Credit line

A2Z Smart Technologies extends existing line of credit with manufacturing partner Acromatis

TEL AVIV, ISRAEL /ACCESSWIRE/July 14, 2022/ A2Z Smart Technologies Corp. (NASDAQ: AZ) (TSXV: AZ), today announced the extension of its existing line of credit with Acromatis, a manufacturing partner for the company’s Cust2Mate smart carts. The expanded line of credit will enable the manufacture of an additional 5,000 of the company’s Gen 2.5 and Gen 2.8 smart carts without affecting the company’s working capital. The total amount of the line of credit will amount to 17 million US dollars.

In accordance with the terms of the credit line, Cust2Mate will pay Acromitis 20% of the manufacturing cost as a deposit (this amount is usually covered by the retailer’s first payment). The remaining balance will be paid upon receipt of payment from the customer.

A2Z’s state-of-the-art Gen 2.5 and 2.8 smart carts provide a convenient, contactless shopping experience by recognizing each item purchased and enabling in-cart payment so shoppers don’t have to tail. The platform also enables retail grocers to direct shoppers to discounted products with in-store promotions and collect valuable in-store purchase data to optimize operations and inventory management.

Rafael Yam, CEO of Cust2Mate, said, “Acromatis is a valued manufacturing partner, and extending our existing line of credit provides us with the financial flexibility to significantly increase our capacity to produce large volumes of Cust2Mate smart carts. the world is embracing the benefits of frictionless retail solutions, and this line of credit supports our manufacturing capabilities to meet anticipated increased demand without diluting shareholder value. »

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 mobile self-service shopping board. 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 customers can simply “take it and go and avoid long checkout lines. . This results in a more efficient shopping experience for customers, less unused shelf space and labor, and advanced command and control capabilities for store managers.

Caution Regarding Forward-Looking Statements

The TSX Venture Exchange Inc. has in no way passed on the merits of the Company and has neither approved nor disapproved of the contents of this press release. Neither the 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 press 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 expectations. Important factors – including availability of funds, results of financing efforts, results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s filings. 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 under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States or to persons United States unless registered or exempt from it. .

Contact information:
IMS Investor Relations
John Nesbett/Jennifer Belodeau
Phone: 203.972.9200
Email: [email protected]

THE SOURCE: A2Z Smart Technologies Corp.

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https://www.accesswire.com/708536/A2Z-Smart-Technologies-Expands-Existing-Credit-Line-with-Manufacturing-Partner-Acromatis