Maris-Tech and Ben Gurion University Received a Joint Grant for the Development of Advanced System for Drones Fault Prediction
August 24 2022 - 8:51AM
Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the
“Company”), a B2B provider of intelligent video transmission
technology, today announced it has received a joint grant with Ben
Gurion University, Be'er Sheva, Israel, from the Israeli Innovation
Authority.
The goal of the joint project is to develop an AI
(artificial intelligence) and ML (machine learning) based system
for detecting, diagnosing and predicting faults and malfunction in
drones, by adapting and integrating an identification and
prediction model developed at Ben Gurion University in existing
systems of Maris-Tech.
"We are honored to receive this grant with a
leading university like Ben Gurion and consider this grant as a
vote of confidence in our technology. After assessing the project,
the combination of both technologies, and our ability to deliver
advance products, the Company was awarded the grant. It is our
intention to continue partnering with leading organizations and
harness our products' advantages to additional sectors and systems.
This program is another layer in the Company’s intention to provide
edge computing solutions on drones". said Israel Bar, CEO of
Maris-Tech.
The total approved budge for the first year of the
joint project amounts to approximately $400,000. The grant
represents 66% of the total budget for the project. The overall
project is planned for two years with a higher budget after the
first year. In the second year, the Israeli Innovation Authority
will increase the budget if the Company meets certain
milestones. The Israeli Innovation Authority will not receive
any royalties from future potential revenues of the Company.
This program was initiated and will be led by Mr.
Magenya Roshanski, the Company’s CTO.
About Maris-Tech Ltd.
Maris-Tech is a B2B provider of intelligent video
transmission 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/.
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
future development of the joint project, the Company’s intention to
continue partnering with leading organizations and providing
computing solutions. 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 Company's Annual Report on Form 20-F
filed with the SEC 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:
Michal Efraty, Adi and Michal PR- IR Investor
Relations, Israel
+972-(0)52-3044404 michal@efraty.com
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