Medigus: ParaZero Receives Second Order from One of the World’s Largest Automotive Manufacturers

Rhea-AI Summary

Medigus Ltd. (Nasdaq: MDGS) announced that its subsidiary, ParaZero Technologies Ltd. (PRZO), has received a repeat order for a custom drone safety system from a Fortune 500 automotive manufacturer. The order follows a previous agreement and showcases the company's expertise in providing advanced safety solutions for commercial drones and urban air mobility aircraft.

The repeat order is for a custom safety solution for a Fortune 500 automotive manufacturer’s proprietary drone program.

Tel Aviv, Israel, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in electric vehicle charging solutions, advanced medical solutions, and innovative internet technologies, today announced that ParaZero Technologies Ltd. (PRZO) (“ParaZero”), an aerospace company focused on drone safety systems for commercial drones and urban air mobility aircraft, (33.36% owned by Medigus),  has received a second order for its custom drone safety system by one of the world’s largest automotive manufacturers.

The repeat order follows an agreement previously signed with the automotive manufacturer for the development of a bespoke safety solution for its proprietary drone program.

The automotive manufacturer plans to integrate ParaZero’s SafeAir™ drone safety system into their proprietary aircraft from the design stage, allowing for an optimized and seamless integration. ParaZero has a proven history of supplying advanced safety solutions for global manufacturers and companies across a myriad of aerial platforms, including multirotor, single rotor, fixed wing, vertical takeoff and landing (VTOL), manned and unmanned, and urban air mobility aircraft.

About ParaZero Technologies

ParaZero (https://parazero.com/) is a world-leading developer of autonomous parachute safety systems for commercial drone and urban air mobility (UAM) aircraft. Started in 2014 by a passionate group of aviation professionals and drone industry veterans, ParaZero designs smart, autonomous parachute safety systems designed to enable safe flight operations overpopulated areas and beyond-visual-line-of-sight (BVLOS).

About Medigus

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

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. 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. For example, Medigus uses forward looking statements when describing the potential integration of ParaZero’s solutions in the automotive manufacturer’s proprietary drone program.

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 websites.

Company Contact

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

Investor Relations Contact:

Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com 

FAQ

What is the company name and ticker symbol of the technology company engaged in electric vehicle charging solutions, advanced medical solutions, and innovative internet technologies that announced the repeat order for a custom drone safety solution?

The company is Medigus Ltd. and its ticker symbol is MDGS.

What type of order did ParaZero Technologies Ltd. receive from the automotive manufacturer?

ParaZero received a repeat order for a custom drone safety system.

What is the name of the drone safety system that ParaZero will supply to the automotive manufacturer?

ParaZero will supply its SafeAir™ drone safety system.

What percentage of ParaZero Technologies Ltd. is owned by Medigus Ltd.?

Medigus Ltd. owns 33.36% of ParaZero Technologies Ltd.

What types of aerial platforms does ParaZero have a history of supplying advanced safety solutions for?

ParaZero has a proven history of supplying advanced safety solutions for multirotor, single rotor, fixed wing, vertical takeoff and landing (VTOL), manned and unmanned, and urban air mobility aircraft.