RISHON LEZION, Isreal, Nov. 08, 2023 (GLOBE NEWSWIRE) -- B.O.S. Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC), today provides an update to its investors and stakeholders amidst the ongoing security situation in Israel.
Eyal Cohen, BOS' CEO stated: "Despite the challenges BOS and its subsidiaries remain steadfast in their commitment to growth and progress. The Company's workforce and production facilities have not so far been affected by the War and there has been no interruption to its operations. I am very proud of our team that has come together to work through this situation.
In addition, our customers and suppliers are resilient and experienced in working during challenging times.
BOS operates through three business divisions. The Supply Chain and the Robotic divisions, which accounted for 70% of BOS' revenues during the first six months of the year, have significant exposure to the Israeli defense industry. We therefore anticipate a growing demand for their products and services as a result of the current situation.
The RFID division operates mainly in logistic centers and retail chains in Israel. It has suffered from the slowdown in sales processes. However, there are signs of getting back to routine. In addition, this division might be entitled to compensation from the Israeli Government.
Our focus and strategy remain stable, and our dedicated team works diligently to fulfill our goals for 2023 and pave the way for 2024," Mr. Cohen concluded.
About BOS
BOS empowers inventory processes through its three business divisions:
- The Intelligent Robotics division automates industrial and logistic inventory processes;
- The RFID division marks and tracks inventory; and
- The Supply Chain division manages inventory.
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. (the Robotics business line) and Dagesh Inventory Counting and Maintenance 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, the impact of the COVID-19 virus 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 US Securities and Exchange Commission.
In October 2023, Hamas terrorists infiltrated Israel's southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along Israel's border with the Gaza Strip and in other areas within the State of Israel. Following the attack, Israel's security cabinet declared war against Hamas and a military campaign against these terrorist organizations commenced in parallel to their continued rocket and terror attacks. Moreover, the clash between Israel and Hezbollah in Lebanon, may escalate in the future into a greater regional conflict. It is currently not possible to predict the duration or severity of the ongoing conflict or its long term effects on our business, operations and financial conditions. The ongoing conflict is rapidly evolving and developing, and could disrupt our business and operations, interrupt our sources and availability of supply and hamper our ability to raise additional funds or sell our securities, among others.
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.
