Maris-Tech Receives Purchase Order for $660,000 from a New Customer Based in Australia

Rhea-AI Summary

Maris-Tech Ltd. (Nasdaq: MTEK) recently announced a $660,000 purchase order from a new customer in Australia, marking its first order from this region. This order is for the Onyx product, which enhances AI capabilities for vehicle video management systems in the Homeland Security sector. The company plans to deliver the order during 2023. CEO Israel Bar highlighted this order as a testament to their strong offerings and ongoing business growth strategy, which includes expanding into new territories and forming new partnerships.

Positive

• Received a $660,000 purchase order from a new Australian customer.
• First purchase order from Australia indicates expansion to new territories.
• Onyx product will enhance AI capabilities for Homeland Security applications.
• Company plans to deliver the order during 2023.

Negative

• None.

This is the Company's first purchase order from Australia, representing expansion to new territories 

REHOVOT, Israel, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the "Company"), a B2B provider of intelligent video transmission technology with AI acceleration for edge platforms, today announced the expansion of the Company's global reach, following the receipt of a $660,000 purchase order from a new customer based in Australia.

The purchase order is for Onyx, a product which is based on a Jupiter AI derivative platform. The product will allow the customer enhanced AI capabilities for vehicle’s video management system (VMS) used in the Homeland Security (HLS) sector.

The Company expects to deliver the order during 2023.

“We continue to execute our business growth strategy, including the expansion to new territories, obtaining new customers and partners and offering advanced new products," said Israel Bar, Chief Executive Officer of Maris-Tech. "We believe that this new order along with our recent orders, including the previous $1.1 million purchase order from leading Israeli defense company, are testimonies for our strong product and technology offerings as well as the growing interest around the Company's solutions."

About Maris-Tech Ltd.

Maris-Tech is a B2B provider of intelligent video transmission technology, founded by veterans of the Israel technology sector with extensive electrical engineering and imaging experience. Our products are designed to meet the growing demands of commercial and tactical applications, delivering high-performance, compact, low power and low latency solutions to companies worldwide, including leading electro-optical payload, RF datalink and unmanned platform manufacturers as well as defense, HLS, and communication companies. For more information, visit https://www.maris-tech.com/.

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we are discussing the purchase order placed from the new customer, the potential impact the Onyx platform will have on our customer’s operations, our ability to deliver the order during 2023, our future expansion to new territories, obtaining new customers and partners, offering of advanced new products and growing interest around the Company's solutions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services, including in the United States; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC and our other filings with the SEC.  We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations:

Michal Efraty,
Adi and Michal PR- IR
Investor Relations, Israel

+972-72-2424022
ir@maris-tech.com