RISHON LEZION, Israel, June 25, 2020 (GLOBE NEWSWIRE) — BOS Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global provider of intelligent systems and services for production and logistics, announced today that its Supply Chain Division has received orders totaling $300,000 for electronic components. The orders are from an existing customer and are for delivery this year.
Avidan Zelicovski, BOS’ President, stated: “The customer is a subcontractor of a leading global manufacturer in the defense industry. We work closely with manufacturers and their subcontractors around the world, and this yields a consistent growth in our business. We expect this customer to significantly increase its orders in the coming months.”Eyal Cohen, BOS’ CEO, stated: “Despite the difficult times due to the Covid-19 virus, we are working as usual and all of our employees are back. Our Supply Chain and RFID business lines are doing well. Our main task is to grow our robotics business in the U.S., and turn it into a profitable business by the first quarter of year 2021. We are working extensively towards these goals.”Eyal Cohen reiterated the Company’s year 2020 outlook: “We expect that in 2020 our revenues will exceed our 2019 revenues ($34 million), and that we will be profitable.”About BOS:BOS is a global provider of intelligent systems and services for production and logistics. BOS’ Robotics and RFID Division offers intelligent robotics and RFID systems for industrial and logistics processes as well as for retail store management. BOS’ Supply Chain Division provides electronic components, mainly for the aerospace, defense and other industries worldwide. Its services include the consolidation of components from a vast number of suppliers, long term scheduling and kitting. For more information, please visit our new website: www.boscom.com or contact:Safe Harbor Regarding Forward-Looking StatementsThe forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or a few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions, the impact of the COVID-19 virus and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; risks associated with completing and successfully integrating an acquisition with BOS’s existing business; and additional risks and uncertainties detailed in BOS’ periodic reports and registration statements filed with the U.S. Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Bay Street News