TEL AVIV, ISRAEL / ACCESSWIRE / November 9, 2023 / A2Z Smart Technologies Corp. ("A2Z" or the "Company") (NASDAQ:AZ)(TSXV:AZ) ($AZ), a global leader in innovative technology solutions, is pleased to announce the unanimous approval of a plan by its Board of Directors to spin off its 80% interest in Advanced Automotive Innovations Inc ("AAI").
As part of the restructuring, AAI is expected to become a publicly traded company, such that all shareholders in A2Z will receive an equivalent pro-rata shareholding in AAI. The Board has authorized the engagement of experienced legal, financial, tax, securities, and other consultants and auditors to oversee the entire restructuring process. The restructuring is subject to receipt of all corporate and shareholder approvals as well as receipt of all regulatory approvals including that of the TSX Venture Exchange. The Company anticipates that the restructuring will be completed in Q2, 2024.
AAI specializes in the automotive safety sector and is currently developing a groundbreaking "Fuel Tank Inertia Capsule System" ("FTICS") designed to prevent fuel combustion in the event of a vehicle collision. AAI holds a patent with the U.S. Department of Commerce for FTICS and is actively working towards the commercialization of a product that can be seamlessly integrated into automobile gasoline tanks.
Gadi Graus, President of A2Z, stated, "We believe that the pioneering and lifesaving "Fuel Tank Inertia Capsule System" being developed by AAI has remarkable potential. This proposed spin-off represents a significant opportunity for AAI to further the development of the system as an independent company, to realize its maximum potential, and to allow A2Z to concentrate its resources more fully on the Cust2mate smart cart solution. We are committed to ensuring that the transition is executed seamlessly and efficiently. We look forward to the exciting developments and value creation that we believe this strategic decision will bring to A2Z and AAI and to enhancing our shareholders' value."
Further press releases will be forthcoming as the restructuring progresses.
For more information on A2Z Subsidiary Cust2Mate, please visit www.cust2mate.com. For details on investing in A2Z (NASDAQ:AZ) ($AZ), visit www.a2zas.com.
About A2Z Smart Technologies Corp.
A2Z Smart Technologies Corp. creates innovative solutions for complex challenges. A2Z's flagship product is an advanced 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.
Cautionary Statement Regarding Forward-looking Statements
The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company and 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 and the risks relating to our business -- 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) and with the Securities and Exchange Commission (see www.sec.gov). 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.
Gadi Graus, President
Brett Maas, Managing Principal, Hayden IR, LLC
SOURCE: A2Z Smart Technologies Corp.View source version on accesswire.com: