A Leading US-Based Rail & Leasing Services Company Orders Rail Vision Switch Yard Systems Valued at Up to $5 Million
17 1월 2024 - 9:18PM
Rail Vision Ltd. (the “Company”) (Nasdaq: RVSN), a technology
company seeking to revolutionize the railway safety market,
announced today that a leading US-based rail and leasing services
company signed a supply contract with Rail Vision valued at up to
$5,000,000 (USD) for the purchase of Rail Vision’s AI-based Switch
Yard Systems.
"The signing of the contract with this customer
is a significant milestone for Rail Vision, marking our entrance
into the US market and reflecting our commitment to enabling the
rail industry with cutting-edge AI-based technology," said Rail
Vision CEO Shahar Hania. "Our Switch Yard System is designed to
significantly improve safety and efficiency in rail yards. We are
proud that our new customer, a prominent player in the rail
services sector in North America, has recognized the value of our
solution. This new partnership is a testament to the innovation and
effectiveness of Rail Vision's technology, and we look forward to
working closely with this customer to help them enhance operations
and contribute to a safer, more efficient rail industry."
Rail Vision’s
unique Switch Yard System enables railway
operators to streamline and enhance the safety
of their industrial switching operations. Combining
advanced vision sensors with artificial intelligence
and deep learning technologies, the system automatically
detects and classifies objects within a range of up
to 200 meters, in diverse weather and light conditions.
With its one-of-a-kind Pathfinder technology, the Switch Yard
System can detect switch states to support the execution of
coupling from a remote position. In addition, it enables
the monitoring of operational dead zones to
facilitate secure wagon coupling and sends real-time
visual and acoustic alerts to remote operators and
drivers, ensuring a safe and secure environment.
The first phase of the contract is valued at
$1,000,000 (USD). Follow-on orders for additional Switch Yard
Systems, valued at up to $4,000,000, are subject to customer
approval. The contract also includes specific purchase quotas that,
if met, provide the customer with exclusivity in the North American
industrial railyards switching segment.
About Rail Vision Ltd.
Rail Vision is a technology company that is
seeking to revolutionize railway safety and the data-related
market. The Company has developed cutting-edge, artificial
intelligence based, industry-leading technology specifically
designed for railways. The Company has developed its railway
detection and systems to save lives, increase efficiency, and
dramatically reduce expenses for the railway operators. Rail Vision
believes that its technology will significantly increase railway
safety around the world, while creating significant benefits and
adding value to everyone who relies on the train ecosystem: from
passengers using trains for transportation to companies that use
railways to deliver goods and services. In addition, the company
believes that its technology has the potential to advance the
revolutionary concept of autonomous trains into a practical
reality. For more information please visit
https://www.railvision.io/
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. Forward-looking statements are not
historical facts, and are based upon management’s current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management’s expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in the forward-looking
statements. For a more detailed description of the risks and
uncertainties affecting the Company, reference is made to the
Company’s reports filed from time to time with the Securities and
Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s annual report on Form 20-F filed
with the SEC on March 23, 2023. Forward-looking statements speak
only as of the date the statements are made. The Company assumes no
obligation to update forward-looking statements to reflect actual
results, subsequent events or circumstances, changes in assumptions
or changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release. Rail Vision is not responsible for the contents of
third-party websites.
Contacts
Shahar Hania Chief Executive Officer Rail Vision Ltd. 15
Ha'Tidhar St Ra'anana, 4366517 Israel Telephone: +972-
9-957-7706
Investor Relations:
Dave Gentry, CEO RedChip Companies Inc. 407-491-4498
RVSN@redchip.com
SOURCE: Rail Vision Ltd.
Rail Vision (NASDAQ:RVSN)
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