Engaged in advancing innovative solutions for large-scale market applications
OMER, Israel, June 17, 2021 – Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions and innovative internet technologies, announced today that Charging Robotics Ltd., a wholly owned subsidiary of the company, signed a definitive distribution agreement with Automax Motors Ltd., an Israeli public company traded in Tel Aviv Stock Exchange (AMX.TA). The agreement is for an exclusive distribution of its wireless robotic charging pad in Israel and Greece for a period of five years, with an extension option for an additional five years. Automax Motors will market the wireless robotic charging pad for electric vehicles, once fully developed by Charging Robotics, and will be responsible for obtaining all the necessary licenses, permits and approvals for the import, marketing and distribution of such product.
As part of the definitive agreement, Automax Motors will pay Charging Robotics a one-time payment of $50,000 for its appointment as an exclusive distributor in Israel and Greece. Additionally, Automax Motors will have a five year option to purchase up to 5% of Charging Robotics’ ordinary shares at a $30 million pre-money valuation on a fully diluted basis, upon completion of Charging Robotics’ first financing round. Furthermore, Automax Motors will have an additional option, for five years, to purchase ordinary shares of up to 5% of the amount of shares that Charging Robotic will issue in any subsequent round, following the first financing round, at a price per share to be determined in any such round.
Automax Motors, which is engaged in the parallel import of a variety of leading automobile brands into Israel, has eight sales offices in Israel and an online sales branch, a vehicle preparation and licensing facility, logistics centers in Israel and overseas, a license to import spare parts for vehicles and post-sales service network.
Charging Robotics is developing an on-demand autonomous charging system to be used anywhere, anytime. The wireless charging system being developed is intended to be self-aligning to electric vehicle battery chargers. The state-of-the-art autonomous Wireless Power Transfer (WPT) technology, once developed, is intended to seamlessly and efficiently charge the vehicle upon demand, it will carry the Wireless Power Transfer from a charging station or charging truck, to a customer’s vehicle that needs electric charging.
Medigus Ltd. is a technology-based company engaged in advancing innovative solutions for large-scale market applications. To learn more about Medigus’ advanced technology, please visit www.medigus.com.