The joint solution will integrate safety technology and predictive maintenance into a unified platform, leveraging Maris-Tech's artificial intelligence and video analytics capabilities
Rehovot, Israel, Oct. 12, 2023 (GLOBE NEWSWIRE) -- 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, CFO
Tel: +972-72-2424022
Nir@maris-tech.com
