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Ondas Networks Inc. Is Acquired as Subsidiary of Public Company

$15 Million Credit Facility Becomes Available to Spur Corporate Expansion

SUNNYVALE, Calif., Oct. 22, 2018 (GLOBE NEWSWIRE) -- Ondas Networks Inc. ("Ondas Networks"), a leading supplier of private licensed wireless data networks for mission-critical industrial markets, announced today the successful completion of its acquisition by Zev Ventures Incorporated ("Zev Ventures" or the "Company") whereby it became a wholly owned subsidiary of the Company. To better reflect the Company's core business, Zev Ventures changed its name to Ondas Holdings Inc. ("Ondas Holdings"). The name change and trading symbol change to "ONDS" was effective at the market open on October 5.

The Company issued 25,463,732 shares of its common stock to the former Ondas Networks' stockholders in the transaction. The shares are covered by a lock-up agreement which, among other things, restricts their resale for an initial 12-month period followed by a subsequent 12-month limited sale period.

In conjunction with the acquisition, the Company entered into a $10 million credit facility with one of the Company's stockholders. In addition, the closing of the acquisition triggered the availability of a $5 million credit facility with one of Ondas Networks' prior lenders, providing an aggregate of $15 million available for corporate expansion.

"The acquisition and funding are important steps for the Company in terms of expanding our footprint and maintaining corporate growth," said Eric Brock, CEO of Ondas Holdings. "The capital will allow us to accelerate the expansion of our sales and customer support teams, elevating our brand visibility as we strive to become the leading supplier of wireless communications solutions to industrial and governmental markets. This includes leveraging the new worldwide wireless industrial standard, IEEE-802.16s; a standard that is principally based on Ondas' proprietary FullMAX™ technology and is driving demand and interest in our wireless data communications solutions from mission-critical entities within a number of industries."

Ondas Networks designs, develops, manufactures, sells and supports FullMAX, its multi-patented, state-of-the-art, point-to-multipoint, Software Defined Radio (SDR) system for secure, licensed, private, wide-area broadband networks. Ondas Networks' products are applicable to a wide range of mission critical applications that require secure communications over large and diverse geographical areas, many of which are within challenging radio frequency environments. Ondas Networks intends to sell its products and services globally to critical infrastructure providers including electric utilities, water and wastewater utilities, oil and gas producers, transportation and governmental entities.

In conjunction with the acquisition, Ondas Holdings announced the addition of new members to its Board of Directors and named an additional executive officer. Eric Brock continues as Chief Executive Officer and Chairman of the Board, while Stewart Kantor was appointed as President, Chief Financial Officer, Secretary and Treasurer. The new Directors of Ondas Holdings include Stewart Kantor, Derek Reisfield, Richard Cohen and Richard Silverman. 

Additional details relating to the transaction are included in the Company’s Current Report on Form 8-K which was filed with the Securities and Exchange Commission on October 4, 2018.

About Ondas Holdings Inc.
Ondas Holdings Inc., through its wholly owned subsidiary, Ondas Networks Inc., is a wireless networking company that designs and manufactures its multi-patented, Software Defined Radio (SDR) platform for Mission Critical IoT (MC-IoT) applications. Ondas' customer end markets include utilities, oil and gas, transportation and government.  Customers use our SDR technology to deploy their own private licensed broadband wireless networks.  We also offer mission-critical entities the option of a managed network service.  Ondas' SDR technology supports IEEE 802.16s, the new worldwide standard for private licensed wide area industrial networks. For additional information, visit www.ondas.com.

Forward Looking Statements
Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions with respect to future operations and products, the potential of the Company's technology and product candidates, the anticipated financial position, operating results and growth prospects of the Company. Forward-looking statements by their nature involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ondas Networks to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that includes terms such as "believes," "belief," "expects," "estimates," "intends," "anticipates" or "plans" to be uncertain and forward-looking. Particular uncertainties and risks include general business and economic conditions, the Company’s need for and ability to obtain additional financing, and achieving market acceptance.  

Examples of such statements include statements such as:

  • that the capital will allow the Company to accelerate the expansion of sales and customer support teams, and will elevate the Company's brand as it strives to become the leading supplier of wireless communications solutions to industrial and governmental markets;
  • that IEEE-802.16s, the new worldwide wireless industrial standard, is principally based on Ondas' proprietary FullMAX technology, and is driving demand and interest in the Company's wireless data communications solutions from mission-critical entities within a number of industries; and
  • that Ondas Networks intends to sell its products and services globally to critical infrastructure providers including electric utilities, water and wastewater utilities, oil and gas producers, transportation and governmental entities.

Reference is made to our Current Report on Form 8-K relating to the acquisition filed on October 4, 2018 for additional risks and uncertainties discussed under the caption "Risk Factors." We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date.

Media Contact
Kate Caruso-Sharpe
kate.caruso-sharpe@ondas.com
888.350.9994 Ext. 22

/EIN News/ --

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