VANCOUVER, BC / ACCESSWIRE / March 9, 2020 / A2Z Technologies Canada Corp. ("A2Z" or the "Company") (TSXV:AZ) (FSE:A23) announced today that it has received a notice from the Israel Police notifying them that they have won a new four-year contract.
Bentsur Joseph, Chairman and CEO of A2Z stated, "We won a similar contract four years ago, which recently completed. The Israel Police awarded A2Z a new four-year term contract and expanded its scope and revenue by over 250%. This shows the high level of satisfaction that the Israel Police has from A2Z."
Under the terms of the contract, A2Z will provide maintenance, repair, and services to specialized equipment and products in police stations throughout the state of Israel. It is a four-year contract which guarantees A2Z, at a minimum, revenue of CAN $600,000. At the same time, it further broadens and deepens A2Z's relationships with various branches of the Israeli Government.
Furthermore, Bentsur Joseph stated, "I believe that over the life of this contract, it will generate significant revenue for A2Z, far exceeding the $600,000 guaranteed minimum revenue. We are excited and delighted to have signed this contract and to continue generating revenue for the Company with such strategic clients."
Bentsur concluded by stating, "I believe that this contract will also pave the road for additional similar contracts with other large governmental agencies in the very near future."
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 Defense 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)
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 natural 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 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.
A full video explainer of the FTICS technology can be found here: https://vimeo.com/385098839
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.
On Behalf of the Board,
Bentsur Joseph, CEO
Investor Relations Contact
Trenton Kwan, KIN Communications
Toll Free: 1-866-684-6730
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SOURCE: A2Z Technologies Canada Corp.