Will Expand SaverOne's product line and upon closing of the
acquisition is expected to be immediately accretive to
SaverOne
PETAH TIKVAH, Israel, Dec. 20,
2023 /PRNewswire/ -- SaverOne 2014 Ltd.
(Nasdaq: SVRE) (TASE: SVRE), a technology company specializing
in transportation safety solutions, today announced that it has
signed a term sheet for the strategic acquisition of certain
operations, products and IP of Micronet Ltd., a developer of
advanced telematics systems cameras and Driver Monitoring Systems
(DMS). Upon closing of this acquisition, it will broaden SaverOne's
product portfolio and customer base, and is expected to accelerate
SaverOne's go-to-market strategy in the US market.
Micronet Ltd. is a publicly traded company on the Tel Aviv Stock
Exchange, under the ticker MCRNT. SaverOne's management expects the
acquisition of the Micronet Ltd. operations and assets that are to
be acquired, will be immediately accretive to SaverOne
following the closing.
The final deal terms are expected to be closed after concluding
a due-diligence process. The majority of the consideration for the
operations and assets will be contingent payments, related to the
acquired operation's performance. In addition, SaverOne will
assume all Micronet Ltd.'s prior obligations towards its
customers, mainly including product warranties, customer service,
returns, repairs, etc., and SaverOne will be compensated by
Micronet Ltd. in future in connection with the provision of these
services.
The deal is expected to be signed and close in early 2024.
"We are very pleased to announce this first step towards the
acquisition of certain Micronet assets, IP and operations which is
expected to enhance and broaden SaverOne's product portfolio and
customer base," commented Ori
Gilboa, CEO of SaverOne. "Aligned with our strategy, we
see strong synergies with SaverOne's existing activities,
leveraging the addition of Micronet's product
portfolio. Micronet's customer-base in the United States is expected to create strong
added-sales opportunities for SaverOne systems. We believe that we
are acquiring a strong IP suite, including a leading DMS product
and next-generation cameras that well compliment our existing
product lines. We are also pleased that the acquisition is expected
to be accretive from day one, leveraging on SaverOne's existing
engineering, sales and marketing infrastructure. This transaction
represents potential immediate revenue growth given Micronet's
product suite including a new integrated Camera with our DDPS
product, as well as opportunities for additional new customers,
particularly in the United
States."
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 SaverOne's planned acquisition of
certain Micronet Ltd. assets and operations, the timing of entry
into a definitive agreement and closing as well as 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 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; the declared war by Israel against Hamas and the military
campaigns against Hamas and other terrorist organizations, which
may exacerbate the magnitude of the factors discussed above; 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.
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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