Ra’anana, Israel, April 11, 2024 (GLOBE NEWSWIRE) — Rail Vision Ltd. (Nasdaq: RVSN) (the Company), a technology company at the forefront of revolutionizing the rail safety and data markets, today announced which received an initial purchase order in the amount of approximately $1 million under a contract worth up to $5 million with a major U.S.-based rail services and leasing company that the Company announced on January 17, 2024. The order is for the purchase of Rail Vision’s AI-powered ShuntingYard products, which are expected to be installed during the third quarter of this year.
We are delighted with the successful execution of our contract with this valued customer, marking the receipt of our initial order by him. Since early 2024, we have expanded our presence in the United States, achieving significant milestones in collaboration with leading companies in the rail industry. We intend to persist in our marketing efforts, recognizing the growing demand for our innovative AI-based safety solutions,” said Shahar Hania, CEO of Rail Vision.
The first phase of the contract is valued at $1,000,000. Subsequent orders for additional ShuntingYard products, valued up to $4,000,000, are subject to customer approval. The contract also provides specific purchase quotas which, if met, guarantee the customer exclusivity in the North American industrial rail gearbox sector.
Rail Vision’s unique ShuntingYard product enables rail operators to simplify and improve 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 radius of up to 200 meters in different weather and light conditions. With its unique Pathfinder technology, the ShuntingYard product detects switch states to support pairing execution even from a remote location. Additionally, it enables monitoring of operational dead zones to facilitate safe coupling of wagons and sends real-time visual and audible alerts to remote operators and drivers, ensuring a safe and secure environment.
About Rail Vision Ltd.
Rail Vision is a technology company seeking to revolutionize the rail safety and data market. The Company has developed industry-leading, cutting-edge, AI-based technology designed specifically for railroads. The Company has developed rail detection systems and systems to save lives, increase efficiency and dramatically reduce expenses for rail operators. Rail Vision believes its technology will significantly increase rail safety around the world, creating significant benefits and adding value to everyone who relies on the rail ecosystem: from passengers who use trains for transport to businesses who use railways to provide goods and services. Furthermore, the company believes that its technology has the potential to turn the revolutionary concept of autonomous trains into a practical reality. For more information, 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. For example, the Company uses forward-looking statements when discussing its expectation that customer deployment of its AI-powered ShuntingYard product will occur in the third quarter of this year and its intention to persist in its marketing activities, recognizing the growing demand for its innovative AI-based security solutions. Forward-looking statements do not represent historical facts and are based on management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. These 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 those expressed or indicated in 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, please refer 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 annual report of the Company’s report on Form 20-F filed with the SEC on March 28, 2024. Forward-looking statements speak only as of the date on which they are made. The Company undertakes 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 updates one or more forward-looking statements, no inference should be made that the Company will make further updates with respect to them or with respect to other forward-looking statements. References and links to websites are provided as a convenience and 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.
Investor relations
Michal Efratymichal@efraty.com
Contacts
Shahar Hania Managing Director Rail Vision Ltd. 15 Ha’Tidhar St Ra’anana, 4366517 Israel Telephone: +972- 9-957-7706
Source: Rail Vision Ltd.