Maris-Tech Enters Into Agreement with Art of Logic Australia for $7.5 Million of a New Product Based On the Company’s Uranus-AI Product
May 09 2023 - 6:14AM
Maris-Tech Ltd. (Nasdaq: MTEK) (“Maris-Tech” or the “Company”), a
B2B provider of edge artificial intelligence (“AI") accelerated
video solutions for edge platforms, today announced that it
has entered into a large-scale product delivery agreement (the
“Agreement”) with Art of Logic Pty Ltd ("AOL" or “Art of Logic”)
Australia.
AOL develops and manufactures hardware and software systems for
artificial intelligence and computer vision applications. AOL has
selected Maris-Tech to develop and deliver the Callisto, a
customized product based on Maris-Tech's Uranus-AI product family,
a next-generation 8K ultra-HD video and Hailo-8 based AI
acceleration edge computing platform ("Callisto"). AOL will develop
its own AI computer vision software applications and will sell the
integrated solution under its own brand to an end-customer based in
the United States.
The Callisto will serve traffic control and safe city
applications in the United States. The Agreement furthers the
Company’s strategic plan to expand into the U.S. market.
The order is expected to be delivered to AOL in tranches during
2023 to 2025.
"We are thrilled to expand our cooperation with AOL with this
Agreement for a customized product. Maris-Tech strives to provide
our customers with cutting-edge, flexible, and unique technology
that allows users to stream high-quality video in real-time and in
extreme conditions" said Israel Bar, CEO of Maris-Tech.
"We are delighted to continue working with Maris-Tech. This
Agreement for a new customized product expands the scope of our
previous order from Maris-Tech and is a testimony to our successful
cooperation" said Darren Ruger, CEO of AOL.
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.
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 development
and delivery of the Callisto, the timing for the delivery of the
order to AOL, the ongoing efforts of the Company to expand into the
U.S. market, and the intentions of the Company to provide its
customers with cutting-edge, flexible, and unique technology that
allows users to stream high-quality video in real-time and in
extreme conditions. 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, 2021, 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:
Nir Bussy, CFOTel: +972-72-2424022Nir@maris-tech.com
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