A2Z Technologies Canada Awarded Additional Contract with Israel Electric Company
VANCOUVER, BC / ACCESSWIRE / March 11, 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, announced today a new contract with the Israel Electric Company (IEC).
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.