SaverOne explores the possibility of an IPO or listing of its shares on NASDAQ
TEL AVIV, Israel, April 7, 2021 /PRNewswire/ -- After having been contacted by several U.S. investment entities with respect to an investment in the Company's shares and in connection with the listing of its shares on NASDAQ, and in view of the Company's desire to expand its international operations, SaverOne (TASE: SAVR) Board decided to set up a committee to explore an IPO and/or listing on NASDAQ.
High-tech company SaverOne, which has developed a unique system providing a solution for the problem of driver distraction from cell phone usage, announced that after having been contacted by several U.S. investment entities regarding investment in the Company's shares and in connection with the listing of its shares on NASDAQ, and in view of the Company's desire to expand its international operations, including selling the SaverOne system for passenger cars, trucks and buses in commercial and private vehicle fleets overseas, the Company's Board has decided to set up a committee headed by the Chairman of the Company's Board of Directors, Mr. Yaakov Tenenbaum, the Company's CEO, Mr. Ori Gilboa, and an external director of the Company, Mr. Michal Marom Brickman to explore an IPO and/or listing on NASDAQ, in addition to the Company's listing on the Tel Aviv Stock Exchange.
The SaverOne system is designed to provide a solution for the problem of distraction of drivers using various mobile device apps while driving, thus putting road users at risk. Studies show that the annual cost of motor accidents in the U.S. alone is around $300 billion, with 25% of accidents being related to mobile device usage while diving. The Company's technology prevents distraction by barring access to various apps on the device and does not require the driver's cooperation, thus creating a quiet and safe driving environment.
The Company's initial target market includes commercial and private vehicle fleets, in which the Company's system will be installed to reduce risks and costs from car accidents involving their drivers. Insurance and leasing companies, as well as companies managing vehicle fleets, have significant interest in reducing damage and costs from motor accidents.
About two weeks ago, the Company announced the signing of an agreement for the supply and installation of 51 SaverOne systems with Froneri, a company jointly owned by Nestle Worldwide and R&R, which some six months ago was among the first companies to have started a pilot with SaverOne, under which 15 systems were installed in company vehicles.
The agreement with Froneri Israel is the second commercial agreement of SaverOne, which several months ago began commercial installation with logistics group Millennium, for which it is installing 250 systems. The Company now has active pilots with, among others, the IDF, Israel Electric Corp., Tnuva, Plasson, Hanson and the Regional Counsel Bnei Shimon, which also present potential for similar commercial agreements.
About two months ago, the Company made its first entry into the public transport sector, with the signing of a pilot agreement with Kavim, and expanded its business in the leasing market following the signing of a new collaboration agreement with Hertz, about five months after having signed a similar agreement with Eldan.
SaverOne is a technology company traded on the Tel Aviv Stock Exchange. SaverOne was founded in 2014 to save lives, inspired by a media story about the impact of distracted driving due to cell phone use, a phenomenon which dramatically increases the number of deaths and injuries. The Company has developed a unique system which provides a solution to the problem of distracted driving due to cell phone use, including use of various apps while driving, which endangers the driver, his/her passengers, other drivers on the road and pedestrians. The Company's innovative technology prevents driver distraction by blocking access to various apps on the device. The system does not require the driver's cooperation and creates a quiet and safe driving environment, while the other passengers can continue using their phones normally. With a proven and patent-protected technology, the system is in the initial stages of commercialization. The Company has a professional and experienced technology and management team.
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