Presto will evaluate Ottonomy’s autonomous delivery vehicles to
help alleviate the ongoing labor shortage in the restaurant
industry.
Presto, a leading provider of restaurant labor productivity
technologies, today announced a partnership with technology startup
Ottonomy, allowing Presto customers to utilize autonomous delivery
vehicles for contactless curbside and parking lot deliveries.
Guests can order and pay using Presto’s touch or voice products and
receive food delivered via Ottonomy’s vehicles. The partnership
reflects Presto’s commitment to finding innovative solutions to the
labor shortage challenge being faced by the restaurant
industry.
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Curbside orders have seen a significant increase in volume over
the past few years. However, the rise in digital sales has also
created significant operational and financial challenges for
restaurant management, especially against the backdrop of the
ongoing labor shortage. According to a recent study, 50% of
restaurant operators are planning to deploy automation technology
to fill labor gaps.
“The ongoing labor shortage is preventing restaurants from
maximizing the revenue potential of digital channels,” said Rajat
Suri, Founder and CEO of Presto. “Restaurants often partner with
third-party delivery channels, which can have a significant impact
on net margin. In partnership with Ottonomy, we can enable
restaurants to become more agile in managing staff deployments and
associated costs.”
Ottonomy’s autonomous delivery vehicles will allow Presto
customers to deliver food items to guests at the curbside, parking
lot, and beyond. Ottonomy’s proprietary technology helps its
delivery vehicles navigate seamlessly in both indoor and outdoor
environments using 3D Lidar and multiple-camera mapping with no
human assistance. Decentralized vehicle-to-vehicle communication
with situational awareness allows the delivery vehicles to navigate
crowded environments, making them one of the most advanced
solutions available in the industry today.
“At Ottonomy, we are committed to bringing anytime, anywhere
deliveries to the restaurant industry,” said Ritukar Vijay, CEO of
Ottonomy. “Combined with Presto’s exciting offerings in
conversational AI, computer vision, and integrated touch, this
partnership can enable restaurants to boost their efficiency and
serve guests with greater efficiency.”
On November 10, 2021, Presto announced the execution of a
definitive merger agreement with Ventoux CCM Acquisition Corp.
(NASDAQ: VTAQ), a publicly traded special purpose acquisition
company (“Ventoux”), that will result in Presto becoming a publicly
listed company. Upon closing, the combined company (the “Company”)
will be renamed Presto Technologies, Inc. and expects to trade on
Nasdaq.
For more information on this partnership, visit
presto.com/autonomous-vehicle. To schedule a demo or learn more
about Presto’s products, please contact mktg@presto.com or visit
presto.com.
About Presto
Presto overlays next-gen digital solutions onto the physical
world. Our enterprise-grade touch, vision, and voice technologies
help hospitality businesses thrive while delighting guests. With
over 250,000 systems shipped, we are one of the largest labor
automation technology providers in the industry. Founded at M.I.T.
in 2008, Presto is headquartered in Silicon Valley, Calif. with
customers including many of the top 20 restaurant chains in the
U.S.
About Ottonomy
Ottonomy is a U.S. startup providing contactless deliveries
using fully autonomous robots. Its primary focus is on helping
retailers and restaurants automate indoor and outdoor contactless
deliveries. The co-founding team has widespread experience in
autonomous cars and warehousing robots. Ottonomy was recognized as
among the top 50 robotics companies worldwide in 2021 by Robotics
Business Review and has won the Mobility Startup Award given by
Plug & Play Accelerator and the Sustainability Product of the
Year Award given by the Business Intelligence Group. The company is
backed by Connetic Ventures and angel investors. For more
information on Ottonomy, please visit ottonomy.io.
Additional Information and Where to Find It
In connection with the proposed business combination involving
Ventoux and Presto, Ventoux intends to file a registration
statement, which will include a preliminary proxy
statement/prospectus, with the SEC. The proxy statement/prospectus
will be sent to stockholders of Ventoux. This press release is not
a substitute for the proxy statement/prospectus. INVESTORS AND
SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT
HAVE BEEN FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT PRESTO, VENTOUX, THE PROPOSED BUSINESS
COMBINATION AND RELATED MATTERS. The documents filed or that will
be filed with the SEC relating to the proposed business combination
(when they are available) can be obtained free of charge from the
SEC’s website at www.sec.gov. These documents (when they are
available) can also be obtained free of charge from Ventoux upon
written request at Ventoux CCM Acquisition Corp., 1 East Putnam
Avenue, Floor 4, Greenwich, CT 06830.
No Offer or Solicitation
This communication is for informational purposes only and is not
intended to and shall not constitute a proxy statement or the
solicitation of a proxy, consent or authorization with respect to
any securities in respect of the proposed business combination and
shall not constitute an offer to sell or the solicitation of an
offer to buy or subscribe for any securities or a solicitation of
any vote of approval, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Participants in Solicitation
This communication is not a solicitation of a proxy from any
investor or security holder. However, Ventoux, Presto, and certain
of their directors and executive officers may be deemed to be
participants in the solicitation of proxies in connection with the
proposed business combination under the rules of the SEC.
Information about Ventoux’s directors and executive officers and
their ownership of Ventoux’s securities is set forth in filings
with the SEC, including Ventoux’s annual report on Form 10-K filed
with the SEC on March 30, 2021 and amended on June 22, 2021. To the
extent that holdings of Ventoux’s securities have changed since the
amounts included in Ventoux’s most recent annual report, such
changes have been or will be reflected on Statements of Change in
Ownership on Form 4 filed with the SEC. Additional information
regarding the participants will also be included in the proxy
statement/prospectus, when it becomes available. When available,
these documents can be obtained free of charge from the sources
indicated above.
Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, plans, objectives,
expectations and intentions with respect to future operations,
products and services and expectations regarding the proposed
business combination between Presto and Ventoux; and other
statements identified by words such as “will likely result,” “are
expected to,” “will continue,” “is anticipated,” “estimated,”
“believe,” “intend,” “plan,” “projection,” “outlook” or words of
similar meaning. Such forward-looking statements are based upon the
current beliefs and expectations of our management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and generally beyond our control. Actual
results and the timing of events may differ materially from the
results anticipated in these forward-looking statements.
In addition to factors previously disclosed or that will be
disclosed in Ventoux’s reports filed with the SEC and those
identified elsewhere in this communication, the following factors,
among others, could cause actual results and the timing of events
to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement or could
otherwise cause the transactions contemplated therein to fail to
close; (2) the outcome of any legal proceedings that may be
instituted against Ventoux, Presto, the Company or others following
the announcement of the proposed business combination and any
definitive agreements with respect thereto; (3) the inability to
complete the proposed business combination due to the failure to
obtain approval of the stockholders of Ventoux or Presto; (4) the
inability of Presto to satisfy other conditions to closing; (5)
changes to the proposed structure of the proposed business
combination that may be required or appropriate as a result of
applicable laws or regulations or as a condition to obtaining
regulatory approval of the proposed business combination; (6) the
ability to meet stock exchange listing standards in connection with
and following the consummation of the proposed business
combination; (7) the risk that the proposed business combination
disrupts current plans and operations of Presto as a result of the
announcement and consummation of the proposed business combination;
(8) the ability to recognize the anticipated benefits of the
proposed business combination, which may be affected by, among
other things, competition, the ability of the Company to grow and
manage growth profitably, grow its customer base, maintain
relationships with customers and suppliers and retain its
management and key employees; (9) the impact of the COVID-19
pandemic on the business of Presto and the Company (including the
effects of the ongoing global supply chain shortage); (10) Presto’s
limited operating history and history of net losses; (11) Presto’s
customer concentration and reliance on a limited number of key
technology providers and payment processors facilitating payments
to and by Presto’s customers; (12) costs related to proposed
business combination; (13) changes in applicable laws or
regulations; (14) the possibility that Presto or the Company may be
adversely affected by other economic, business, regulatory, and/or
competitive factors; (15) Presto’s estimates of expenses and
profitability; (16) the evolution of the markets in which Presto
competes; (17) the ability of Presto to implement its strategic
initiatives and continue to innovate its existing products; (18)
the ability of Presto to adhere to legal requirements with respect
to the protection of personal data and privacy laws; (19)
cybersecurity risks, data loss and other breaches of Presto’s
network security and the disclosure of personal information; and
(20) the risk of regulatory lawsuits or proceedings relating to
Presto’s products or services.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any projections and
forward-looking statements and the assumptions on which those
forward-looking statements are based. There can be no assurance
that the data contained herein is reflective of future performance
to any degree. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information and other information are based on
estimates and assumptions that are inherently subject to various
significant risks, uncertainties and other factors, many of which
are beyond our control. All information set forth herein speaks
only as of the date hereof in the case of information about Ventoux
and Presto or the date of such information in the case of
information from persons other than Ventoux and Presto, and we
disclaim any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this communication. Forecasts and estimates regarding Presto’s
industry and end markets are based on sources we believe to be
reliable, however there can be no assurance these forecasts and
estimates will prove accurate in whole or in part. Annualized, pro
forma, projected and estimated numbers are used for illustrative
purpose only, are not forecasts and may not reflect actual
results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211207005416/en/
For Presto:
Rajul Misra VP of Marketing, Presto +1 (408) 659-6825
media@presto.com
For Ottonomy:
Ritukar Vijay CEO, Ottonomy +1 (213) 784-9597
media@ottonomy.io
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