ParaZero Successfully Completed its Drone Safety Project with a Fortune 500 Leading Automotive Manufacturer
December 20 2023 - 7:15AM
ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "Company
“ParaZero”), an aerospace company focused on drone safety systems
for commercial drones and urban air mobility aircraft, announces
the successful completion of its safety solution development for a
Fortune 500 leading global automotive manufacturer’s (" the
Customer") proprietary drone program. In line with the project's
completion, ParaZero has received full payment for the development
of a first of its kind development custom variant their innovative
SafeAir™ drone safety system.
This project involved development and testing of a custom
groundbreaking ParaZero SafeAir™ system designed to meet
challenging requirements and specifications to meet the Fortune 500
automotive manufacturer's proprietary aircraft from the design
stage, ensuring optimized and seamless integration, at unique
flight envelope and characteristics. The successful completion of
this project reinforces ParaZero’s reputation as a provider of
advanced safety solutions across various aerial platforms,
including multirotor, single rotor, fixed-wing, VTOL, manned and
unmanned, and urban air mobility vehicles, and its abilities to
develop custom product variants to meet unique requirements and
standards per the Fortune 500 automotive and UAS manufacturer.
In addition to this achievement, ParaZero has received its
second purchase order from the Customer, few months ago. This
ongoing project further strengthen ParaZero's position as a leader
in the aerospace industry, particularly in the development and
integration of drone safety systems.
Boaz Shetzer, CEO of ParaZero, commented, “We are thrilled with
the successful completion of this project, which showcases our high
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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