*A2Z Smart Technologies Announces Credit Line
with Manufacturing Partner Flex*
TEL AVIV, ISRAEL / ACCESSWIRE / July 19, 2022 / A2Z Smart Technologies Corp. (the “Company”)(NASDAQ:AZ) (TSXV:AZ), today announced that further to its manufacturing agreement with Flex Ltd. (“Flex”) which was announced on September 14, 2021, Flex has confirmed a manufacturing credit line for the manufacture of A2Z’s third generation Cust2Mate Smart Carts.
Flex has confirmed that it will produce 20,000 third generation smart carts based on payment terms of net+30 days after delivery of the smart cart.
This agreement allows A2Z to manufacture large quantities of third generation smart carts without burdening the Company’s capital resources and without needing bank credit line options or capital injections.
A2Z’s state-of-the-art Cust2Mate Smart Cart provides a contactless and convenient shopping experience by recognizing every purchased item and enabling in-cart payment so that shoppers don’t have to wait on lines. The platform also allows retail grocers to direct shoppers to discounted products with in-store promotions and collects valuable in-store shopping data to optimize operations and inventory management.
BenTsur Joseph, CEO of A2Z, commented, “Flex is a valued manufacturing partner and we believe this credit line will benefit our efforts to scale production of our next generation of Cust2Mate Smart Carts. We are seeing tremendous demand for our smart carts as retailers seek to provide a convenient and frictionless shopping experiences to customers. We look forward to increasing our manufacturing capabilities so that we can bring more smart carts into the marketplace.”
Flex has facilities in 30 countries as well as state-of-the-art logistics, manufacturing and supply chain capabilities. The manufacturing partnership is designed to support A2Z in meeting the anticipated demand and improving delivery times to customers worldwide.
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-in-use mobile self-checkout shopping chart. 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 that customers can simply “pick & go”, and bypass long cashier checkout lines. This results in a more efficient shopping experience for customers, less unused shelf-space and manpower requirements, and advanced command and control capabilities for store managers.
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