Medigus: Revoltz Initiates on Exclusive Distribution Agreement of $2.7 Million in Revenues and Completes the Production of the First 50 PORTO Micro-Mobility EVs
March 27 2024 - 7:55AM
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions, innovative internet technologies and
electric vehicle (“EV”) and charging solutions, announced today
that Revoltz Ltd, its EV joint venture, 19.9% owned by its
subsidiary Fuel Doctor Holdings, Inc. (67.15%), completed its first
production batch of 50 units of its micro-mobility electric
vehicle, ‘PORTO’.
The completion of production is a significant
step in enabling Revoltz to prepare for shipment of units in
accordance with the Agreement signed over the past year.
During 2023, Revoltz and a premier distributor
in Israel (the “Distributor”) entered into the
Agreement, worth $2.7 million in revenue, with the goal to
steer the advanced PORTO EVs into Israel and adjacent
territories.
As part of the agreement, the Distributor has
already purchased 50 PORTO units for the last-mile delivery market
and is committed to purchasing a total of 150 vehicles in the first
year of the Agreement. The five-year Agreement includes annual and
scaling-up sales targets for each year.
The Distributor will provide service and
maintenance for the PORTO vehicles as part of the Agreement,
ensuring high-quality support and longevity for customers focusing
mainly on the local delivery market.
Revoltz has made strides in the EV industry with
the launch of its flagship model, PORTO, which provides a seamless
blend of functionality, sturdy design, and agility, designed
specifically for the growing last-mile delivery market. The PORTO
vehicle provides 100 km range with a delivery payload of 250L on a
single charge, offering similar payload capacity as a small
hatchback car at lower cost and with the ability to maneuver in
tight urban environments. The PORTO uses an advanced tilting
advanced leaning suspension mechanism ensures best in class
stability even under full load. With high volume loading spaces
integrated over both axles, the cargo weight is distributed evenly,
making for a safe and confident ride with unmatched vehicle
dimensions.
About Medigus
Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is
a technology company focused on innovative growth partnerships,
mainly in advanced medical solutions, digital commerce and electric
vehicle markets. Medigus' affiliations in the medical solutions
arena include ownership in Polyrizon Ltd. The Company’s affiliates
in digital commerce include Gix Internet Ltd., Jeffs' Brands Ltd.
and Eventer Technologies Ltd. In the electric vehicle market,
Charging Robotics Ltd. and Revoltz Ltd., by way of Fuel Doctor
Holdings, Inc. are also part of the Company’s portfolio of
technology solution providers. Medigus is traded on Nasdaq Capital
Market. To learn more about Medigus’ advanced technologies, please
visit http://www.medigus.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. Because such statements deal with
future events and are based on Medigus’ current expectations, they
are subject to various risks and uncertainties, and actual results,
performance or achievements could differ materially from those
described in or implied by the statements in this press release.
For example, Medigus uses forward-looking statements when
describing PORTO’s ability to satisfy market needs.
The forward-looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed in any filings with the
SEC. Except as otherwise required by law, Medigus undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Medigus is not
responsible for the contents of third-party websites.
Company Contact: Tali DinarChief Financial
Officer+972-8-6466-880ir@medigus.com
Investor Relations Contact:Michal
EfratyInvestor Relations,
Israel+972-(0)52-3044404michal@efraty.com
Medigus (NASDAQ:MDGS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Medigus (NASDAQ:MDGS)
Historical Stock Chart
From Apr 2023 to Apr 2024