Jeffs’ Brands, Deliverz.AI sign binding LOI for U.S. joint venture

Jeffs’ Brands (JFBR) has entered into a binding Letter of Intent with Deliverz.AI. The LOI, entered into on November 27, 2024, outlines a plan to establish a joint venture to operate exclusively in the United States, combining the strengths of both companies to introduce AI-powered fully autonomous robotic solutions for healthcare logistics in the United States. Deliverz.AI specializes in autonomous navigation platforms that streamline logistics operations. Their flagship robot, Polly, is already in use at Israel’s Sheba Medical Center where it autonomously delivers chemotherapy drugs across complex hospital environments. Pursuant to the LOI, Deliverz.AI will provide the license for its proprietary robotics technology and operational software to the JV in consideration of a 50% equity stake in the JV, while Jeffs’ Brands will invest $1 million for a 50% equity stake in the JV. The investment will be paid according to a phased schedule: $100,000 upon the signing of the definitive agreement establishing the JV, $100,000 when the JV secures its first U.S. pilot project, and the remaining $800,000 will be paid in installments until the end of 2025, based on budgets to be agreed upon in the definitive agreement. The JV will aim to partner with U.S. medical centers, deploying robotics solutions to improve logistics efficiency and enhance healthcare delivery. Both companies are committed to finalizing definitive agreements within 30 days, which will include customary closing conditions, compliance with any regulatory approvals and subject to satisfactory due diligence to be completed by each party. In the event that the results of the due diligence are not satisfactory to one of the parties, the LOI will terminate.