Medigus' JV, Revoltz, Received First Order For Micro Mobility Vehicles From a Global Distributor

Rhea-AI Summary

Medigus Ltd. (Nasdaq: MDGS) announced that its joint venture, Revoltz, has received its first order for the PORTO micro-mobility vehicle designed for the last mile delivery market. Established in under a year, Revoltz, in which Medigus holds a 19.9% stake, aims to capitalize on the growing global last mile delivery market projected to exceed $200 billion by 2027. The PORTO unit's robust design accommodates long-range deliveries and features a significant storage capacity, enhancing operational efficiency for distributors in the logistics sector.

Positive

• First order received for PORTO units targeting last mile delivery market.
• Revoltz achieved design and manufacturing of PORTO in less than a year.
• Partnership with a leading global distributor could lead to larger commercial orders.
• The last mile delivery market projected to grow from $108 billion in 2020 to over $200 billion by 2027.

Negative

• None.

In less than a year, Revoltz designed, manufactured, presented and received first order for its first model "Porto," for the last mile delivery market

Tel Aviv, Israel, March 01, 2022 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle (“EV”) and charging solutions, announced today that Revoltz, an EV and wireless charging joint venture of which Medigus owns 19.9%, and which is operated through its wholly owned subsidiary, Charging Robotics Ltd. received first order for  PORTO units, Revoltz' advanced micro-mobility vehicles for the last mile delivery market.

Revoltz managed to design, manufacture, and launch PORTO in less than one year after the establishment the JV between Medigus, Amir Zaid and Weijian Zhou, a leading micro-mobility Chinese manufacturer.

Revoltz’s first customer is a leading global distributor that provides distribution services for last mile deliveries for global shipping companies. The distributor initially purchased the modular vehicles for its own operations and intends to use the PORTO vehicles to conduct initial commercial testing, which may potentially lead to a larger commercial order.

Designed specifically for the last mile delivery market, the PORTO model provides an impressive combination of function, robust design and agility. It has demonstrated capabilities including long-range deliveries and a full day’s work on one charge and also offers a similar storage capacity as the boot of a small hatchback car. Even under full load, the PORTO features a robust tilting mechanism to ensure maximum stability. Two high volume loading spaces are integrated over the front and rear axles, which spreads the weight of the cargo evenly and symmetrically over the wheelbase, creating a safe and confidence-inspiring ride while keeping vehicle dimensions minimal.

According to Statista, the global last mile delivery market is expected to grow from $108 billion (USD) in 2020 to more than $200 billion (USD) by 2027.

About Medigus

Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. Medigus' affiliations in the medical solutions arena include ownership in ScoutCam Inc. and Polyrizon Ltd. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeff's Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz are also part of the Company’s portfolio of technology solution providers. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, we are using forward-looking statements in this press release when we discuss, among other things, the possibility that the instant sale to the distributor may lead to a larger purchase order, PORTO’s impressive combination of function, robust design and agility, and Revolz’s ability to maximize the potential of PORTO in order to tap into the current and anticipate market values stated in the press release. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Medigus could differ materially from those described in or implied by the statements in this press release.

The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party website.

Company Contact:
Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com

Investor Relations Contact:
Miri Segal
CEO
MS-IR LLC
+1-917-607-8654
msegal@ms-ir.com

FAQ

What is the significance of Medigus Ltd.'s joint venture, Revoltz?

Revoltz, in which Medigus holds a 19.9% stake, focuses on electric vehicles for the last mile delivery market, and has just secured its first order.

What is the PORTO vehicle designed for?

The PORTO vehicle is designed specifically for the last mile delivery market, offering features for long-range deliveries.

What are the expected market trends for last mile delivery?

The global last mile delivery market is expected to grow from $108 billion in 2020 to more than $200 billion by 2027.

Who is Revoltz's first customer for the PORTO units?

Revoltz's first customer is a leading global distributor providing last mile delivery services.

How long did it take to manufacture the PORTO vehicle?

Revoltz designed and manufactured the PORTO vehicle in less than one year.