Quest Solution Signs Patent License Agreement with NCR http://finance.yahoo.com/news/quest-solution-signs-patent-license-123000426.html
Agreement Paves the Way for Development of Groundbreaking In-store "Smart Targeted Advertising" Technology Platform; Opportunity Represents Over $1b Addressable Market Across Various Retail Segments
HENDERSON, NV / ACCESSWIRE / May 27, 2015 / Quest Solution, Inc, "The Company" (OTCQB: QUES), a leading provider in the technology, software, and mobile data collection systems business, announced today that it has signed an important patent license agreement with NCR Corporation, the global leader in consumer transaction technologies. The agreement enables Quest Solution to develop a location specific "smart targeted advertising" platform utilizing voice recognition technology to generate custom marketing messages to in-store customers. In many respects, this is similar to keywords generating specific advertisements during an Internet search, or the suggestive marketing of products based on past orders utilized by almost every large web retailer.
The patent license agreement with NCR enables Quest Solution to utilize NCR patented innovations to launch highly relevant and suggestive advertisements in retail store displays based on custom programmed audible queues. A leasing or profit share model will determine how Quest Solution and its retail partners share in revenues generated from pre-sold advertising inventory. In addition to the patent license agreement, Quest Solution is looking to utilize NCR solutions to help bring its new technology platform to the market.
Richard A. Weiss, the Chief IP Counsel for NCR Corporation stated, "We are delighted by this agreement and the prospects of Quest Solution utilizing NCR's patent innovations and solutions to help enable them to bring their platform to the market and deliver significant value to retailers and consumers. NCR is always interested in strategic opportunities to license its intellectual property in a way that provides value to the company, its shareholders, businesses in the industries we serve, and increasingly tech-savvy consumers turning to technology to make their everyday lives easier."
Jason Griffith, Executive Vice President of Strategy and Acquisitions for Quest Solution commented, "The patent license agreement with NCR helps enable Quest Solution to achieve its stated goal of monetizing scalable and innovative technologies that will ultimately drive shareholder value. We believe that this type of dynamic voice driven advertising platform has relevance to an addressable market that is greater than $1B in size, from retail stores and movie theaters to shopping malls, hotels and casinos. As we develop this platform and prove out the strong cash-on-cash returns that voice recognition based targeted advertising can achieve for both advertisers and merchants, this business unit should realize strong margins and recurring cash flows which can scale meaningfully over time."
Quest Solution believes that its patent license agreement with NCR will provide it with first mover advantage. It will also enable Quest Solution to develop new technology designed to provide value for retailers and consumers alike.
An easy way to describe Quest Solution's offering as part of a real-world scenario is as follows: if you are walking through the grocery store and say to your spouse, "We need to pick up something for the birthday party," the voice recognition software will hear the keyword "birthday party" and the advertisers who have marketed for that key phrase will have their specific advertisement displayed at the end of the aisle for their product.
Griffith concluded, "Our engagement with NCR is just one of the many ways our team is bringing solutions to our customers."
About Quest Solution, Inc.
Quest Solution, Inc. is a leading provider in the technology, software, and mobile data collection systems business. In November 2014, the Company announced that Bar Code Specialties, Inc. (BCS) joined with Quest Solution, Inc. The Company intends on continuing to acquire existing companies with revenues and positive cash flow.
Quest Solution, Inc. serves as a national mobility and data collection systems integrator with a focus on design, delivery, deployment and support of fully integrated mobile solutions. The Company takes a consultative approach by offering end to end solutions that include hardware, software, communications and full lifecycle management services. The highly tenured team of professionals simplifies the integration process and delivers proven problem solving solutions backed by numerous customer references.
The recent BCS acquisition is in addition to the recently announced creation of a wholly-owned division focused on commercializing Intellectual Property, Patents and Distribution of industry-specific technologies in an array of new verticals. The new division will focus on the acquisition of existing intangibles, which we anticipate will provide immediate value to the company.
About NCR Corporation
NCR Corporation (NCR) is the global leader in consumer transaction technologies, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables more than 550 million transactions daily across the financial, retail, hospitality, travel, telecom and technology industries. NCR solutions run the everyday transactions that make your life easier.
NCR is headquartered in Duluth, Georgia with over 30,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries. NCR encourages investors to visit its web site which is updated regularly with financial and other important information about NCR.
Information about Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning 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 release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Quest Solution, Inc's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in Quest Solution Inc.'s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include statements regarding growth in our parts and vehicle sales and increases in our ability to produce new products. For a more detailed description of the risk factors and uncertainties affecting Quest Solution, Inc. please refer to the Company's recent Securities and Exchange Commission filings, which are available at http://www.sec.gov
. Quest Solution, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations & Financial Media:
SOURCE: Quest Solution, Inc.