK incoming
When they bought HTS they stated in a press release:
https://www.globenewswire.com/news-release/2018/10/11/1620033/0/en/Quest-Solution-Announces-the-Acquisition-of-HTS-Image-Processing-Inc-a-Leader-in-Artificial-Intelligence-Based-Automated-Vision-Solutions.html
"For fiscal year 2018, HTS is expected to generate approximately $10 million in revenue with operational profitability and average gross margin of approximately 38% -- significantly higher than Quest’s average gross margin of 21%"
The court noted: "[HTS] Revenue for fiscal year 2017 increased to $4,094,000 - the highest record for the company." It declined after they acquired it because they did not pay their vendors.
They destroy everything they touch!
when they bought Dangot they said $120 million in revenue AND profits
they LIED
they have not made ONE PENNY since Shai n Co took over
Well yeah. that is the conflict of interest where the consultant gets commission for both the acquisition and the debt financing in his $30K a month contract...It's like going long and short on the same stock
they are in default with the bank and taking on more debt
Afcon owns 100% of the shares of TBSI and 99% of the partnership equity rights in TBSI LP (the remaining 1% being held by TBSI), and Ateka owns 100% of the shares of TTT, and 99% of the partnership equity rights in TTL LP (the remaining 1% being held by TTT) (collectively the “Purchased Equity”). The Agreement provides that the Purchaser will acquire from the Sellers, the Purchased Equity in exchange for total consideration of $15.25 million (the “Purchase Price”) to be paid as follows: (i) $12,500,000 in cash and (ii) shares of the Company’s common stock having a value of $2.75 million based on market prices at closing. It is expected that, as part of the consideration, OmniQ will arrange a loan to TT in the approximate amount of $6.1 million that will repay all debts of TT to the Sellers. This $6.1 million debt repayment is part of the $12,500,00 cash portion of the Purchase Price. The Sellers are also eligible to earn an additional $750,000 of shares of OmniQ common stock if TT’s EBITA is positive in 24 months from closing.
The closing of the Agreement is subject to certain closing conditions including but not limited to obtaining approval from the Israeli Competition (Antitrust) Commission, all necessary union approvals, certain third-party consents, and the compliance with certain cash and working capital requirements.
As predicted.
Hail Mary PR's will continue.
"On August 9, 2023, the Company received a deficiency letter from the Nasdaq Stock Market advising them that based on the Company’s Market Value of
Listed Securities (“MLVS”) for the last 32 consecutive business days, the Company no longer meets the $35 million standard. The Company has 180
calendar days to regain compliance."
So they PR a huge new contract and the stock doesnt budge
They had a CC today and there was ONE PERSON on
No one cares, no one believes
Hey OMQS, keep paying for LOSER advice from LOSERS and IGNORE the only one that has shown HE CAN HELP
another quarter
this time a decline in revenue and a huge loss
BK incoming
they bet on the WRONG horse
instead of listening to and using the ONLY ONE that could help and has done so for years
they decided to HIRE and LISTEN to a BS artist
they chose poorly
BK inevitable
so essentially its off the shelf stuff
it is a 120 page decision and order.
They filed Intellectual Property claims against a competitor in 2019.
In layman terms, the court concluded that what they claim as their IP (intellectual Property) is very basic level industry knowledge, which they fail to protect properly.
A few other notable mentions is the convoluted corporate structure, The family relations between the Nissensons, and the way they mistreat customers and employees.
The whole document should be unsealed and available to the public in a couple of weeks.
for us non lawyers
what was case about
what did they lose
what will it cost them
On August 3rd a Utah Federal Court handed OMQS a major blow. They lost a 4 year long litigation they spent $Millions pursuing. They never disclosed it in their SEC filings.
They delayed their Q reporting by 5 days till Monday.
Prediction: a hail marry fury of press releases and possibly a Q report that is so unrealistic based on their past. It's crunch time and they will do anything to pump before they dump.
https://s.ipvm.com/uploads/embedded_file/663784c1761d66631c4882dcdd70418f9814fff56da50a228e97ea4e711ace67/2b13a4c3-170c-496d-9461-bb2a00a9e2b7.pdf
gonna go lower
they paid HUGE CONSULT fees to a loser
and
disrespected the ONLY one that ever helped them
SHAME
to be fair
not really OMQS related
or
is it guilt by association
OTOH, QMQS should not have the two on the BOD
On Thursday, Alex Mashinsky of Celsius Network was arrested
I saw that
Interesting to note
This so called company has had no growth in yrs
Stock says its JUNK
in 2009 they did 24mill now its 26 million.
The Agreement in Principle is for the purchase of the majority interest of Tadiran Telecom from Tiv Taam Holdings 1 Ltd. for approximately $12.8 million. Based on unaudited financial reports for the period ended September 30, 2007, Tadiran Telecom's annualized revenues are approximately $24 million.
FOLLOW THE MONEY!!!
In 2008 Xfone announced the acquisition of TT for $12.8M https://www.sec.gov/Archives/edgar/data/1126216/000110801708000150/ex991.htm
What's the connection?
CONSULTANT/FATHER of... Now (https://www.sec.gov/Archives/edgar/data/278165/000149315220003352/ex10-3.htm)
AND then (https://mayafiles.tase.co.il/RPdf/243001-244000/P243339-00.pdf)
Conflict Of Interest? Why incur more debt?
For personal gain!! This acquisition is double dipping opportunity:
5% for M&A + 5% for Debt Financing is in the contract !!
READ IT!
As usual
They come out with what seems like good news and the stock trades HORRID
The mkt must know something we dont and that something is BAD
Meanwhile a junk like REKR has tripled this year
WHAT DOES THE MKT KNOW WE DONT?
All their court filings paint a picture of a shady organization.
In every action their first motion is to seal the court documents from public view!
It's a lie. according to pacer.com this case is still pending and the current document count is over 300 with over 10,000 pages submitted. The last motion in that case was to Pierce the corporate veil.
Case 2:19-cv-00437-CW-DBP Pending in Utah Federal Court.
They have two more pending cases in San Diego Superior court.
I have been told the case is settled
Is that true or more lies?
Which OMNIQ? important for the regulators to realize there are many shells involved in this scheme.
I think OMQS is gonna go BK
Another OMNIQ support-team member is out the door. Following his Linkedin feed he mostly complains about leadership...
https://www.linkedin.com/posts/steven-ruch-0a229926_i-am-excited-to-announce-that-i-will-be-starting-activity-7078384380259274753-_3GD?utm_source=share&utm_medium=member_desktop
I think they have 2 bigger problems
Being in non compliance to a ban, which will cause its largest creditor demand its money back
and a crap stock
which they cant sell any to raise money
Here is Lustgarten lying again, this time under oath, in a deposition.
He says he "does not know" how Haim is listed on their SEC filings while the last frame clearly shows he signed for Haim/Carlos on their HTS purchase agreement.
they are gonna raise $50 million
doin an ATM
going to $1 and a RS and more sells after that
but Haim gets his commish
https://fintel.io/doc/sec-omniq-corp-278165-s3-2023-june-23-19531-2756
Liar in Chief just can't keep track of his own lies.
They come out with what seems to be good news
They scream AI over and over again
Yet the stock trades bad?
Why?
I say BK
Today they announce they're going to another conference to talk about how great they are
the conferences have not helped because everything they promise has turned out not to happen they. Shouldn't waste their time or money
They owe blue star about 35 million dollars. I wonder when blue star comes knocking on the door I'm thinking sooner not later because of what you issue with the bank is.
This is not accurate. His contract is for $30k a month from OMNIQ plus $10k a month from HTS. its all here https://content.edgar-online.com/ExternalLink/EDGAR/0001493152-19-013874.html?hash=f2f55b03dd61e9ec5df68062a4c7d2834c41d95dcd14c892ad05d2bc100560a2&dest=EX10-2_HTM#EX10-2_HTM
but You are missing the point.
Haim is the puppet master in all this. They can't fire him because this whole ponzi scheme is his brainchild. He's been a consultant to his children's public companies since early 2000's
1- https://www.sec.gov/Archives/edgar/data/1383637/000110801711000083/ex103.htm
2- https://www.sec.gov/Archives/edgar/data/1126216/000110801705000145/ex1046.htm
3- https://mayafiles.tase.co.il/RPdf/243001-244000/P243339-00.pdf
they fire the wrong people
why are they BURNING 25K per month on Haim?
what do they get for that 25K BURN?
300K per year BURNED
I'm not an accountant but they have an Accumulated Deficit of $88 Mil
? Working capital deficit of $39.6 million as of March 31, 2023
? Accumulated deficit of $88 million as of March 31, 2023
? Multiple periods of losses from operations
? Noncompliance with certain debt covenants
Either way their the company is worth less than its current liabilities.
Rumors are they fired a few of their support folks and their reputation is tarnished
I dont think 88 million
Rather what they owe Israel banks and BlueStar,
I think BlueStar, who hasnt bothered them ever will start to knock on door now that they are non compliant with Banks
If Dangot really does about 20 million per Q, then the original business to losing revenue Q to Q
They promised increased GM, and they LIED!
BK IMO
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