Jeffs’ Brands (JFBR) stock surged on Friday after the e-commerce company that operates on Amazon (AMZN) Marketplace announced a definitive distribution agreement for subsidiary KeepZone AI. The company’s subsidiary has signed an agreement with Israeli deep-tech developer Scanary that exposes Jeffs’ Brands to the global homeland-security sector.
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Under the terms of this agreement, KeepZone AI has been granted the right by Scanary to sell its suite of AI-radar screening systems. These systems are capable of scanning up to 25,000 people per hour and use 3D imaging to disregard non-threatening items, such as smartphones. The contract covers exclusive rights to sell Scanary products in Canada, Germany, and the United Arab Emirates over an initial 24-month period, as well as non-exclusive rights in Spain and Italy.
As part of this agreement, KeepZone AI has agreed to pay Scanary $1 million for the rights. It will do so in five monthly payments of $200,000, with payments starting the month after the agreement was signed. Additionally, KeepZone AI will gain 10% of Scanary’s profits in areas outside of the exclusive regions.
Jeffs’ Brands Stock Movement Today
Jeffs’ Brands stock was up 39.2% on Friday, but was still down 94.28% year-to-date. The stock has also decreased 94.93% over the past 12 months.
With today’s news came heavy trading of JFBR stock, as some 737,000 shares changed hands today. For comparison, the company’s three-month daily average trading volume is about 169,000 units.
