SaverOne solution to become available to Iveco's customers: represents significant potential for long-term growth
PETAH TIKVAH, Israel, Oct. 19, 2022 /PRNewswire/ -- SaverOne 2014 Ltd. (NASDAQ:SVRE) (TASE: SVRE), a technology company engaged in transportation safety solutions, today announced that in line with its long-term growth strategy, it has signed a memorandum of understanding (MOU) with leading truck manufacturer, Iveco, for integrating its solution within Iveco's trucks, to prevent driver distraction from cellphone use. The parties aim to sign a formal agreement before year-end.
Iveco is a global vehicle manufacturer headquartered in Italy, which is focused on light, medium and heavy commercial vehicles. It sells approximately 150,000 vehicles globally on an annual basis, via its five thousand sales and service outlets across over 160 countries.
During 2023, under the MOU, Iveco and SaverOne will cooperate to integrate SaverOne's protection solution into Iveco trucks during the manufacturing process. Starting in 2024, Iveco is expected to offer its new trucks, equipped with SaverOne's driver distraction protection technology, to its global customer base.
Ori Gilboa, CEO of SaverOne, commented, "Our solution will create a safer driving experience for Iveco's customers by preventing driver distraction from cellphone use. This is an important milestone for SaverOne, marking our first international co-operation with a leading global OEM whose large customer base represents a key market and very significant growth potential for our technology."
Continued Mr. Gilboa, "We believe this proves our value and the attractiveness of our offering to vehicle manufacturers. It puts our strategy on strong footing, and we look forward to expanding our footprint and cooperation with additional vehicle manufacturers."
Investor Webinar Reminder
SaverOne will host a video conference call/webinar via Zoom tomorrow, Thursday October 20, 2022 at 9:00 am ET (16:00 Israel time). Investors that wish to submit questions to management prior to the webinar are welcome to email those questions to the investor relations team at [email protected].
To register for the webinar, please register using the following link: https://us06web.zoom.us/webinar/register/3016650901063/WN_nTNheOH-Tjm8WI52cCYF6w.
About the SaverOne System
SaverOne's system is installed in vehicles to provide a solution to the problem of driver distraction, as a result of drivers using distracting applications on the mobile phone while driving, in a way that endangers their safety and the safety of their passengers. This phenomenon is considered one of the main causes of road accidents in the world. According to the US National Highway Traffic Safety Administration, the annual cost of road accidents just in the United States, stands at about $870 billion each year, excluding the costs of serious injury or death, with a quarter of those accidents estimated to be related to the use of the mobile phones while driving. SaverOne's technology specifically recognizes the driver area in the vehicle and prevents the driver from accessing distracting applications such as messaging, while allowing others (e.g. navigation), without user intervention or consent, creating a safer driving environment.
SaverOne's primary target markets include commercial and private vehicle fleets that are interested in reducing potential damages and significant cost, vehicle manufacturers that are interested in integrating safety solutions to their vehicles, and insurance and leasing companies. SaverOne initially addresses car fleets with focus on the Israeli, European and US markets, as well as other markets around the world. SaverOne believes that ultimately increased focus on monitoring and prevention of cellular distraction systems in vehicles, in particular driven by upcoming expected EU regulation, will likely have a dramatic positive impact on the demand for its systems in the future.
The Company's strategy is to provide its technology for installation to customers in the aftermarket as well as address OEM vehicle manufacturers, to install the Company's protection technologies during the vehicle manufacturing process.
About SaverOne
SaverOne is a technology company engaged in the design, development and commercialization of OEM and aftermarket solutions and technologies, to lower the risk of, and prevent, vehicle accidents.
SaverOne's initial line of products is a suite of solutions that saves lives by preventing car accidents resulting from distraction from the use of mobile phones while driving. SaverOne is also developing a sensor system for early location and direction detection under all visibility conditions of vulnerable road users (VRU) through their cellphone footprint.
Learn more at https://saver.one.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on SaverOne's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Many factors could cause SaverOne's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements. Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: the ability of our technology to substantially improve the safety of drivers; our planned level of revenues and capital expenditures; our ability to market and sell our products; our plans to continue to invest in research and development to develop technology for both existing and new products; our intention to advance our technologies and commercialization efforts; our intention to use local distributors in each country or region that we will conduct business to distribute our products or technology; our plan to seek patent, trademark and other intellectual property rights for our products and technologies in the United States and internationally, as well as our ability to maintain and protect the validity of our currently held intellectual property rights; our expectations regarding future changes in our cost of revenues and our operating expenses; our expectations regarding our tax classifications; interpretations of current laws and the passage of future laws; acceptance of our business model by investors; the ability to correctly identify and enter new markets; the impact of competition and new technologies; general market, political and economic conditions in the countries in which we operate; projected capital expenditures and liquidity; our intention to retain key employees, and our belief that we maintain good relations with all of our employees; the impact of the COVID-19 pandemic, and resulting government actions on us; and other risks and uncertainties, including those listed in the section titled "Risk Factors" in the final prospectus on Form 424b4 filed with the Securities and Exchange Commission on June 6, 2022. Forward-looking statements contained in this announcement are made as of this date, and SaverOne undertakes no duty to update such information except as required under applicable law.
International Investor Relations Contact:
Ehud Helft
+1 (212) 378-8040
[email protected]
Israeli Investors Contact:
Jonathan Eilat
[email protected]
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SOURCE SaverOne