Leading Israeli Transportation Company Egged Tours Selects SaverOne's Driver Distraction Solution System
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Insights
From a transportation safety perspective, the integration of SaverOne's systems into Egged Tours' fleet represents a significant advancement in mitigating the risks associated with driver distraction, a leading cause of traffic accidents. The proactive approach taken by Egged Tours, in prioritizing the implementation of such technologies, highlights a broader industry trend towards enhanced safety measures. This is particularly relevant given the high volume of passengers relying on public transportation and the potential catastrophic consequences of bus-related accidents.
By addressing the specific issue of mobile phone usage while driving, SaverOne's technology could significantly lower the probability of incidents arising from driver inattention. It is worth noting that the effectiveness of such systems can serve as a benchmark for similar safety initiatives across the transportation sector. Additionally, the long-term implications could include a reduction in insurance premiums for operators adopting these technologies, as well as potential regulatory tailwinds favoring companies that take early action in improving safety standards.
The contract between SaverOne and Egged Tours is a strong indicator of the market's increasing demand for advanced safety solutions within the transportation industry. This move could potentially influence peer companies to follow suit, thereby expanding the market for SaverOne's products. The adoption of such systems by the largest tour bus fleet in Israel serves as a significant endorsement, likely to enhance SaverOne's brand reputation and competitive positioning.
Investors should monitor the company's execution of this contract and subsequent customer feedback, as successful implementation could lead to repeat business and new client acquisition. Furthermore, this contract may have a positive impact on SaverOne's financial performance, given the scale of the deal and the potential for future expansion within Egged's extensive network of buses.
Securing a contract to install 300 systems presents a substantial revenue opportunity for SaverOne and could have a meaningful impact on the company's financials. The immediate installation of 80 units, followed by an additional 220, suggests a phased revenue recognition which can provide a steady income stream over the installation period. It's crucial to analyze the company's margins on this deal, as well as the cost efficiencies gained from a large-scale deployment.
Investors should also consider the potential for SaverOne to leverage this contract into additional deals within the transportation sector, both domestically and internationally. As the company expands its footprint, economies of scale may come into play, potentially improving profit margins. However, it's important to remain cautious about the scalability and the company's capacity to fulfill large orders without compromising quality or timelines.
Signs Contract to Install SaverOne Systems on 300 Buses
PETAH TIKVAH,
Egged Tours, operating the largest tour bus fleet in
Mr. Ori Gilboa, CEO of SaverOne, commented, "We are very proud of the cooperation with Egged tours. This is a second recent and sizable order in the tour bus segment and further cements SaverOne's presence in this key transportation vertical. It is a strong market validation of the strategic importance of our solution in enhancing road safety. I believe that it is a clear indication of the growing recognition and trust in SaverOne's ability to address driver distraction. We are very pleased with this new customer win and the long-term role it plays in our growing success."
Saadi Mohand Hamudi, VP Operation and Movement at Egged Tours commented, "Ensuring the safe travels of our passengers and drivers is Egged Tour's most important priority. We believe that the SaverOne system reduces the chances of our drivers, who spend significant time driving, from becoming momentarily distracted by their phones, which is a major cause of traffic accidents. By integrating SaverOne's systems into to the Egged Tours fleet, it is a testament to our dedication to setting the bar for the highest safety standards in the market today and enhances road safety for all users."
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 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
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 – 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 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 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
International Investor Relations Contact: Ehud Helft +1 212 378 8040
Israeli Investors Contact: Jonathan Eilat
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SOURCE SaverOne
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