VANCOUVER, BC / ACCESSWIRE / February 11, 2020
A2Z Technologies Canada Corp. (“A2Z” or the “Company“) (TSXV:AZ) announced today that the Israeli Ministry of Defense (“Israeli MOD“) has awarded the Company a three-year contract for CAD $1.5 million that will be paid over the life of the contract.
Under the terms of the contract the Israeli MOD will be leasing A2Z’s products and equipment for which A2Z will be responsible for maintenance for the duration of the contract. The equipment will remain the property of A2Z throughout. At the end of the contract the Company will be able to determine how to best position the assets going-forward. There is also significant potential for a new contract for the same services following the end of the three-year contract period.
“We are extremely pleased to have been awarded this contract and the continued strength we are seeing in our technologies and service businesses. This contract is not only a significant source of recurring revenues for the next three years but also deepens our relationship with one of our most long-standing government partners. A2Z and the Israeli MOD have been working together for decades now, and with our new innovative FTICS technology, which we believe is “the next seatbelt” to make automobiles safer than ever, we look forward to continuing to protect the lives of both military and civilian populations in future decades as well,” said Bentsur Joseph, CEO of A2Z.
Israel’s MOD is the governmental department responsible for Israel’s security at the political, military, and civilian levels, with their primary objective being to ensure the safety of Israel. The Israeli MOD also promotes research and development in security technologies and supports veterans and their families.
More on Israel’s Ministry of Defense: https://www.gov.il/en/departments/ministry_of_defense