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Rail Vision Ltd. (NASDAQ:RVSN) ("Rail Vision" or the "Company"), an early commercialization stage technology company seeking to revolutionize railway safety and the data-related market, recently announced the signing of a non-binding term sheet for a strategic transaction to acquire 51% ownership of Quantum Transportation Ltd. (the "Acquisition" and "Quantum Transportation"), a cutting-edge quantum computing and AI company specializing in error correction technologies.
Through this potential transaction, Rail Vision and Quantum Transportation aim to combine quantum-AI based IP protected, innovation with Rail Vision's advanced vision and safety technologies, creating potential synergies that will enhance Rail Vision's existing and future product lines, drive innovation, and deliver long-term value for stakeholders.
Under the terms of the term sheet, upon the closing of the Acquisition, Rail Vision will issue ordinary shares representing approximately 4.99% of its share capital to select Quantum Transportation shareholders (the "Exchanging Shareholders") in exchange for their full holdings in Quantum Transportation, securing majority control post-closing. Additionally, upon the closing of the Acquisition, Rail Vision will extend a convertible loan of up to $700,000 to Quantum Transportation at an 8% annual interest rate, disbursed in tranches to support ongoing operations and development. The loan, including principal and interest, shall be repayable in one payment within the 24 month term and may be converted, at Rail Vision's sole discretion, into Quantum Transportation's most senior class of shares.
Quantum Transportation's patented machine learning-based universal decoder represents a breakthrough in quantum error correction, addressing the inherent noise in qubits that limits scalable quantum computing. This technology, developed by leading computer science experts and protected as patented intellectual property (IP), is code-agnostic, noise-aware, and scalable. This enables it to adapt seamlessly across various hardware platforms and code sizes. It empowers quantum hardware companies and labs, particularly small- to medium-sized entities, to research and select optimal error correction schemes without in-house teams. By utilizing this IP for transportation applications, including railway, Rail Vision aims to unlock new capabilities in anomaly detection, predictive maintenance, and autonomous rail operations, capitalizing on the growing quantum computing market projected to drive exponential advancements in transportation.
The transaction is conditioned on signing definitive agreements and key milestones and is expected to close within the next 60 days, subject to satisfaction of all conditions, including regulatory approvals.
Posted In: RVSN
