PETAH TIKVA, Israel, June 28, 2023 /PRNewswire/ — SaverOne 2014 Ltd. (NASDAQ: SVRE) (TASE: SVRE), a technology company engaged in transportation safety solutions, is pleased to announce that IVECO, the commercial vehicle brand of Iveco Group (MI: IVG), and SaverOne, have signed a side-letter related to the Memorandum of Understanding (MOU) of October 2022, to document the agreed upcoming plans. The letter also provides IVECO with an exclusivity period of up to six months during which SaverOne agreed not to sell, develop or manufacture its OEM solution for SaverOne’s innovative in-cabin Driver Distraction Prevention Solution (DDPS) with any other truck manufacturer.
The initial MOU with IVECO, marked the intention of IVECO to integrate SaverOne’s technology into their vehicles, aimed at enhancing road safety. The goal of the collaboration is to provide IVECO with a competitive edge by offering a safer driving experience to IVECO’s global customer base. It represents a key milestone in SaverOne’s international cooperation with a major OEM and in SaverOne’s growth trajectory.
The parties intend to start the development activities in the fourth quarter of 2023 following entry into an agreement, with the goal of elevating road safety standards in the trucking industry. Based on current estimates, roll out to customers is expected within the 2024 timeframe.
Ori Gilboa, CEO of SaverOne, commented, “We consider this a testament to IVECO’s confidence in our cutting-edge DDPS technology and safety solution. In addition, we are exploring further opportunities with IVECO, such as including our VRUP (Vulnerable Road User Protection) solution, with the aim of creating a safer driving environment across broader vehicle types. We look forward to potentially launching our work with them later this year, leveraging our expertise and their strong competitive positioning to revolutionize safety standards in the trucking industry.”
Fabrizio Conicella, Head of Digital & Advanced Technologies, Iveco Group, added, “Our upcoming collaboration with SaverOne is a clear indication of our commitment to pioneering safety measures in the trucking industry. The integration of their innovative technology into our trucks is a further step in enhancing road safety by minimizing driver distraction. We believe that SaverOne’s technology will complement our existing solutions such as the vocal driver assistant, safety driver index and collision reports.”
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 (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 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 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 conditionand 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 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; any resurgence of the COVID-19 pandemic and its impact on our business and industry; 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 April 27, 2023 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.
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