TEL AVIV, ISRAEL / ACCESSWIRE / November 19, 2020 / A2Z Smart Technologies Corp. ('A2Z' or the 'Company') (TSXV:AZ) (OTCQX:AAZZF), an innovative project and technology company specializing in state-of-the-art automation and electronics, is pleased to provide additional information regarding its previously announced private placement financing in the amount of CAD$8,344,043 and its acquisition of control of Cust2Mate Ltd., a private limited liability company with operations in Israel ('Cust2mate').
The Company raised gross proceeds of CAD$8,344,043 which will be used for the role out and marketing of our advanced Cust2mate products as well as corporate advancements.
Investors in the transaction included leading Israeli financial institutions and was facilitated by Israel's premier investment bank, Orion Underwriting https://www.orion-uw.com/ . As part of the financing, A2Zs strategic partner M. Yochananof and Sons 1988 Ltd. https://yochananof.co.il ('Yochananof') invested an amount of US$2 million.
Yochananof is a leading retail supermarket chain in Israel which trades on the Tel Aviv Stock exchange (TASE: YHNF) with a company valuation exceeding NIS 2 Billion (approximately CAD$780 Million).
In conjunction with the aforementioned financing, A2Z also completed the acquisition of 77.51% of Cust2mate Ltd. The remaining equity of cust2mate is held primarily by Smart Trolly Ltd., which is part of the Buchwalter group (https://www.buchwalter.com), the representative of Wanzl (https://www.wanzl.com), a German company, and one of the world's largest suppliers/manufacturers of shopping carts.
Cust2Mate is focused on providing retail advanced solutions, in particular for large grocery stores, supermarkets and retail stores. Cust2Mate's primary product is a smart cart which enables shoppers to checkout automatically without having to pass through the cashier, without the need to unload and reload their purchases by simply allowing the customer to 'pick&go'.
The smart cart minimizes the amount of times the customers comes in contact with the product. The customer simply takes the product off the shelf and puts it in the smart cart. Payment is made through the smart cart. The smart cart also eliminates the need to separately weigh products.
A2Z's smart cart provides a win/win scenario for both the consumer and the retailer and meets an increasing demand for increased convenience and smart shopping by the consumer. This demand has been further increased by the recent pandemic as both consumers and retailers want to reduce the amount of contact within store environments.
For additional information, please visit: https://a2zas.com
On Behalf of the Company,
Bentsur Joseph, CEO
Neither 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.
Disclaimer: The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company has neither approved nor disapproved the contents of this press release. Neither 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 news 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 expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities - that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents 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 in the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.
SOURCE: A2Z Smart Technologies Corp.
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