TEL AVIV, ISRAEL / ACCESSWIRE / May 9, 2023 / A2Z Smart Technologies Corp. (NASDAQ:AZ)(TSXV:AZ), today announced that, further to the existing purchase of 1,300 Smart Carts from the leading grocery chain M. YOCHANANOF AND SONS (1988) LTD. ("Yochananof") for total aggregate revenues of approximately New Israeli Shekels ("NIS") 35 million (~$12.0 million; CAD $13.8 million) as reported by the Company on December 13, 2022, it has received notice from Yochananof by LOI of its intention to purchase up to an additional 1,700 of the Company's new generation smart carts, on final conditions to be agreed.
The Cust2Mate smart cart platform streamlines the retail shopping experience by automatically scanning purchased products and enabling in-cart payment, allowing customers to "pick and go" and bypass long cashier checkout lines. Additionally, with Cust2Mate's technology, retail grocers can direct shoppers to discounted products, in-store promotions, and other offers to efficiently move inventory from the shelves into carts. Cust2Mate's smart algorithm, computer vision system, and real-time product recognition features help reduce the risk of theft, while the in-cart payment capability and reduced need for cashiers improve the overall customer experience.
Elad Harazi, Deputy CEO of Yochananof, stated "The response from our customers to the Cust2mate Smart Cart has been very positive and, as a chain which always looks to be at the forefront of retail state of the art technology, we are delighted to announce our intention to increase the purchase and deployment of the smart carts in our branches".
"We are thrilled to receive the LOI of this increased purchase from Yochananof," said Guy Mordoch, CEO of A2Z's subsidiary Cust2Mate. "Our smart cart technology is revolutionizing the retail industry, providing customers with a seamless and convenient shopping experience while enabling retailers to improve inventory management and reduce labor costs. This is a testament of the actual consumers demanding to use technology to change their shopping journey and is without a doubt the future of all retail.
A2Z Smart Technologies Corp. creates innovative solutions for complex challenges. A2Z's flagship product is an advanced proven-in-use mobile self-checkout shopping chart. With its user-friendly smart algorithm, touch screen, and computer-vision system, Cust2Mate streamlines the retail shopping experience by scanning purchased products and enabling in-cart payment so that customers can simply "pick & go", and bypass long cashier checkout lines. This results in a more efficient shopping experience for customers, less unused shelf-space and manpower requirements, and advanced command and control capabilities for store managers.
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The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts and the risks relating to our business -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com) and with the Securities and Exchange Commission (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States or elsewhere.
SOURCE: A2Z Smart Technologies Corp.
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