SaverOne Wins Key New Order from Leading Israeli Construction Shapir Engineering Group

Rhea-AI Summary

SaverOne 2014 Ltd. (NASDAQ: SVRE) has secured a significant order with Shapir Engineering Group to install its advanced safety technology on 20 trucks in a pilot phase. This marks a vital addition to SaverOne's clientele in the construction sector, which includes previous contracts with ReadyMix and Kfar Giladi Quarries. Shapir is Israel's largest construction firm, emphasizing safety and innovation in its fleet operations. SaverOne's technology aims to reduce mobile-related driver distractions, a leading cause of road accidents. The company targets commercial fleets and OEM manufacturers globally, anticipating a surge in demand driven by upcoming regulatory changes.

Positive

• Secured a new order with Shapir Engineering Group for 20 trucks.
• Strengthens market presence in the construction sector alongside previous contracts.
• Addresses a critical safety issue related to driver distractions.

Negative

• None.

PETAH TIKVAH, Israel, Feb. 28, 2023 /PRNewswire/ -- SaverOne 2014 Ltd. (NASDAQ: SVRE) (TASE: SVRE), a technology company engaged in transportation safety solutions, is proud to announce an important new order with Shapir Engineering Group, the leading Israeli construction and infrastructure company. The order will see the installation of SaverOne's advanced technology on 20 trucks in an initial pilot phase.

Shapir Engineering Group is the largest construction company in Israel, specializing in infrastructure projects such as roads, bridges and airports. Shapir Engineering Group operates a fleet of many hundreds of vehicles including heavy trucks and cement trucks for its operations throughout Israel.

This new win follows a number of prior wins in the construction industry including ReadyMix, a part of the Cemex Group, and Kfar Giladi Quarries, in the north of Israel.  

"Shapir Engineering Group has a strong commitment to safety and innovation, and we are thrilled to win this new pilot to install our safety technology into a portion of their truck fleet," said Mr. Gilboa, CEO of SaverOne. "This is a key milestone adding a major infrastructure company to our customer roster, which solidifies our successful penetration into the construction vertical in Israel. Looking ahead, we believe we are now in a strong position to penetrate further into this industry, not just in Israel, but also globally. For Shapir Engineering Group, we are confident that our technology will help better protect their drivers and improve overall safety, and we look forward to expanding our work with them in future."

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 (e.g. navigation), 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 the completion of the private placement, and the satisfaction of customary closing conditions related to the private placement, 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; 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; the impact of the COVID-19 pandemic, and resulting government actions on us; and other risks and uncertainties, including those listed in the section titled "Risk Factors" in the final prospectus on Form 424b4 filed with the Securities and Exchange Commission on June 6, 2022. 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

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SOURCE SaverOne

FAQ

What recent order did SaverOne secure?

SaverOne secured an order to install its safety technology on 20 trucks for Shapir Engineering Group.

How does SaverOne's technology improve safety?

SaverOne's system prevents drivers from accessing distracting mobile applications while driving, enhancing overall road safety.

What is SaverOne's market focus?

SaverOne primarily targets commercial vehicle fleets and aims to expand internationally into European and US markets.

What impact does this order have on SaverOne's stock SVRE?

The order enhances SaverOne's market presence and potential revenue, which could positively influence SVRE's stock performance.

When was the press release issued regarding the order with Shapir?

The press release was issued on February 28, 2023.