ParaZero Achieved Positive Results from Mutual Project with Fortune 500 Automotive Manufacturer
January 29 2024 - 7:22AM
ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "Company
“ParaZero”), an aerospace company focused on drone safety systems
for commercial drones and urban air mobility aircraft, announced
recently the successful completion of a significant drone safety
project with a leading Fortune 500 automotive manufacturer (“the
Customer”) for their proprietary drone program. As announced on
December 20, 2023, and in line with the project agreement, ParaZero
has received full payment for the development of a
first-of-its-kind custom variant of their innovative SafeAir™ drone
safety system.
This project involved the development and testing of a custom
ParaZero SafeAir™ system designed and engineered to meet extremely
demanding flight conditions and specifications to accommodate the
Fortune 500 automotive manufacturer's proprietary aircraft program.
This project was initiated from the design stage, ensuring an
optimized and seamless integration on the aircraft, at unique
flight envelope and operational characteristics. This project
reinforces ParaZero’s reputation as a provider of advanced safety
solutions across a myriad of aerial platforms, including
multirotor, single rotor, fixed-wing, VTOL, manned and unmanned,
and urban air mobility vehicles. Additionally, this project is a
testament to ParaZero's capabilities to develop custom product
variants to meet unique requirements and standards across a range
of aircraft from around the world.
In addition to this achievement, ParaZero has received its
second purchase order from the Customer in late 2023. This ongoing
project further strengthens ParaZero's position as a leader in the
aerospace industry, particularly in the development and integration
of aircraft safety systems.
Boaz Shetzer, CEO of ParaZero, commented, “We are thrilled with
the completion of this project, which showcases our robust
technical capabilities and our commitment to delivering top-tier
solutions in drone safety. The second order we have recently
secured from this automotive company is a clear indication of the
growing trust and demand in our specialized services.”
About ParaZero Technologies
ParaZero ( 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 overpopulated
areas and beyond-visual-line-of-sight (BVLOS).
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act and
other 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. For example, ParaZero is using
forward-looking statements when it discusses its aim to achieve
increased drone performance, operational efficiency, and improve
safety to set a new standard for the industry. Forward-looking
statements are not historcal facts, and are based upon management’s
current expectations, beliefs and projections, many of which, by
their nature, are inherently uncertain. Such expectations, beliefs
and projections are expressed in good faith. However, there can be
no assurance that management’s expectations, beliefs and
projections will be achieved, and actual results may differ
materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements. For a more detailed description of the
risks and uncertainties affecting the Company, reference is made to
the Company’s reports filed from time to time with the Securities
and Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s final prospectus (Registration No.
333-265178) dated July 26, 2023. Forward-looking statements speak
only as of the date the statements are made. The Company assumes no
obligation to update forward-looking statements to reflect actual
results, subsequent events or circumstances, changes in assumptions
or changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. 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. ParaZero is not responsible for the contents of
third-party websites.
Investor Relations Contact:
Michal EfratyInvestor Relations,
Israel+972-(0)52-3044404michal@efraty.com
ParaZero Technologies Ltd. | 30 Dov Hoz, Kiryat
Ono, Israel 5555626P: +972-36885252 |
E: contact@parazero.com | F: +972-3-688-5246
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