A2Z Smart Technologies Announces Receipt of Subscription Agreements for aggregate gross proceeds of CAD$8,344,000 in connection with its previously announced Private Placement and Acquisition of Cust2Mate Ltd.

Rhea-AI Summary

A2Z Smart Technologies Corp (OTCQX:AAZZF) announced it received subscription agreements for CAD$8,344,000 from a previous private placement financing. This funding enables the company to fulfill obligations needed for its acquisition of Cust2Mate Ltd, a company offering retail automation solutions. The closing of the financing and acquisition awaits final approval from the Exchange. Cust2Mate specializes in innovative checkout systems for retailers, which could enhance A2Z's market position in the technology sector.

Positive

• Secured CAD$8,344,000 in funding to complete the acquisition of Cust2Mate Ltd.
• Cust2Mate's technology may enhance A2Z's offerings in retail automation.

Negative

• Closing of financing and acquisition is subject to Exchange approval, which may delay the transaction.

TEL AVIV, ISRAEL / ACCESSWIRE / November 4, 2020 / A2Z Smart Technologies Corp. ("A2Z" or the "Company") (TSXV:AZ) (OTCQX:AAZZF), an innovative technology company specializing in state-of-the-art automation and electronics technology, is able to advise that further to its press release of October 9, 2020, it has received subscription agreements for aggregate gross proceeds of CAD$8,344,000 in connection with its previously announced private placement financing (the "Financing"). The Company also announces that as a result it is now in a position to fulfill its remaining obligations required to complete the previously announced acquisition and exercise of existing option to acquire common shares (the "Acquisition") of Cust2Mate Ltd., a private limited liability company with operations in Israel ("Cust2mate").

Closing of both the Financing and the Acquisition are subject to the final approval of the Exchange requiring the filing of all documentation required by the Policies of the Exchange (the "Exchange Approvals").

About Cust2mate Ltd. - Cust2Mate is a technological company focused on providing retail automation solutions, in particular for large grocery stores, supermarkets and retail stores. Cust2Mate's primary product is the Cust2Mate system which incorporates a "smart cart" enabling shoppers to checkout automatically without having to pass through the cashier, unload and reload their purchases by simply allowing the costumer to "pick&go".

About A2Z Smart Technologies, Inc.

A2Z Smart Technologies, Inc. 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.

For additional information, please visit: https://a2zas.com

Twitter: @a2z_advanced
Instagram: a2z_smart_tech

On Behalf of the Company,

Bentsur Joseph, CEO

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.

Disclaimer: The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company has neither approved nor disapproved the contents of this press release. 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 contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States or elsewhere. These securities have not been, and will not be, registered in the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

SOURCE: A2Z Smart Technologies Corp.

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FAQ

What is the purpose of A2Z Smart Technologies' acquisition of Cust2Mate Ltd?

The acquisition aims to enhance A2Z's portfolio with Cust2Mate's retail automation solutions, potentially improving market competitiveness.

When will A2Z Smart Technologies' acquisition of Cust2Mate be completed?

The completion of the acquisition is pending final approval from the Exchange, which may take additional time.

What are the financial details of A2Z Smart Technologies' private placement financing?

A2Z announced subscription agreements leading to gross proceeds of CAD$8,344,000 as part of the private placement financing.

How does Cust2Mate's technology work?

Cust2Mate offers an innovative 'smart cart' system that allows customers to checkout automatically without traditional cashier interactions.