Business
Rail Vision Announces First Quarter 2023 Financial Results
RA’ANANA, Israel, May 31, 2023 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), a development stage technology company
About this update from Rail Vision Ltd.
[{"type":"text","content":"RA’ANANA, Israel, May 31, 2023 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN) (“Rail Vision” or the “Company”), a development stage technology company seeking to revolutionize railway safety and the data-related market, today reported financial results for the first quarter ended March 31, 2023. \"We continue to make significant progress in laying a formidable foundation for the rapid scalable growth of our innovative rail safety solutions and are ideally positioned to continue building on recent momentum,\" commented Shahar Hania, CEO of Rail Vision. \"With the recent main line and switch yard systems purchase agreements, appointment of a new Chairman, and successful fundraising transactions, we are well positioned to further drive growth and advance our mission of creating a safer future.\" First Quarter 2023 & Recent Highlights Signed an agreement with Israeli Railways for the purchase of 10 Rail Vision Main Line Systems and related services for $1.4 million. A leading US-based rail and leasing services company purchased a Rail Vision Switch Yard System for $140,000 after a successful demo and initial testing. This new customer, which offers a suite of rail-centric services, including in-plant rail switching and material handling services, is conducting additional testing over a six-month period to evaluate the benefits of implementing our technology across their fleet.Appointed Mark Cleobury as Chairman of the Board. Mr. Cleobury brings more than 40 years of global experience in the rail industry. He has held positions of increasing responsibility at Knorr-Bremse over his career, including serving as a Member of the Management Board of Knorr-Bremse Systems for Rail, Vice President Sales and Systems for Client Management Trains, Manager Sales and Systems Trains, Key Account Manager, and Project Manager. Mr. Cleobury currently serves as Senior Vice President of Knorr-Bremse’s Rail Systems Division.Executed a series of transactions raising aggregate gross proceeds of $6 million in May 2023. The transactions included definitive securities purchase agreements with investors for the purchase and sale of 3,947,368 Ordinary Shares, at a purchase price of $0.76 per share, in a registered direct offering and a concurrent private placement of an even number of five-year common warrants, each to purchase one Ordinary Share at an ex...