BOS Receives Order for In Mold Label Robots from Brazilian Plastic Manufacturer
RISHON LEZION, Israel, January 28, 2020 — B.O.S Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global provider of Intelligent Robotics and Supply Chain solutions for enterprises, announced today that it has received an order from a Brazilian plastic manufacturer for a robotic system of In-Mold Labeling (IML) for injection molding products,. The order is expected to be delivered by the second quarter of 2020.
Eyal Cohen, BOS CEO commented, “BOS, through the acquisition of the Imdecol business, has extensive experience providing IML robotic systems worldwide. We are pleased to receive this order and expand our relationship with an existing customer by assisting the automation of their in-mold labeling operations. Our IML robotic system integrates with the plastic injection machine to provide automated in-mold decorating that appears on the final product. We believe our IML robotics business had the potential to be a substantial growth driver for our Company and remain focused on increasing the international market recognition of our robotics capabilities to capture market share. To that end, we recently established a sales and technical support office in the U.S. to better position BOS for the growing market opportunity in America.”
About BOS
BOS is a global provider of Intelligent Robotics and Supply Chain solutions for enterprises. BOS offers smart automation systems for industrial processes, logistics and retail stores. The Company’s Supply Chain division provides electronic components mainly for the aerospace, defense and other industries worldwide including electronic components services of consolidation from a vast number of suppliers, long term scheduling and kitting. For more information, please visit: www.boscorporate.com , www.imdecol.com or contact:
International John Nesbett IMS Investor Relations (203) 972-9200 jnesbett@institutionalms.com
Company Contact Eyal Cohen, CEOBOS +972-542525925 eyalc@boscom.com
Safe Harbor Regarding Forward-Looking Statements
The 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 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.
RISHON LEZION, Israel, December 26, 2019 — B.O.S Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global provider of Intelligent Robotics and Supply Chain solutions for enterprises, announced today that Mr. Yuval Viner, co-CEO of the Company has decided to step down from his position and pursue other professional interests.
Eyal Cohen will remain with the Company in the role of the Chief Executive Officer. Hagit Vizner, who has been serving as BOS’ controller for eight years, is promoted to replace Eyal Cohen as the Company’s Chief Financial Officer.
Prior to joining the Company in 2011, Ms. Vizner held the positions of controller at Office Depot Ltd. (2009-2011) and assistant controller at Tara Ltd. (2007-2009). Between the years 2002 and 2006, Ms. Vizner served as an auditor with Deloitte Brightman Almagor Zohar & Co. Ms. Vizner holds a B.A. in Accounting and Business Administration from the College of Management in Rishon Lezion and is a certified public accountant in Israel.
Ziv Dekel, Chairman of the Board of Directors, commented, “We would like to thank Yuval Viner for his many years of leadership and service to BOS. His expertise and contributions have been instrumental to the Company’s development and success. We wish him well in his future pursuits.”
Eyal Cohen, CEO of BOS, stated, “I have enjoyed working with Yuval as co-CEO during the past few years, which have been both productive and transformative for BOS. I wish him the best as he moves on to pursue new challenges. Additionally, I look forward to continuing to work with Hagit in her new role as CFO. Hagit has been serving as BOS’ controller in the recent years and is very familiar with the Company’s finance system and reporting. I am confident that her financial knowledge and experience will be a valuable asset to the management team.”
Yuval Viner stated, “After 11 years at the helm of BOS, the time is ripe for me to take on new challenges. I feel privileged to have had the opportunity to take a leading role in the development of BOS and I am leaving the Company well positioned for a successful business future. I would also like to thank my team members, who are truly “soul players”, for their outstanding partnership over the years.”
About BOS
BOS is a global provider of Intelligent Robotics and Supply Chain solutions to enterprises. BOS offers smart automation systems for industrial processes, logistics and retail stores. The Company’s Supply Chain division provides electronic components mainly for the aerospace, defense and other industries worldwide including electronic components services of consolidation from a vast number of suppliers, long term scheduling and kitting. For more information, please visit: www.boscorporate.com or contact:
International John Nesbett IMS Investor Relations (203) 972-9200 jnesbett@institutionalms.com
Company Contact Eyal Cohen, CEOBOS +972-542525925 eyalc@boscom.com
Safe Harbor Regarding Forward-Looking Statements
The 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 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.
RISHON LEZION, Israel, November 27, 2019 — B.O.S Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global provider of RFID and Robotic systems and Supply Chain solutions for enterprises, today announced that Mr. Ziv Dekel has been appointed Chairman of the Board.
Mr. Dekel has been a BOS Director since June 2015. Over the past nine years, Mr. Dekel has provided strategic consulting for a wide range of businesses in diverse industries. From 2002 through 2010, Mr. Dekel has served as the CEO and Managing Partner of Shaldor Strategy Counseling, helping businesses effectively set strategic direction, deploy key strategic initiatives and maximize operational impact. Mr. Dekel holds a BA in Economics and an MBA, both from Tel-Aviv University.
Eyal Cohen, BOS co-CEO and CFO stated, “Ziv has provided invaluable strategic guidance during his tenure on our Board and we are excited that he has agreed to assume the role of Chairman. We look forward to benefiting from his broad experience as we drive our growth strategy and work to increase long term shareholder value.”
Ziv Dekel stated, “This is an exciting time for BOS, and I am looking forward to taking a significant role in executing the growth strategy that we believe will gradually yield consistent and sustained growth in revenues.”
About BOS
B.O.S is a global provider of RFID and Robotic systems and of Supply Chain solutions to enterprises. BOS offers smart automation systems for industrial processes, logistics and retail stores. The Company’s Supply Chain division provides electronic components mainly for the aerospace, defense and other industries worldwide including electronic components services of consolidation from a vast number of suppliers, long term scheduling and kitting. For more information, please visit: www.boscorporate.com or contact:
International John Nesbett IMS Investor Relations (203) 972-9200 jnesbett@institutionalms.com
Company Contact Eyal Cohen, Co-CEO & CFOBOS +972-542525925 eyalc@boscom.com
Safe Harbor Regarding Forward-Looking Statements
The 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 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.
B.O.S. Reports Third Quarter 2019 Financial Results
RISHON LE ZION, Israel, November 26, 2019 (GLOBE NEWSWIRE) – B.O.S. Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global provider of intelligent systems and services for production and logistics, reported its financial results for the third quarter and nine months ended September 30, 2019.
Revenues for the third quarter grew by 3% to $7.9 million from $7.7 million in the comparable quarter last year. Revenues for the first nine months of 2019 grew by 4% to $24.5 million from $23.6 million in the first nine months of 2018.
Supply Chain division revenues for the third quarter of 2019 decreased slightly to $4.65 million as compared to $4.75 million in the third quarter of 2018. Supply Chain division revenues for the first nine months of 2019 grew by 6% to $14.2 million from $13.5 million in the first nine months of 2018.
Intelligent Robotics and RFID division revenues for the third quarter of 2019 grew by 9% to $3.3 million as compared to $3.0 million in the third quarter of 2018. Intelligent Robotics and RFID division revenues for the first nine months of 2019 were $10.3 million as compared to $10.2 million in the first nine months of 2018. The increase in revenues of the Intelligent Robotics and RFID division in the third quarter is attributed to the robotics line, which was acquired from Imdecol in June 2019. Currently, revenues attributed to the robotics line are recognized upon delivery.
Gross margin for the third quarter of 2019 was 17.3% as compared to 20.8% in the comparable quarter last year. Gross margin for the first nine months of 2019 was 19.5% as compared to 20.5% in the comparable period last year.
The Supply Chain division’s gross margin for the third quarter of 2019 was 17.1% as compared to 20.2% in the comparable quarter last year. However, the gross margin for the first nine months of 2019 increased to 19.4% as compared to 18.4% in the same period last year.
The Intelligent Robotics and RFID division’s gross margin for the third quarter of 2019 was 17.7% as compared to 21.4% in the comparable quarter last year. Gross margin for the first nine months of 2019 was 19.2% of revenues as compared to 23.1% in the comparable period last year. The decrease in gross margin is attributed mainly to the robotics line. During the third quarter of 2019 the Company recorded a Goodwill write-off of $614,000 related to its robotics acquisition, which closed in June 2019. The Company expects to deduct the write-off amount from future earn-out payments, if any, that would otherwise have been payable to Imdecol for its robotics business.
Net loss for the third quarter of 2019 was $754,000 or ($0.18) per basic share as compared to net income of $216,000 or $0.06 per basic share in the third quarter of 2018. Net loss for the first nine months of 2019 was $578,000 or ($0.15) per basic share as compared to net income of $613,000 or $0.18 per basic share in the first nine months of 2018.
Non-GAAP net loss for the third quarter of 2019 was $55,000 or ($0.01) per basic share as compared to non-GAAP net income of $249,000 or $0.07 per basic share in the comparable period last year. Net income on a non-GAAP basis for the first nine months of 2019 was $452,000 or $0.11 per basic share as compared to non-GAAP net income of $702,000 or $0.20 per basic share in the comparable period last year. A reconciliation of Non-GAAP financial results for the three months and the nine months ending September 30, 2019 is presented along with the GAAP financials at the end of this document.
Eyal Cohen, BOS’ Co-CEO and CFO, commented, “The performance of The Supply Chain division is currently surpassing our performance expectations. We believe it will continue to perform well as we move through the fourth quarter of 2019. The performance of the Intelligent Robotics and RFID Division were below our expectations. Our financial results for the third quarter of 2019 were negatively impacted by the acquisition of Imdecol’s Robotics business. While this development is disappointing, we are optimistic about the long-term benefits of the Robotics acquisition and believe that it will be the major growth engine for BOS in the coming years.. We are working extensively to improve the production efficiency of the Robotics business and are implementing a cost reduction plan to improve the profitability of our legacy RFID operations.
Yuval Viner, BOS’ Co-CEO, commented, “We view the U.S. market as the most attractive opportunity for our robotic businesses given the growing demand for increased automation in manufacturing and production settings. Recently we received a $460,000 order for In Mold Label (“IML”) robots from a Mexican plastic manufacturer that has several sites in North and South America, and earlier this year we received an $870,000 order for IML robots from a U.S. plastic manufacturer. With the addition of Imdecol, we acquired globally recognized IML robotic systems with proven capability to successfully integrate with plastic injection machines to provide automated in mold decorating. We currently have more than 500 installations of Imdecol IML robots worldwide, and believe we are well-positioned to aggressively market our capabilities to U.S. manufacturers that we are targeting as our primary market for IML robots. With this in mind, we are establishing a Dallas sales office with a dedicated U.S. sales manager, so that we may more readily capitalize on new opportunities in U.S. to increase our market share and drive growth.”
Outlook for the year 2019 :
· Year 2019 revenues are expected to be $33 million,
· Non-GAAP net income and earnings per basic share expected to be $550,000 or $0.14 per basic share.
“During the first quarter of 2020 we plan to provide guidance for the full year of 2020, as well as targets for the year 2021 that will reflect our expectations for effect of the strategic initiatives we are currently undertaking.” Eyal Cohen concluded.
Conference Call Details
BOS will host a conference call today, Tuesday, November 26, 2019 at 10:30 a.m. EDT – 5:30 p.m., Israel Time. A question-and-answer session will follow management’s presentation. To access the conference call, please dial one of the following numbers: US: +1-888-281-1167, International: +972-3-9180644.
For those unable to listen to the live call, a replay of the call will be available the next day on the BOS website: http://www.boscorporate.com
About BOS
B.O.S 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: www.boscorporate.com or contact:
BOS reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulation G and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures.
Safe Harbor Regarding Forward-Looking Statements
The 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 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, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd., 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 and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; 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.
B.O.S Announces Opening of Dallas, Texas-Based Sales Office and Appointment U.S. Sales Manager
RISHON LEZION, Israel, November 21, 2019 — B.O.S Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global provider of RFID and Robotic systems and Supply Chain solutions for enterprises, announced today that it has appointed a U.S. Sales Manager and is establishing a U.S. sales office in Dallas, Texas.
Eyal Cohen, BOS co-CEO and CFO stated, “BOS, through the acquisition of Imdecol, has a proven track record of global success providing In Mold Label (“IML”) robotic systems that integrate with a plastic injection machine to provide automated in mold decorating. We believe that with more than 500 global installations of Imdecol IML robots, we are well-positioned to more aggressively market our capabilities to U.S. manufacturers, who we are targeting as our primary market for IML robots. With this in mind, we’re establishing a Dallas sales office so that we may more readily capitalize on new opportunities to increase our market share and drive growth.”
Mr. Yuval Viner, BOS co-CEO stated,”We are pleased to announce the expansion of our international sales team with the appointment of Mr. Carter Ash as U.S. Sales Manager. We look forward to leveraging his expertise and connections in the US plastic industry as we focus on growing our U.S. and North American footprint.”
Mr. Ash has had a distinguished career of more than 20 years as a sales and marketing professional in the plastics industry with specific experience selling in mold label packaging. Most recently he served as Vice President of Sales & Marketing for Dynamic Drinkware, where he was responsible for leading the company’s pursuit of new markets, technologies and products. Before that, Mr. Ash served as Director of Business Development for Airlite Plastics, where he oversaw the design, development and marketing of proprietary In Mold Label products to one of North America’s largest “quick service” restaurant chains. Earlier in his career, he served as Vice President of Sales/Marketing for Magenta, LLC, where he built a new drinkware division and prior to that as Vice President of Sales at Thermoserv-Aladdin, a drinkware manufacturer. Mr. Ash received a B.S. degree from Wheaton College.
Carter Ash, U.S. Sales Manager commented, “I am honored and excited to join the BOS team. We look forward to bringing our flexible design approach to the growing North American IML market. Clients will appreciate the world-class quality, innovation and value that are synonymous with the Imdecol brand around the globe.”
About BOS
B.O.S is a global provider of RFID and Robotic systems and of Supply Chain solutions to enterprises. BOS offers smart automation systems for industrial processes, logistics and retail stores. The Company’s Supply Chain division provides electronic components mainly for the aerospace, defense and other industries worldwide including electronic components services of consolidation from a vast number of suppliers, long term scheduling and kitting. For more information, please visit: www.boscorporate.com or contact:
International John Nesbett IMS Investor Relations (203) 972-9200 jnesbett@institutionalms.com
Company Contact Eyal Cohen, Co-CEO & CFOBOS +972-542525925 eyalc@boscom.com
Safe Harbor Regarding Forward-Looking Statements
The 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 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.
BOS Receives a $460,000 Robotic System Order from a Mexican Plastic Manufacturer
RISHON LEZION, Israel, November 19, 2019 — B.O.S Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global provider of RFID and Robotic systems and Supply Chain solutions for enterprises, announced today that it has received a $460,000 order from a Mexican plastic manufacturer. The order is for a robotic system of In-Mold Labeling (IML) for injection molding products, and is expected to be delivered by the second quarter of 2020.
Eyal Cohen, BOS co-CEO and CFO commented, “BOS has extensive experience providing IML robotic systems worldwide. We are pleased to receive this significant order and expand our relationship with an existing customer by assisting the automation of their in-mold labeling operations. Our IML robotic system integrates with the plastic injection machine to provide automated in-mold decorating that appears on the final product. Our customer has several manufacturing sites in North and South America and we anticipate that it will place follow-on orders for our exceptional robotic systems”.
Yuval Viner, BOS co-CEO added, “We believe our robotics business has the potential to be a substantial growth driver for our Company. We remain focused on increasing the international market recognition of our robotics capabilities and capitalizing on new opportunities to capture market share. With that in mind, we plan to establish a sales office in the U.S. during the first quarter of 2020, to better position BOS for the growing market opportunity in North America”.
About BOS
BOS is a global provider of RFID and Robotic systems and of Supply Chain solutions to enterprises. BOS offers smart automation systems for industrial processes, logistics and retail stores. The Company’s Supply Chain division provides electronic components mainly for the aerospace, defense and other industries worldwide including electronic components services of consolidation from a vast number of suppliers, long term scheduling and kitting. For more information, please visit: www.boscorporate.com or contact:
International John Nesbett IMS Investor Relations (203) 972-9200 jnesbett@institutionalms.com
Company Contact Eyal Cohen, Co-CEO & CFOBOS+972-542525925eyalc@boscom.com
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 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.
B.O.S. Appoints Michael Osborne to Board of Directors; U.S.-Based Executive Brings Considerable Operational and Public Company Experience
RISHON LEZION, Israel, October 31, 2019 — B.O.S. Better Online Solutions Ltd. (“BOS” or the “Company”) (NASDAQ: BOSC), a global provider of intelligent systems and services for production and logistics, today announced that its shareholders have approved the appointment of Michael Osborne to its Board of Directors. Mr. Osborne brings over 25 years of manufacturing experience across diverse industries. A resident of Chicago, Illinois, Osborne is currently a partner at Mirus Capital Advisors, where he primarily advises manufacturing businesses.
Earlier in his career, Osborne served as Senior Vice President, Corporate Development for Sparton Corporation, a publicly-held electronics contract manufacturer. At Sparton, his team led the successful execution of 14 buy-side transactions, and returned the company to profitability and growth in revenue. Mr. Osborne currently serves on the Board of Directors for IEC Electronics, a publicly-traded provider of electronic manufacturing services to advanced technology. He also held progressive executive and senior management roles with Ford Motor Company, and General Motors Corporation of Canada. Osborne holds a Bachelor of Science degree in Manufacturing Systems Engineering from Kettering University and a Masters of Jurisprudence degree in Business Law from Loyola University, Chicago School of Law.
Eyal Cohen, BOS Co-CEO and CFO stated, “We are pleased to announce Michael’s addition to the board. He is our first U.S.-based board member, and we believe that his broad experience across a variety of segments, particularly in the U.S. market, will prove extremely valuable.”
The Company also announced that Yosi Lahad, Chairman of the Board, was not re-elected to BOS’ Board of Directors. The Company expects to appoint a new Chairman at its next board meeting.
Mr. Cohen added, “We would like to thank Yosi for his service with BOS since 2015. Yosi has provided valuable leadership to our board as we planned and executed our strategic plan. We wish him well in his future endeavors.”
Safe Harbor Regarding Forward-Looking Statements
The 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 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, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd., 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 and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; 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.
About BOS
B.O.S 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: www.boscorporate.com or contact:
B.O.S. Expects to Record a Write-Off of $600,000 Related to Recent Robotics Acquisition
RISHON LEZION, Israel, October 29, 2019 — B.O.S. 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 it expects to record a write-off of approximately $600,000 in the third quarter of 2019, primarily related to its robotics acquisition. Eyal Cohen, BOS Co-CEO and CFO stated, “In connection with our acquisition of the robotics business of Imdecol Ltd. (“Imdecol”), we agreed to act as Imdecol’s subcontractor to complete certain existing contracts, which were not assigned to BOS as part of the transaction. We have experienced unexpected cost overruns and delays in the completion of these contracts, which cannot be passed on to the customers. Although Imdecol remains responsible for such cost overruns, BOS does not expect that Imdecol will be able to pay these amounts, so BOS expects to write off a portion of Imdecol’s debt in the amount of approximately $600,000. While we are disappointed with this write-off, we expect to deduct this amount from future earn-out payments, if any, that would otherwise have been payable to Imdecol for its robotics business. The delay in completing the existing contracts, have also caused delays in the delivery of other robotics projects, which result in the deferral of revenues related to such projects. Our management team is focusing its efforts on improving the robotics production process and we expect these efforts to yield positive results in 2020.
“We continue to believe in the long term benefits of the robotics acquisition and the prospects for this business. In particular, we view the U.S. market as the most attractive opportunity for the robotics business. We plan to launch a U.S. sales platform in the first quarter of 2020 and expect to begin generating U.S. orders in the first half of 2020. In order to execute this initiative, we will look to increase our financial resources by $0.5 million to $1 million.” Mr. Cohen concluded.
The Company has revised its revenue expectation for the full year of 2019 to $33 million, from its previous expectation of $36 million. BOS reported revenue of $32.7 million for the full year of 2018. The Company will release its full financial results for the third quarter of 2019 before the market opens on Tuesday November, 26, 2019.
Safe Harbor Regarding Forward-Looking Statements
The 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 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, failure to successfully integrate and achieve the potential benefits of the acquisition of the business operations of Imdecol Ltd., 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 and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; 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.
About BOS
B.O.S 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: www.boscorporate.com or contact:
B.O.S. to Release Financial Results for the Third Quarter of 2019 on Tuesday, November 26, 2019
RISHON LEZION, Israel, October 23, 2019 — B.O.S. 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 it will release its financial results for the third quarter of 2019 before the market opens on Tuesday, November 26, 2019.
BOS will host a conference call on Tuesday, November 26, 2019 at 10:30 a.m. EDT – 5:30 p.m., Israel Time. A question-and-answer session will follow management’s presentation. To access the conference call, please dial one of the following numbers:
For those unable to listen to the live call, a replay of the call will be available the next day on the BOS website: http://www.boscorporate.com
About BOS
B.O.S 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: www.boscorporate.com or contact:
B.O.S Appoints Naor Israel as General Manager of Plant Operations for its Intelligent Robotics and RFID Division
Company Renews Focus on Improving Efficiencies and Strengthening Production Capacity
RISHON LE ZION, Israel, September 12, 2019 — B.O.S 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 it has appointed Naor Israel as the General Manager of Plant Operations for its Intelligent Robotics and RFID Division, which includes the recently acquired operations of Imdecol.
Mr. Israel brings extensive experience as a senior level engineering professional with multifaceted technical knowledge and a 15-year track record of innovation and success. His background includes demonstrated success in driving innovation and strategic product design, development and high-volume production within the additive manufacturing industry. Most recently, he has served as a Director of R&D and Engineering at BigRep GmbH, a Berlin-based firm that creates large scale 3D printers for industrial applications. During his tenure, he directed all aspects of technology development and in particular spearheaded the development of three unique products. In 2018, Mr. Israel and his team won the German Innovation Award in Machine and Engineering. Previously, he served in the R&D group of Stratasys, Inc. (formerly Objet) and before that, in the R&D group of Elbit Systems Ltd. He holds a Master’s degree in Systems Engineering from the Technion – Israel Institute of Technology, Haifa and a BSc degree in Mechanical Engineering from Ben-Gurion University, Beer-Sheva.
Eyal Cohen, BOS’ Co-CEO, stated: “With our acquisition of the robotics business from Imdecol, we significantly expanded our capabilities and solutions for the industrial and logistics market segments, by adding tailor-made robotics offerings. In addition to continuing to expand our technological capabilities, we are also focused on improving our production efficiency and capacity. We are very pleased to welcome Naor Israel, who brings a great deal of experience and proven success in innovating and transforming the engineering and production operations of other high technology companies.”
The Company also announced that Ayelet Hayak, Imdecol’s CEO prior to the acquisition, will step down by October this year.
“We’d like to thank Ayelet Hayak for her efforts and valuable contribution during the transition and integration period and we wish her well in her future endeavors,” Mr. Cohen concluded.
About BOS
B.O.S is a global provider of intelligent systems and services for inventory production and logistics. BOS’ Robotics and RFID Division offers intelligent robotic systems for industrial and logistics processes, as well as warehouse and retail store management by RFID. BOS’ Supply Chain division provides electronic components mainly for the aerospace, defense and other industries worldwide including the consolidation of components from a vast number of suppliers, long term scheduling and kitting. For more information, please visit: www.boscorporate.com or contact:
International John Nesbett IMS Investor Relations (203) 972-9200 jnesbett@institutionalms.com
Company Contact Eyal Cohen, Co-CEO & CFOBOS+972-542525925eyalc@boscom.com
Safe Harbor Regarding Forward-Looking Statements
The 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 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.
