Ra’anana, Israel, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (the “Company”) (Nasdaq: RVSN), a technology company that is seeking to revolutionize railway safety and the data-related market, today announced Dr. Nicolas Lange, Chairman of the Management Board of Knorr-Bremse Rail Vehicle Systems (“Knorr-Bremse”), the global market leader for braking systems and other systems for rail vehicles, and Dr. Maximilian Eichhorn, Vice President and Global Head, Digital Products and Services of Knorr-Bremse, visited Rail Vision’s offices to discuss their commitment to Rail Vision’s future and the ongoing role the Company will play in Knorr-Bremse’s strategy.
“We were thrilled to welcome Dr. Lange and Dr. Eichhorn and hear their vision for a fruitful partnership and commitment to our ongoing role in their future strategy,” commented Rail Vision CEO Shahar Hania. “In addition to discussing our partnership and meeting with our team and board, we also jointly met with Israeli Railway Company to explore potential future projects.”
Knorr-Bremse and Rail Vision first launched their partnership in 2019, with Knorr-Bremse acquiring an initial stake in Rail Vision. Knorr-Bremse increased its investment in Rail Vision in October 2020, and now owns roughly 33% of Rail Vision.
“We have formed a meaningful and strong bond with Rail Vision over the last several years working together,” said Dr. Lange. “Rail Vision’s innovative technology is a game-changer for the rail industry, and we remain committed to a successful future for both of our companies.”
“Rail Vision’s technology has the potential to usher in a new era in rail safety and provides a great compliment to our extensive global network of customers,” added Dr. Eichhorn.
About Knorr-Bremse
Knorr-Bremse is the global market leader for braking systems and other systems for rail and commercial vehicles. Knorr-Bremse’s products make a decisive contribution to greater safety and energy efficiency on rail tracks and roads around the world. About 30,500 employees at over 100 sites in more than 30 countries use their competence and motivation to satisfy customers worldwide with products and services. In 2021, Knorr-Bremse’s two divisions together generated revenues of EUR 6.7 billion. For more than 115 years, the company has been the industry innovator, driving developments in mobility and transportation technologies with an edge in connected system solutions. Knorr-Bremse is one of Germany’s most successful industrial companies and profits from the key global megatrends: Urbanization, Sustainability, Digitalization and Mobility.
About Rail Vision Ltd.
Rail Vision is a technology company 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 the rail industry. The Company developed its railway detection systems to save lives, increase efficiency, and dramatically lowering downtime while drastically reducing expenses for the rail operators.
Rail Vision creates significant benefits and adds value with Main Line and Shunting Yard solutions. Rail Vision technology will significantly increase railway safety of passengers, employees, as well as sideway bystanders. Everyone relies on the rail ecosystem, from passengers using trains for transportation to corporations that use railways to deliver goods and services to shunting yard operators.
Rail Vision sees further; literally, the technology can potentially advance the revolutionary concept of autonomous trains (ATO) 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 May 16, 2022. 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
