$QUES, as soon as the mkt realizes the tech these guys have, this stock will explode
Quest Solution Receives Initial Recurring Orders for Ticketless Vehicle Recognition IoT-based Parking Solutions
Press Release | 11/27/2018
Recurring revenue model expected to drive predictable revenues and increased profitability
Marks entrance into the Buenos Aires metro market with population of 13M
Joining forces with leading integrator that has over 810,000 users worldwide to introduce Quest’s Visual Cortex™ software to the multi-billion dollar parking industry
Proprietary Visual Cortex™ sensors imitate the human eye and brain to detect and analyze patterns; dramatically improves efficiencies in the parking market
EUGENE, Ore., Nov. 27, 2018 (GLOBE NEWSWIRE) -- Quest Solution, Inc. (QUES) (“Quest” or “the Company”) a provider of Supply Chain and Artificial Intelligence (AI)-based solutions, today announced it has received initial recurring orders for its AI-based Visual Cortex™ sensors for use in vehicle recognition IoT-based ticketless parking solutions.
Quest’s AI-based Visual Cortex™ software imitates the capabilities of the human eye and brain and is able to detect, analyze and recognize patterns. The Visual Cortex sensors offer a holistic solution for parking operators enabling a cutting edge, IoT-based system for vehicle tracking and recognition that delivers an accurate, dependable and economical solution. The system saves valuable time as cars drive in and out of a parking lot, eliminating queues and traffic jams. Moreover, parking payment can be executed by a Smart Phone App.
Shai Lustgarten, CEO of Quest, commented: “We continue our strategic plan to add proprietary technologies and to increase our software offering, services and recurring revenue model which generates higher margins and increased stability. This initial order is for a five-year program with a leading worldwide integrator who is introducing automation and innovative solutions to the multi-billion dollar parking industry, including its more than 800,000 customers,. This new partnership represents a breakthrough opportunity for our software to enable major improvements in the parking industry.”
Mr. Lustgarten added: “We are pleased to have been chosen to supply the program’s smart sensor, the most sensitive part of the system, demonstrating again the quality and superior accuracy of our proprietary technology. We look forward to capitalizing on more opportunities to leverage our unique technologies and strong Fortune 500 customer base, to grow our market share by offering innovative solutions and integrating our AI technology with Quest’s legacy products.”
