TEL AVIV, Israel, Oct. 08, 2024 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "company” or “ParaZero”), an aerospace company specializing in drone safety systems for defense and commercial drones and for urban air mobility aircraft, recently announced that it has achieved significant milestones in the rapidly growing Counter-Unmanned Aerial Systems (C-UAS) market with back-to-back orders for its advanced counter-drone solution. These recent successes highlight ParaZero’s impressive entry into the counter-drone sector, following its earlier announcement this year to expand into the defense and Homeland Security (HLS) market.
ParaZero’s breakthrough began with securing a major order from a Tier-1 defense customer for its advanced C-UAS solution, designed to detect, neutralize and eliminate aerial threats. Shortly after, the company received an additional order.
“These orders represent a pivotal moment for ParaZero as we expand our portfolio to meet the rising global demand for counter-drone technology,” said Boaz Shetzer, CEO of ParaZero Technologies. “The advanced capabilities of our C-UAS systems allow our clients to effectively mitigate the threats posed by rogue drones, ensuring the safety of both military and civilian environments.”
Tapping into a Rapidly Growing Market
The global counter-drone market is projected to reach $7.05 billion by 2029 according to a MarketandMarkets report, and ParaZero is positioning itself as a key player in this fast-growing space. By leveraging its expertise and protected IP in drone safety and autonomous systems, ParaZero’s C-UAS solutions offer a unique and efficient solution against drones for defense, HLS and commercial end users.
The company’s multi-layered C-UAS technology provides real-time drone detection, identification and neutralization, making it a vital asset for protecting troops, military platforms and bases, critical infrastructure and other highly secured assets and areas. As drone threats become increasingly sophisticated, ParaZero is aiming to be at the forefront of delivering next-generation security solutions that address these increasingly growing challenges.
Building Momentum for the Future
With these initial orders secured, ParaZero is expanding its presence in the counter-drone market with confidence and momentum. The company continues to expand its relationships with global defense and security organizations, positioning itself as a premier provider of C-UAS solutions in both military and non-military sectors.
“We are committed to delivering innovative, reliable technologies that meet the critical needs of our customers,” added Shetzer. “We believe that these orders are just the beginning of what we see as a long and successful journey in the counter-drone industry.”
About ParaZero Technologies
ParaZero (Nasdaq: PRZO) is an aerospace company focused on drone safety systems for defense and commercial drones and urban air mobility 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 over populated areas and beyond-visual-line-of-sight (BVLOS) as well as for various military applications including Counter UAS. For more information about ParaZero, please visit https://parazero.com/
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 the expected growth of the global counter-drone market, how ParaZero is positioning itself as a key player in the global counter-drone market, how ParaZero is aiming to be at the forefront of delivering next-generation security solutions that address these increasingly growing challenges, its commitment to delivering innovative, reliable technologies that meet the critical needs of its customers and its belief that these orders are just the beginning of what it sees as a long and successful journey in the counter-drone industry. Forward-looking statements are not historical 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 Annual Report on Form 20-F filed with the SEC on March 21, 2024. 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 content of third-party websites.
Investor Relations Contact:
Michal Efraty
Investor Relations
michal@efraty.com
