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Be the first with the news that moves the market- A2Z Technologies (TSXV:AZ) has been classified as an “essential service” by the Israeli government, amid mass COVID-related shutdowns
- The company likely qualified because of its contracts with various divisions of the Israeli government, which are also essential services
- A2Z has not reported any impacts from the pandemic, but is taking precautions to protect employees
- The company is operating at full capacity, and with a strong balance sheet
- A2Z’s share price remains unchanged, and is currently trading at $0.48 per share
Military-grade technology company A2Z Technologies (TSXV:AZ) has been classified as an “essential service” by the government of Israel.
As such, the company will continue its operations during the COVID-19 crisis that has caused worldwide business shutdowns.
A2Z likely qualified because of its contracts with various divisions of Israel’s government, which also qualify as essential services.
A2Z’s President and CEO, Bentsur Joseph, stated that as a result of the categorisation, the company is operating at full capacity.
“We have contracts with so many important divisions of the Israeli government, including the Army, Police, Ministry of Defense, all of whom are also deemed essential and remain open. This enables us to fulfil our contracts as per relevant agreements,” Bentsur said.
The company has not yet reported experiencing any major negative impacts from the COVID-19 pandemic. Still, A2Z has stated that it is taking the necessary precautions to ensure employee safety, while remaining available to fulfil contracts.
The company has recently completed financing and improved payment terms from its clients. As a result, A2Z’s balance sheet is strong and likely to continue growing.
“The company’s cash flow remains strong, and our business is robust, alive, and well. Our Canadian and Frankfurt listings give us the platform to a whole new level of investor exposure. It also provides a nexus from which to expand our visibility to promising potential clients within North America and the European Union,” he concluded.
A2Z’s share price remains unchanged, and trading at $0.48 per share, as of 1:13pm EST.
