HENDERSON, NV / ACCESSWIRE / May 27, 2015 / Quest Solution, Inc, "The Company" (OTCQB: QUES), a leading provider in the technology, software, and mobile data collection systems business, announced today that it has signed an important patent license agreement with NCR Corporation, the global leader in consumer transaction technologies. The agreement enables Quest Solution to develop a location specific "smart targeted advertising" platform utilizing voice recognition technology to generate custom marketing messages to in-store customers. In many respects, this is similar to keywords generating specific advertisements during an Internet search, or the suggestive marketing of products based on past orders utilized by almost every large web retailer.
The patent license agreement with NCR enables Quest Solution to utilize NCR patented innovations to launch highly relevant and suggestive advertisements in retail store displays based on custom programmed audible queues. A leasing or profit share model will determine how Quest Solution and its retail partners share in revenues generated from pre-sold advertising inventory. In addition to the patent license agreement, Quest Solution is looking to utilize NCR solutions to help bring its new technology platform to the market.
Richard A. Weiss, the Chief IP Counsel for NCR Corporation stated, "We are delighted by this agreement and the prospects of Quest Solution utilizing NCR's patent innovations and solutions to help enable them to bring their platform to the market and deliver significant value to retailers and consumers. NCR is always interested in strategic opportunities to license its intellectual property in a way that provides value to the company, its shareholders, businesses in the industries we serve, and increasingly tech-savvy consumers turning to technology to make their everyday lives easier."
Jason Griffith, Executive Vice President of Strategy and Acquisitions for Quest Solution commented, "The patent license agreement with NCR helps enable Quest Solution to achieve its stated goal of monetizing scalable and innovative technologies that will ultimately drive shareholder value. We believe that this type of dynamic voice driven advertising platform has relevance to an addressable market that is greater than $1B in size, from retail stores and movie theaters to shopping malls, hotels and casinos. As we develop this platform and prove out the strong cash-on-cash returns that voice recognition based targeted advertising can achieve for both advertisers and merchants, this business unit should realize strong margins and recurring cash flows which can scale meaningfully over time."
Quest Solution believes that its patent license agreement with NCR will provide it with first mover advantage. It will also enable Quest Solution to develop new technology designed to provide value for retailers and consumers alike.
An easy way to describe Quest Solution's offering as part of a real-world scenario is as follows: if you are walking through the grocery store and say to your spouse, "We need to pick up something for the birthday party," the voice recognition software will hear the keyword "birthday party" and the advertisers who have marketed for that key phrase will have their specific advertisement displayed at the end of the aisle for their product.
Griffith concluded, "Our engagement with NCR is just one of the many ways our team is bringing solutions to our customers."
The patent license agreement with NCR enables Quest Solution to utilize NCR patented innovations to launch highly relevant and suggestive advertisements in retail store displays based on custom programmed audible queues. A leasing or profit share model will determine how Quest Solution and its retail partners share in revenues generated from pre-sold advertising inventory. In addition to the patent license agreement, Quest Solution is looking to utilize NCR solutions to help bring its new technology platform to the market.
Richard A. Weiss, the Chief IP Counsel for NCR Corporation stated, "We are delighted by this agreement and the prospects of Quest Solution utilizing NCR's patent innovations and solutions to help enable them to bring their platform to the market and deliver significant value to retailers and consumers. NCR is always interested in strategic opportunities to license its intellectual property in a way that provides value to the company, its shareholders, businesses in the industries we serve, and increasingly tech-savvy consumers turning to technology to make their everyday lives easier."
Jason Griffith, Executive Vice President of Strategy and Acquisitions for Quest Solution commented, "The patent license agreement with NCR helps enable Quest Solution to achieve its stated goal of monetizing scalable and innovative technologies that will ultimately drive shareholder value. We believe that this type of dynamic voice driven advertising platform has relevance to an addressable market that is greater than $1B in size, from retail stores and movie theaters to shopping malls, hotels and casinos. As we develop this platform and prove out the strong cash-on-cash returns that voice recognition based targeted advertising can achieve for both advertisers and merchants, this business unit should realize strong margins and recurring cash flows which can scale meaningfully over time."
Quest Solution believes that its patent license agreement with NCR will provide it with first mover advantage. It will also enable Quest Solution to develop new technology designed to provide value for retailers and consumers alike.
An easy way to describe Quest Solution's offering as part of a real-world scenario is as follows: if you are walking through the grocery store and say to your spouse, "We need to pick up something for the birthday party," the voice recognition software will hear the keyword "birthday party" and the advertisers who have marketed for that key phrase will have their specific advertisement displayed at the end of the aisle for their product.
Griffith concluded, "Our engagement with NCR is just one of the many ways our team is bringing solutions to our customers."
