Xylo Technologies: ParaZero Received Order from a Leading Tier-One Defense Company for 50 Drone Safety Systems Seite 1

TEL AVIV, Israel, Aug. 15, 2024 (GLOBE NEWSWIRE) — Xylo Technologies Ltd. (Nasdaq: XYLO) (“Xylo” or the “Company”), a technology-based company engaged in advanced innovative technologies,
announced today that ParaZero Technologies Ltd. (Nasdaq: PRZO) ( “ParaZero”), an aerospace company focused on drone safety systems for defense and commercial drones and urban air mobility aircraft
(18.68% owned by Xylo), initiated a partnership with a leading Tier 1 defense OEM company to adapt and integrate its advanced drone safety system for operational military and medical mission use.
ParaZero received an initial order as part of a wider collaboration that aims to enhance the efficiency and safety of medical field mission’s deliveries, particularly in critical and remote areas.

In the initial phase, ParaZero will provide 50 systems to the customer for testing, during which time ParaZero will develop and validate the necessary adaptations for the medical delivery system.
Upon successful completion of the testing phase, the customer plans to purchase additional hundreds of systems for a pilot program. These stages are expected to be completed by the end of 2024,
after which the adapted systems will enter commercial production for operational use by this customer and other customers. ParaZero’s target is to develop a scalable, cost-effective mass production
system that can be deployed widely, ensuring that medical deliveries are safer, faster, and more reliable.

ParaZero’s drone safety systems, initially developed for defense and commercial applications, will be adapted and integrated to meet the unique mission and operational field requirements
for medical operations. This initiative underscores the ParaZero’s commitment to enter defense markets, as well as leveraging its technology to save lives and improve healthcare
logistics.

About ParaZero Technologies

ParaZero (Nasdaq: PRZO) is a -leading developer of autonomous parachute safety systems technologies for commercial and military platforms as well as for urban air mobility (UAM) 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.