Maris-Tech and ParaZero Technologies Expand their Collaboration into the Defense Market for Drones
October 12 2023 - 8:10AM
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) ("Maris-Tech"), a B2B
provider of edge artificial intelligence (“AI”) accelerated video
solutions for edge platforms, and ParaZero Technologies Ltd.
(Nasdaq: PRZO) (“ParaZero”), an aerospace company focused on drone
safety systems, today announced an expansion of their
collaboration.
Maris-Tech and ParaZero entered into a letter of intent pursuant
to which the companies will collaborate to develop a unified
product, integrating safety technology and predictive maintenance.
In addition, the companies will explore the possibility of
enhancing the capabilities of ParaZero's failure prediction and
emergency safety system, utilizing the AI acceleration capabilities
in Maris-Tech’s original equipment manufacturer (OEM) products.
Commenting on the collaboration, Israel Bar, Maris-Tech's CEO,
said, "Safety in drone systems is paramount in the defense
industry. Our collaboration with ParaZero ensures advanced safety
measures, underlining our commitment to being at the forefront of
edge technologies."
The CEO of ParaZero, Boaz Shetzer, said, "Maris-Tech's
cutting-edge video payloads and AI capabilities elevate drone
safety, showcasing the future of aerospace technology for the
defense industry."
Mr. Amitay Weiss is the Chairman of the board of directors of
Maris-Tech and also the Chairman of the board of directors of
ParaZero.
About Maris-Tech Ltd.Maris-Tech is a B2B
provider of video streaming and AI 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.
About ParaZero Technologies Ltd.ParaZero
Technologies Ltd., (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 over
populated areas and beyond-visual-line-of-sight
(BVLOS).
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 expansion of
the collaboration between Maris-Tech and ParaZero and development
of a unified product and our commitment to being at the forefront
of edge technologies. 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, 2022, filed with the SEC on March 6, 2023,
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:
Nir Bussy, CFOTel:
+972-72-2424022Nir@maris-tech.com
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