#Defense #Stock News: A2Z
Technologies Canada (TSXV: $AZ.V) (FSE: A23.F) Awarded Additional Contract with
Israel Electric Company; @A2Z_Advanced
Vancouver,
BC - March 11, 2020 (Investorideas.com Newswire, Homelanddefensestocks.com) A2Z Technologies Canada Corp. ("A2Z"
or the "Company") (TSXV:AZ.V)
(FSE:A23.F), a pioneer in military robotics,
services, and innovation in the auto industry, announced today a new contract
with the Israel Electric
Company (IEC).
Read this news
featuring A2Z Tech in full at https://www.investorideas.com/CO/AZ/news/2020/03111Contract-IsraelElectricCompany.asp
A2Z has
three prior pre-existing contracts with the IEC for various products and
services. This new contract is for additional services for systems not covered
under the scope of the other existing contracts between the IEC and A2Z and is
an important expansion of the scope of services that A2Z provides to the IEC.
This contract is priced on a variable-basis determined by the needs of the IEC.
A2Z has exclusivity with respect to service as well as the supply of hardware
and parts used in service. A2Z's anticipated profit margin before taxes is
estimated at approximately 30%.
The
contract and exclusivity are for 2 years beginning March 2020, with a
significant potential of winning subsequent future contracts.
Mr.
Bentsur Joseph, CEO of A2Z stated, "After winning the first three
contracts with the IEC, we began providing our services under the scope of our
existing agreements. Being satisfied with our performance, and the performance
of our products, the IEC has awarded us this additional contract, thereby
expanding the scope of our relationship."
Bentsur
continued, "We are very proud of the further validation of A2Z's business
model, with this add-on contract for the national electric company of the State
of Israel and A2Z. This is another important step for A2Z which will generate
additional revenue as well as additional value for our shareholders. It
reaffirms our commitment to produce cutting edge technology on the one hand and
generate revenue on the other hand, thereby providing our shareholders with a
solid revenue generating company as well as the potential of our breakthrough
technologies all at once."
Benstur
concluded by saying, "Our list of triple A clients such as the IEC,
validates our knowhow, products, technology and services, and we will continue
to work vigorously to expand the scope of our business and provide value for
our shareholders."
The
Israel Electric Corporation (IEC) is a public, government-owned company tasked
with generating and supplying electricity to all sectors in the economy. The
IEC's activities include the generation, transmission, transformation,
distribution, and sale of electricity. The IEC owns and operates 17 power
stations with 61 generating units including: 16 steam-driven, 31 gas turbines and
14 combined-cycle units. IEC's installed capacity stood at 13,335 MW. The IEC
supplies reliable and high-quality electricity while complying with leading
service standards and maintaining economic, commercial and environmental
principles. The IEC employs approximately 11,476 workers and provides services
to 2.8 million customers across Israel.
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 fire fighting, 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 Inertia 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.
Twitter: @A2Z_Advanced
On Behalf of the Board,
Bentsur Joseph, CEO
Bentsur Joseph, CEO
Investor Relations Contact
Trenton Kwan, KIN Communications
Toll Free: 1-866-684-6730
az@kincommunications.com
Trenton Kwan, KIN Communications
Toll Free: 1-866-684-6730
az@kincommunications.com
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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.
A2Z Technologies Canada Corp (TSXV: AZ) is a featured security
and defense stock on Investorideas.com. Visit the profile page to learn more
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