PETAH
TIKVA, Israel,
June 28,
2023 /PRNewswire/ -- SaverOne 2014 Ltd.
(NASDAQ: SVRE) (TASE: SVRE), a technology company engaged in
transportation safety solutions, is pleased to announce that IVECO,
the commercial vehicle brand of Iveco Group (MI: IVG), and
SaverOne, have signed a side-letter related to the Memorandum of
Understanding (MOU) of October 2022,
to document the agreed upcoming plans. The letter also provides
IVECO with an exclusivity period of up to six months during which
SaverOne agreed not to sell, develop or manufacture its OEM
solution for SaverOne's innovative in-cabin Driver Distraction
Prevention Solution (DDPS) with any other truck manufacturer.
The initial MOU with IVECO, marked the intention of IVECO to
integrate SaverOne's technology into their vehicles, aimed at
enhancing road safety. The goal of the collaboration is to provide
IVECO with a competitive edge by offering a safer driving
experience to IVECO's global customer base. It represents a key
milestone in SaverOne's international cooperation with a major OEM
and in SaverOne's growth trajectory.
The parties intend to start the development activities in the
fourth quarter of 2023 following entry into an agreement, with the
goal of elevating road safety standards in the trucking industry.
Based on current estimates, roll out to customers is expected
within the 2024 timeframe.
Ori Gilboa, CEO of
SaverOne, commented, "We consider this a testament to IVECO's
confidence in our cutting-edge DDPS technology and safety solution.
In addition, we are exploring further opportunities with IVECO,
such as including our VRUP (Vulnerable Road User Protection)
solution, with the aim of creating a safer driving environment
across broader vehicle types. We look forward to potentially
launching our work with them later this year, leveraging our
expertise and their strong competitive positioning to revolutionize
safety standards in the trucking industry."
Fabrizio Conicella, Head of
Digital & Advanced Technologies, Iveco Group,
added, "Our upcoming collaboration with SaverOne is a
clear indication of our commitment to pioneering safety measures in
the trucking industry. The integration of their innovative
technology into our trucks is a further step in enhancing road
safety by minimizing driver distraction. We believe that SaverOne's
technology will complement our existing solutions such as the vocal
driver assistant, safety driver index and collision reports."
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
(navigation as an example), 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 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 conditionand 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
8040
saverone@ekgir.com
Israeli Investors
Contact:
Jonathan
Eilat
John@theinvestor.co.il
|
|
|
|
Logo
- https://mma.prnewswire.com/media/1978170/SaverOne_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/saverone-and-iveco-plan-to-advance-collaboration-later-this-year-301865665.html
SOURCE SaverOne