A2Z Smart Technologies Closes Previously Announced Acquisition of Israel-Based Manufacturer - Isramat Ltd

Rhea-AI Summary

A2Z Smart Technologies Corp. (NASDAQ:AZ) has successfully completed its acquisition of Isramat Ltd, fulfilling all closing conditions announced on January 17, 2022. This strategic acquisition will enhance A2Z's manufacturing capabilities for its Cust2Mate smart cart, supporting the expected global growth in demand. CEO Joseph Bentsur stated that collaboration with Isramat aims to optimize production costs, improve margins, and enhance supply chain efficiencies, marking a significant step in scaling operations to meet consumer needs.

Positive

• Completed acquisition of Isramat Ltd enhances manufacturing capability for Cust2Mate smart cart.
• Anticipated reduction in production costs and improved margins through collaboration with Isramat.
• Strategic move to support global growth in demand for smart shopping solutions.

Negative

• None.

TEL AVIV, ISRAEL / ACCESSWIRE / February 3, 2022 / A2Z Smart Technologies Corp. ("A2Z" or the "Company") (NASDAQ:AZ) (TSXV:AZ), is pleased to announce that further to our press release of January 17, 2022, all closing conditions have been fulfilled and A2Z is now the 100% owner of Isramat Ltd ("Isramat"). This strategic acquisition vertically integrates certain manufacturing capabilities for the production of A2Z's Cust2Mate smart cart while complementing existing contract manufacturing partnerships to support anticipated worldwide growth.

"The acquisition of Isramat is another step towards scaling our operations to meet the growing demand for our Cust2Mate smart shopping cart," stated Joseph Bentsur, CEO of A2Z Smart Technologies. "We have already started our work with Isramat to develop a protocol that will reduce our production costs, provide enhanced margins and enable us to realize supply chain and logistics benefits."

About A2Z Smart Technologies Corp

A2Z Smart Technologies Corp. creates innovative solutions for complex challenges. A2Z's flagship product is the world's first proven-in-use mobile self-checkout shopping cart. With its user-friendly smart algorithm, touch screen, and computer-vision system, Cust2Mate streamlines the retail shopping experience by scanning purchased products and enabling in-cart payment so that customers can simply "pick & go", and bypass long cashier checkout lines. This results in a more efficient shopping experience for customers, less unused shelf-space and manpower requirements, and advanced command and control capabilities for store managers.

Cautionary Statement Regarding Forward-Looking Statements

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company and 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.

Contact Information:

IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: 203.972.9200
Email: jnesbett@imsinvestorrelations.com

SOURCE: A2Z Smart Technologies Corp.

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https://www.accesswire.com/687134/A2Z-Smart-Technologies-Closes-Previously-Announced-Acquisition-of-Israel-Based-Manufacturer--Isramat-Ltd

FAQ

What is the significance of A2Z Smart Technologies' acquisition of Isramat Ltd?

The acquisition enhances A2Z's manufacturing capabilities for its Cust2Mate smart cart, allowing for cost reductions and improved margins.

How does the acquisition of Isramat Ltd affect A2Z's financial outlook?

The integration is expected to optimize production efficiencies, potentially leading to increased profitability as demand rises.

When was the acquisition of Isramat Ltd by A2Z Smart Technologies completed?

The acquisition was completed on February 3, 2022, after fulfilling all closing conditions.

What are the expected benefits of the acquisition for A2Z's supply chain?

The acquisition is anticipated to provide significant supply chain and logistics benefits, which will enhance operational efficiency.

What is A2Z's flagship product related to the acquisition?

A2Z's flagship product is the Cust2Mate smart shopping cart, which aims to streamline the retail shopping experience.