Rail Vision Engages with US Distributer for its AI- Driven Railway system

Rhea-AI Summary

Rail Vision (RVSN) has signed a non-binding memorandum of understanding with a US-based leading railway technologies company for the distribution of its MainLine and Switch Yard systems. The distributor specializes in engineering, science, and advanced technological solutions for rail markets globally. This partnership aims to market Rail Vision's solutions in North America, expanding its presence in the industry.

Ra’anana, Israel, March 18, 2024 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (the “Company”), a technology company at the forefront of revolutionizing railway safety and the data-related market, today announced that it has entered a non- binding memorandum of understanding with a US-base leading railway technologies company for the distribution of Rail Vision’s MainLine and Switch Yard systems.

The distributor develops leading engineering, science and advanced technological solutions for passenger, transit and freight rail markets for governments and private entities worldwide. Upon the execution of definitive documentation, the ultimate objective of this engagement is for the distributor to market the Company's solutions across North America.

"As we continue to operate in a direct sales channel with industry leaders, class I and top tier players in the railway industry in the U.S., it is important for us to establish a wider network through distributions. We believe that this engagement marks the first step of achieving our objectives and expanding our presence in the North American market," commented Rail Vision CEO, Shahar Hania.

About Rail Vision Ltd.

Rail Vision is a technology company that is seeking to revolutionize railway safety and the data-related market. The Company has developed cutting-edge, artificial intelligence-based, industry-leading technology specifically designed for railways. The Company has developed its railway detection and systems to save lives, increase efficiency, and dramatically reduce expenses for the railway operators. Rail Vision believes that its technology will significantly increase railway safety around the world, while creating significant benefits and adding value to everyone who relies on the train ecosystem: from passengers using trains for transportation to companies that use railways to deliver goods and services. In addition, the company believes that its technology has the potential to advance the revolutionary concept of autonomous trains into a practical reality. For more information, please visit https://www.railvision.io/

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses its belief that this engagement marks the first step of achieving our objectives and expanding our present presence in the North American market. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F filed with the SEC on March 23, 2023. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Rail Vision is not responsible for the contents of third-party websites.

Investor Relations
Michal Efraty
+972-(0)52-3044404
michal@efraty.com

Contacts
Shahar Hania
Chief Executive Officer
Rail Vision Ltd.
15 Ha'Tidhar St
Ra'anana, 4366517 Israel
Telephone: +972- 9-957-7706

FAQ

What partnership did Rail Vision (RVSN) announce in the press release?

Rail Vision signed a memorandum of understanding with a US-based railway technologies company for distribution.

What solutions will be distributed by Rail Vision in North America?

Rail Vision's MainLine and Switch Yard systems will be distributed in North America.

Who is Rail Vision partnering with for distribution in North America?

Rail Vision is partnering with a leading railway technologies company based in the US.

What is the ultimate goal of the partnership between Rail Vision and the US-based distributor?

The ultimate goal is for the distributor to market Rail Vision's solutions across North America.

What market is Rail Vision aiming to expand its presence in through this partnership?

Rail Vision is aiming to expand its presence in the North American railway market.