SaverOne will install 100 vehicle safety systems in Oz Group's fleet to mitigate driver distraction by January 30, 2025.
Quiver AI Summary
SaverOne 2014 Ltd. has announced an agreement to install 100 of its SaverOne Systems in Oz Group's fleet of trucks and private cars in Petah Tikvah, Israel, starting January 30, 2025. The initial phase will see 30 systems deployed in trucks, with plans to expand to the entire fleet. The SaverOne technology aims to enhance transportation safety by preventing driver distraction caused by mobile phone use, which is a major contributor to road accidents. This partnership reflects the increasing recognition of SaverOne’s capabilities in promoting safety, particularly in high-risk industries. The company targets commercial fleets, vehicle manufacturers, and insurance firms, anticipating growth in demand for its solutions due to impending EU regulations on driver distraction.
Potential Positives
- SaverOne has secured a significant agreement to install 100 of its systems in Oz Group's fleet, demonstrating confidence in its technology and expanding its market presence.
- The initial deployment of 30 systems in trucks reflects the practical application of SaverOne's technology in a real-world, high-traffic environment, which may enhance its credibility and appeal to other commercial clients.
- This partnership highlights the industry's growing recognition of the importance of driver distraction mitigation, potentially leading to increased demand for SaverOne's solutions in various markets.
- With plans for future expansion to the entire Oz Group fleet, SaverOne is positioned for sustained engagement and revenue growth from this client, showcasing its long-term business potential.
Potential Negatives
- Implementation of the SaverOne Systems may not yield the expected improvements in driver safety, raising concerns about the effectiveness and reliability of the technology, which could negatively affect company reputation and future sales.
- The press release heavily relies on forward-looking statements, which may not ultimately materialize, indicating a level of uncertainty regarding the company’s operational and financial future.
- The ability to maintain the listing on the Nasdaq Capital Market is highlighted as a concern, suggesting potential financial instability which could deter investors and stakeholders.
FAQ
What is the purpose of SaverOne Systems?
SaverOne Systems aim to prevent driver distraction caused by mobile phone use, enhancing overall safety on the roads.
How many vehicles will have SaverOne Systems installed?
A total of 100 vehicles in the Oz Group fleet will be equipped with SaverOne Systems over time.
Who is collaborating with SaverOne for system deployment?
SaverOne is collaborating with Oz Group to implement their safety technology across the group's fleet of vehicles.
What are the primary markets for SaverOne technology?
SaverOne primarily targets commercial and private vehicle fleets in Israel, Europe, the US, and other global markets.
How does SaverOne technology enhance road safety?
SaverOne technology restricts access to distracting mobile applications while allowing access to safe navigation tools, improving driving safety.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
100 SaverOne Systems will be installed in Oz Group Trucks and Cars
Petah Tikvah, Israel, Jan. 30, 2025 (GLOBE NEWSWIRE) -- SaverOne 2014 Ltd. (Nasdaq: SVRE, TASE: SVRE), a leading innovator in transportation safety technology, announces the signing of an agreement with Oz Group, a group of companies providing goods and services to the industrial, construction, and real estate sectors.
Under the agreement, SaverOne Systems will be deployed across Oz Group’s fleet of 100 vehicles, including both trucks and private cars. The initial phase of deployment will include 30 systems installed in the company’s trucks, with plans for expansion to the entire fleet over time.
Mr. Ori Gilboa, CEO of SaverOne commented, “We are excited to collaborate with Oz Group and provide our cutting-edge safety technology to enhance the safety of their fleet. This agreement reflects the growing recognition of SaverOne’s ability to mitigate the risks of driver distraction, especially in industries where safety is paramount. We are proud to support Oz Group in their efforts to improve safety for both drivers and other road users.”
About the SaverOne System
SaverOne's system is installed in vehicles to solve the problem of driver distraction, as a result of drivers using distracting applications on their mobile phones while driving in a way that endangers their safety and the safety of their passengers. This phenomenon is considered one of the leading causes of global road accidents. 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. It 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 interested in reducing potential damages and significant costs, vehicle manufacturers interested in integrating safety solutions into their vehicles, and insurance and leasing companies. SaverOne initially addresses car fleets with a focus on the Israeli, European, and US markets and other markets worldwide. SaverOne believes that an increased focus on monitoring and prevention of cellular distraction systems in vehicles, 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 to customers in the aftermarket and address OEM vehicle manufacturers to integrate the Company's protection technologies during the vehicle manufacturing process.
About SaverOne
SaverOne is a technology company that designs, develops, and commercializes OEM and aftermarket solutions and technologies to lower the risk of and prevent vehicle accidents.
SaverOne's initial product line is a suite of solutions that saves lives by preventing car accidents resulting from distraction from using 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, besides those of historical fact, contained in this press release are forward-looking. 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. However, 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 about future events that may not prove accurate. Many factors could cause SaverOne's actual activities or results to differ materially from those anticipated in such forward-looking statements. Factors that could cause 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; SaverOne’s planned level of revenues and capital expenditures and its ability to continue as a going concern; SaverOne’s ability to maintain its listing on the Nasdaq Capital Market; the ability of SaverOne’s technology to substantially improve the safety of drivers; SaverOne’s ability to broaden the footprint of its product and services within the Oz Group and to market and sell its products generally; SaverOne’s plans to continue to invest in research and development to develop technology for both existing and new products; SaverOne’s intention to advance its technologies and commercialization efforts; SaverOne’s plan to seek patent, trademark and other intellectual property rights for products and technologies in the United States and internationally, as well as its ability to maintain and protect the validity of currently held intellectual property rights; SaverOne’s expectations regarding future changes in its cost of revenues and operating expenses; interpretations of current laws and the passage of future laws; acceptance of its 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 SaverOne operates; projected capital expenditures and liquidity; SaverOne’s intention to retain key employees, and its belief that it will maintain good relations with all employees; a resurgence of the COVID-19 pandemic and its impact on business and industry; as well as 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 March 25, 2024 and in subsequent filings with the SEC. Forward-looking statements 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]