A2Z Classified as "Essential Services" by State of Israel. All business operations continue as usual.
VANCOUVER, BC / ACCESSWIRE / April 7, 2020 / A2Z Technologies Canada Corp. ("A2Z" or the "Company") (TSXV:AZ)(FSE:A23), a pioneer in military robotics, services, and innovation in the auto industry, previously announced, on February 11, 2020, that it received a CAD $1.5 Million contract with Israel's Ministry of Defense ("MOD").
"We are delighted to announce that we have received payments, on schedule, for 15% of amounts due to A2Z under the terms of our contract with the MOD," stated Mr. Bentsur Joseph, Chief Executive Officer of A2Z.
"Per the terms of our agreement, we continue to provide services to the MOD under the terms of the contract with them," Mr. Joseph continued. "This contract is just one of several which underscores our commitment to our top tier clients. With COVID-19 causing uncertainty in the market, we want to assure our investors and partners that as an "essential services" company, we continue to operate, and all business operations are running as usual."
"With payments from our clients coming in on schedule, including this significant $1,500,000 contract, and others with various branches of the Israeli government and others, we continue to show that we have the capabilities to not only survive, but thrive during these uncertain times in the market - and generate significant revenue as we continue rolling out our groundbreaking technologies and new contracts with both current and new partners, to be announced over the next few weeks and months," Mr. Joseph concluded.
BUSINESS OF A2Z
A2Z Technologies Canada Corp. is an innovative technology company based out of Israel, specializing in military technology and expanding into the civilian markets. A2Z has been operating for over 30 years and has a client base with 75 recurring clients, including the Israel Defense Forces, Security Forces, and Ministry of Defence among others. A2Z plans to leverage their cash flow-generating core-business to expand into the civilian robotics and automobile markets.
According to Zion Market Research, the Military Robotics space is expected to reach $53.93B by 2027 for a projected CAGR of 13.5%.(Summary of Report)
Highlights:
Core Business: A2Z's line of products include unmanned remote-controlled vehicles of various sizes designed for intricate bomb disposal, counter terrorism, and firefighting, as well as energy storage power packs/generators. A2Z also provides maintenance services to both external and in-house complex electronic systems and products to over 75 clients.
A2Z has been an Israel Ministry of Defense contractor for over 30 years and a significant portion of its business is long-term service contracts.
Expansion into Civilian Markets: To drive growth, A2Z plans to adapt its military technologies for the much larger civilian markets. One patent-pending product is a capsule (FTICS) that prevents vehicle fires resulting from collisions. A2Z has also been granted a patent for a smart vehicle cover device that protects automobiles from the elements while the vehicle is parked and is stowed away safely in the vehicle's bumper when not in use.
Fuel Tank Intelligent Containment System (FTICS): In the event of a collision, the FTICS system installed into the fuel tank prevents the ignition of fuel, thereby mitigating the spread of fire and explosion, minimizing risk to human life and property damage. According to the NFPA, from 2014 to 2016, an estimated 171,500 highway vehicle fires occurred in the United States, resulting in an annual average of 345 deaths, 1,300 injuries, and $1.1 billion in property loss annually.
Management: CEO Bentsur Joseph's previous venture, Comfy Interactive, was acquired by Shamrock Holdings, the family investment firm founded by Roy Disney. Previously, Bentsur Joseph was the chairman of Elad Hotels whose holdings include the Plaza Hotel in New York City.
Bentsur Joseph has a ~64% ownership stake in the business with 30,000,000 shares subject to an escrow agreement.
For more information regarding A2Z, please visit the Company's website at www.a2zas.com.
Twitter: @A2Z_Advanced
On Behalf of the Board,
Bentsur Joseph, CEO
Investor Relations Contact
Arlen Hansen, KIN Communications
Toll Free: 1-866-684-6730
[email protected]
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This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under applicable laws.
SOURCE: A2Z Technologies Canada Corp.