LAS VEGAS, Jan.
30, 2020 /PRNewswire/
-- WebSafety, Inc. (www.websafety.com)
(OTCMarkets: WBSI) WebSafety today confirmed
the DriveSafety App potential revenue model
in the management update released earlier
this week demonstrating a $15
million to $150
million annual revenue
opportunity. On Tuesday this week CEO Rowland
W. Day II published a
strategic update covering the company's
forthcoming launch of its DriveSafety App.
The launch is anticipated next month.
The update is included here again in its
entirety below and includes a product
overview and an overview of the company's
primary and secondary revenue
strategies. The estimated societal damage
resulting from texting and driving is $129
billion annually including,
among other costs, property damage and the
expenses associated with personal injuries
and more than 4,000 annual texting and
driving fatalities. Read below about
the strategy to generate recurring revenue
from the 250 million drivers in the U.S. and
1.2 Billion drivers worldwide, and the
secondary revenue strategy to potentially
generate revenue from any infringement of
WebSafety's eight (8) U.S. Patents backing
its DriveSafety App.
1. Product Overview
Distracted Driving is the number one bad
driving habit to eliminate loss of life and
injury and make our highways and roads
safer. DriveSafety is the perfect solution
to improve your driving, protect you and
your passengers' lives and those on the
road.
Device Lock
Start driving and your device will lock
automatically to prevent distracted driving.
DriveSafety's driving detection algorithm
uses a combination of accelerometer,
gyroscope and GPS data to provide an
accurate method of determining if you are in
a moving vehicle. The device will remain
locked for the duration of the drive to
prevent the temptation to send and receive
text messages and other distracting alerts.
The device remains locked even while stopped
at an intersection with our default
settings.
Behavior Tracking
Every millisecond of your trip is
analyzed to build a record of events which
indicate when the driver is distracted.
Using a combination of gps data,
accelerometer, gyroscope and road data,
DriveSafety can determine when a driver is
driving at excessive speeds or even
exceeding the speed limit on a street.
One of the most common reactions when a
driver is distracted is that they have to
apply the brake without warning. This
results in a significant reduction in speed
over a short period of time.
DriveSafety calls this hard braking and we
track these events.
Historical Picture
Each trip is added to the log to easily
review and share driving history. Key data
from trips are displayed side-by-side
including the date, time, distance and
distracted driving event counts. The
Trips screen serves as the main screen of
the app to keep your trip history at the top
of your mind. See a map of the trip route
and easily share your trip with friends and
invite them to join the app. Trip
History is limited to 5 days of storage
unless unlocked with our premium
subscription - providing unlimited trip
history.
2. Primary Revenue Model
The primary revenue opportunity for WBSI
is to strategical generate recurring revenue
from the 250 million drivers in the U.S. and
1.2 Billion drivers worldwide. The
DriveSafety App features described above
intuitively provide multiple solution
opportunities to create a safer driving
environment free from the distractions of
texting and driving in addition to the other
safety features. The challenge is to
get consumers to engage the DriveSafety App
and foot the bill. Drivers are already
required to foot the bill for insurance.
The DriveSafety App has the potential to
substantially reduce the number of accident
payouts made by insurance companies to
insurance policy holders. That savings
to insurance companies can be passed on to
insurance policy holders through reduced
insurance premiums. A small recurring
fee for the DriveSafety App service can
generate a much, much larger savings for
insurance companies and in turn, insurance
policy holders. For an example of what
that might look like, consider the
DriveSafety App being utilized by only 0.1%
of U.S. drivers. That approximately
equates to 250 thousand drivers. If
the fee for use of the DriveSafety App was $5 per
month, that would translate into $15
million in annual
service fees. A 1% penetration in the
U.S. would equate to 2.5 million drivers and $150
million in annual
service fees.
3. Secondary Revenue Model
With the economic opportunity described
in the primary revenue model above, there
will no doubt be competitors pursuing this
market space. The DriveSafety App and
the opportunity for the DriveSafety App was
not developed overnight. The
DriveSafety App strategy has been
methodically developed over a considerable
period of time. In so doing, the
DriveSafety App is backed by eight (8) U.S.
Patents. Inadvertently or purposely,
competitors are bound to infringe on the
DriveSafety App patents. Such
infringement has the potential to generate
income for WBSI through settlements of the
infringements. Such income can be a
simple damage payment or an ongoing royalty
payment and even the opportunity for WBSI to
takeover a competitor. WBSI will
aggressively protect its intellectual
property behind the DriveSafety App. In
addition to the existing eight (8) U.S.
Patents, WBSI has two (2) foreign patents
and more pending which means the secondary
revenue model is global, and not just
limited to the U.S.
To learn more about the DriveSafety App and
to keep up with the latest developments
check back regularly on the DriveSafety App
website: https://www.drivesafetyapp.com/