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A2Z Technologies (TSXV:AZ) wins $1.5 million contract with Israeli Ministry of Defense

Technology
11 February 2020 12:43 (EDT)

Military-grade technology company A2Z Technologies (AZ) has won a 3-year contract by the Israeli Ministry of Defense (MOD).

The MOD will pay the $1.5 million deal over the life of the contract.

The contract dictates that A2Z will lease a number of the company’s products and equipment to the Israeli MOD. A2Z will also take responsibility for the maintenance of said products and equipment for the 3-year period.

A2Z will maintain ownership of the equipment for the duration of the contract. They will also decide how to position company assets at the end of the contract.

It is likely that the MOD will either grant a contract renewal or award A2Z a new contract for the same services, at the completion of the initial 3 years.

A2Z CEO, Bentsur Joseph, welcomed the contract as another positive development for the company in Israel. “This contract is not only a significant source of recurring revenues for the next three years, but also deepens our relationship with one of our most long-standing government partners. A2Z and the Israeli MOD have been working together for decades now.”

“With our new innovative FTICS technology, which we believe is “the next seatbelt” to make automobiles safer than ever, we look forward to continuing to protect the lives of both military and civilian populations in future decades as well.”

A2Z’s share price is up 4.82 per cent, with shares trading at $0.87 apiece.

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