SaverOne 2014 Ltd. (Nasdaq: SVRE, TASE: SVRE), a technology company
that develops and sells transportation safety solutions, today
announced that it has entered into an original equipment
manufacturer (OEM) agreement with Volvo Bus Corporation, a
subsidiary of the global automotive giant, Volvo Group.
The agreement covers Volvo buses in the Mexican
coach-bus market, a market in which Volvo has leadership with
approximately 50% market share of new coach-bus vehicle sales.
Under the OEM agreement, SaverOne's Safety
Solution, known as the ‘Driver Distraction Prevention System’
(DDPS), which is aimed at reducing cellphone-related distractions
and accidents, will be installed in new Volvo buses that are
manufactured for the Mexican market. Volvo Bus customers in Mexico
will be offered the SaverOne Safety Solution pre-installed,
following integration into Volvo’s assembly line. In addition, the
agreement also allows for a retrofit of existing buses covered
under Volvo’s maintenance agreement (representing approximately
3,000 buses in the market), which will install SaverOne’s Safety
Solution as an aftermarket installation. The agreement further
provides Volvo with two years of exclusivity in the OEM market in
Mexico.
In addition to SaverOne selling its Safety
Solution to Volvo for installation into its vehicles, SaverOne will
also provide twelve months of service and support for Volvo bus
customers. After that period, Volvo bus customers will continue to
receive SaverOne’s comprehensive service package for an on-going
monthly fee.
In order to market this new safety solution on
Volvo buses, SaverOne joined Volvo’s team at the 2024
Automotive Expo event in Mexico (https://www.expoforo.org.mx/)
to jointly market the system at the expo, demonstrating the
SaverOne Safety Solution installed on a Volvo bus.
Ori Gilboa, CEO of SaverOne,
stated, "We are very proud to cooperate with Volvo Bus
Corporation. This strategic agreement marks a significant milestone
for SaverOne’s penetration into international markets and
especially the Latin American market. It marks a strong step
forward in our mission to reduce accidents on the road and we
believe our system will play an important part in protecting bus
passengers and other road users in Mexico. We are excited about the
positive impact our technology will have on the safety of both
drivers and passengers in the country."
About the SaverOne SystemSaverOne’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, calls), without user intervention or consent,
creating a safer driving environment.
SaverOne’s primary target markets include
commercial and private vehicle fleets, including public
transportation and buses, 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 SaverOneSaverOne 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 – the DDPS
(Driver Distraction Presentation Solution) 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 StatementsThis
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 include, but are not limited to, statements regarding
SaverOne's strategic and business plans, technology, relationships,
objectives and expectations for its business, the impact of trends
on and interest in its business, intellectual property or product
and its future results, operations and financial performance and
condition, and 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 and our ability
to continue as a going concern; the ability of our technology to
substantially improve the safety of drivers; 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; any resurgence of the COVID-19 pandemic and its impact
on our business and industry; and other risks and uncertainties,
including, but not limited to, the risks detailed in the Company's
Annual Report on Form 20-F filed with the U.S. Securities and
Exchange Commission (the "SEC") on April 27, 2023 and in subsequent
filings with the SEC. 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 8040saverone@ekgir.com
Israeli Investors Contact:Jonathan
EilatJohn@theinvestor.co.il
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