Egged Tours Broaden Installation of SaverOne System Across its Entire Bus Fleet

Rhea-AI Summary

SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) has announced the expansion of its SaverOne system installation across Egged Tours' entire bus fleet at its central hub. Following a successful pilot project, the company will install the system on an additional 60 buses, bringing the total to 130 vehicles. The SaverOne system aims to prevent cell phone distractions for bus drivers, enhancing safety for passengers and other road users.

Egged Tours, a subsidiary of Israel's largest public bus fleet operator, Egged Transportation, represents a significant potential market for SaverOne. The company's Vice President of Operations and Traffic, Saadi Mohand Hamoudi, emphasized that passenger and driver safety is their top priority, highlighting the system's role in reducing distraction-related accidents.

Positive

• Expansion of SaverOne system installation to cover Egged Tours' entire central hub fleet of 130 buses
• Successful completion of pilot project leading to follow-on order
• Potential for broader sales within Egged Transportation's 3,000+ bus fleet
• Recognition of SaverOne system's effectiveness in enhancing driver and passenger safety

Negative

• None.

Transportation Safety Expert

The expansion of SaverOne's system across Egged Tours' entire central hub fleet marks a significant milestone in public transportation safety. This technology addresses a critical issue: driver distraction from smartphones, which is a leading cause of road accidents. By preventing cell phone distractions for drivers while allowing passengers to use their devices, SaverOne offers a balanced solution that enhances safety without compromising passenger convenience.

The successful pilot and subsequent full-fleet implementation demonstrate the system's effectiveness and reliability. This could set a new industry standard for bus fleet safety measures, potentially influencing regulations and best practices in public transportation globally. The potential for broader adoption within Egged Transportation's larger fleet of 3,000 buses represents a significant market opportunity for SaverOne and could lead to widespread implementation across other transportation companies.

Market Research Analyst

This development signals a growing market for driver safety technologies in the public transportation sector. The successful implementation in Egged Tours' central hub could serve as a case study for other transportation companies, potentially accelerating adoption rates industry-wide. With distracted driving being a global issue, SaverOne's technology has international market potential.

Investors should note that while this specific contract may not significantly impact SaverOne's immediate financials, it positions the company for future growth. The endorsement from a major player like Egged Tours could lead to increased credibility and brand recognition for SaverOne, potentially opening doors to larger contracts and partnerships. However, the company's ability to scale production and maintain technological edge will be important for capitalizing on this opportunity.

Egged Tours will be using the SaverOne System on all 130 buses at its central hub

Petah Tikvah, Israel, Aug. 13, 2024 (GLOBE NEWSWIRE) -- SaverOne 2014 Ltd. (Nasdaq: SVRE, TASE: SVRE), a technology company engaged in disruptive transportation safety solutions, today announced that it will install its SaverOne system to prevent cell phone distractions by bus drivers in all the buses of Egged Tour's central hub, following a successful pilot project.

The follow-on project will install the SaverOne system on 60 buses, in addition to the 70 buses already equipped with the system at Egged Tours hubs across the country. This will cover Egged Tours’ entire fleet at its central hub of 130 vehicles. SaverOne’s system will help drivers stay fully focused on driving, free from smartphone distractions, while passengers can continue to use their phones as usual.

Egged Tours is a subsidiary of Egged Transportation, Israel's largest public bus fleet with over 3,000 buses nationwide, representing significant broader sales potential for SaverOne.

Mr. Saadi Mohand Hamoudi, Vice President of Operations and Traffic at Egged Tours, commented: "The safety of our passengers and drivers is the company's top priority. We believe that the SaverOne system reduces the likelihood of our drivers being distracted even for a moment by their phones, which is known to be a major cause of road accidents."

Mr. Ori Gilboa, CEO of SaverOne, commented, “After demonstrating our system’s effectiveness at Egged Tours over the past few months, we are very pleased with this follow-on order, completing the installation across their entire central hub fleet. Egged Tours has taken a significant step towards enhancing the safety of their drivers, passengers, and other road users. We look forward to further expanding our presence within the Egged organization, as well as in other public transportation companies in Israel and globally.”

About SaverOne’s Systems
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, the safety of their passengers and others on the road. 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.

SaverOne has developed a Vulnerable Road User (VRU) solution with the potential to significantly enhance the performance of Advanced Driver Assistance System (ADAS) sensors through a superior ability to deal with NLoS (non-line of sight) situations as well as adverse weather conditions and low-visibility. SaverOne’s technology identifies the exact location and direction of movement of the VRU via their RF footprint from their cellphone signal. This safety solution enables the avoidance of a collision by early detection VRUs such as pedestrians or cyclists in the vicinity of the vehicle.

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, growth, 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 SaverOne’s technology to substantially improve the safety of drivers; market acceptance of SaverOne’s protection solutions; SaverOne’s planned level of revenues and capital expenditures; SaverOne’s ability to market and sell its products; 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 intention to use local distributors in each country or region that it will conduct business to distribute our products or technology; SaverOne’s plan to seek patent, trademark and other intellectual property rights for our products and technologies in the United States and internationally, as well as its ability to maintain and protect the validity of its currently held intellectual property rights; SaverOne’s expectations regarding future changes in its cost of revenues and our operating expenses; interpretations of current laws and the passage of future laws; acceptance of SaverOne’s 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 our belief that we maintain good relations with all of its employees; any resurgence of the COVID-19 pandemic and its impact on SaverOne’s business and industry; security, political and economic instability in the Middle East that could harm SaverOne’s business, including due to the current war between Israel and Hamas; 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 March 25, 2024 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

FAQ

How many buses will have the SaverOne system installed at Egged Tours' central hub?

SaverOne will install its system on all 130 buses at Egged Tours' central hub, including 60 new installations and 70 already equipped buses.

What is the purpose of the SaverOne system being installed on Egged Tours buses?

The SaverOne system aims to prevent cell phone distractions for bus drivers, enhancing safety for passengers and other road users while allowing passengers to use their phones normally.

What is the potential market for SaverOne (SVRE) within Egged Transportation?

Egged Transportation, Egged Tours' parent company, has over 3,000 buses nationwide, representing a significant broader sales potential for SaverOne.

When did SaverOne (SVRE) announce the expansion of its system installation for Egged Tours?

SaverOne announced the expansion of its system installation for Egged Tours on August 13, 2024.