- Quest will provide Artificial Intelligence (AI)-Based Machine Vision Technology to fully automate the parking experience
- Concept adds flexibility and convenience to the parking experience; similar to on-demand car service model
- North America smart parking market is expected to reach $4.11 Billion by 2025*
- Recurring revenue model expected to generate higher margins and return.
SALT LAKE CITY, April 02, 2019 (GLOBE NEWSWIRE) -- Quest Solution, Inc. (OTCQB: QUES), (“Quest” or “the Company”) a provider of Supply Chain and Artificial Intelligence (AI)-based Machine Vision solutions, today announced the U.S. launch of its AI-based Machine Vision Automatic Vehicle Recognition solution for the full automation of ticketless “smart” parking services.
The Quest technology, coupled with a parking service platform, enables drivers of registered vehicles to find and pay for parking before a trip or while travelling. Any driver or car registered on a parking service network that accesses a lot or garage powered by Quest’s Artificial Intelligence Vehicle Recognition System (VRS) technology solution will automatically be recognized as an authorized user of the parking service and the driver won’t need to open an app, show an ID or physically pay for a ticket. The Quest technology creates a convenient, fast and effortless way for drivers to access and pay for parking.
Quest is already implementing this solution in Israel and the Company expects to begin piloting this technology on the West Coast of the United States during spring 2019 and intends to continue the rollout to thousands of parking locations over the next year. Registered users across the U.S. and Canada will have access to the transactional parking network through web-powered parking reservations that offer drive-up, effortless parking.
Quest, thorough it’s fully owned subsidiary HTS, is a leader in providing proprietary patented Artificial Intelligence – Machine Learning Based Vehicle Recognition Systems including LPR (License Plate Recognition) and recently announced Color, Make and Model capabilities. In addition to Parking Automation, HTS provides its unique solutions for use in Safe Districts for anti-terrorism and law enforcement, Safe and Smart City projects, School Safety, Secured Facilities, Logistics Centers, Seaports and others which operate using installed cameras and computers to capture and decipher license plate data as well as vehicle color and make.
Shai Lustgarten, CEO of Quest, stated, “Quest is a proven provider of innovative AI Technology for the automation of parking, homeland security and law enforcement applications and we’re excited to have this opportunity to introduce further innovation to the multi-billion dollar Smart Parking market. We believe our solution, when combined with parking service platforms, has the potential to impact the parking industry similar to the way Uber transformed transportation alternatives and Open Table innovated the restaurant business. Smart parking will revolutionize the way drivers can find and access available parking and Quest’s VRS capabilities will make it faster and easier for registered users to park and pay by eliminating the need to stop to make a payment upon arrival or exit from a parking facility. Quest’s Machine Vision solutions are currently being used at several U.S. airports including JFK, La Guardia, Newark, Miami, Dulles, DFW and many others. We’re excited to be pioneering the introduction of technology that enables the smart parking revolution.”
(*)Grand View Research Inc. (November 2017)
https://www.grandviewresearch.com/press-release/north-america-smart-parking-market-analysis
About Quest Solution, Inc.
Quest Solution is a Specialty Systems Integrator focused on Field and Supply Chain Mobility as well as a provider of Artificial Intelligence (AI) monitoring and surveillance solutions. Additionally the Company is a manufacturer and distributor of consumables (labels, tags, and ribbons), RFID and IoT solutions, and barcoding printers. Founded in 1994, Quest is headquartered in Salt Lake City, Utah with sales offices located across the United States as well as Israel.
Rated in the Top 1% of global solution providers, Quest specializes in the design, deployment and management of enterprise mobility solutions including Automatic Identification and Data Capture (AIDC), Mobile Cloud Analytics, RFID (Radio Frequency Identification), and proprietary Mobility software. Our mobility products and services offering is designed to identify, track, trace, share and connect data to enterprise systems such as CRM or ERP solutions. Our customers are leading Fortune 500 companies from several sectors including manufacturing, retail, distribution, food / beverage, transportation and logistics, health care and chemicals/gas/oil.
Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to our competitive position in this growing market and our ability to optimize our opportunities for growth 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 including expectations regarding billing of products, our ability to add new customer relationships and strengthen our existing partnerships. 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, among others, statements regarding Quest’s position in this growing market and our ability to optimize our opportunities for growth. 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, unless otherwise required by law.
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