FRSX - Foresight Partners with One of the World’s Largest Industrial Equipment Manufacturers for POC Project
(NewsDirect)
Foresight AutonomousHoldings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the“Company”), an innovator in automotive vision systems, announcedtoday the signing of a paid proof of concept (POC) project with theChinese subsidiary of one of the world’s leading manufacturers ofindustrial equipment, heavy machinery, construction and miningequipment.
Foresight was selected over other three-dimensional (3D)perception vision solutions due to its accurate and high-resolutionpoint cloud and all object detection capabilities in harsh weather,environment and lighting conditions. A successful POC project may leadto the integration of Foresight's technology into the industrialequipment manufacturer’s construction and mining trucks.
The industrial equipmentmanufacturer will evaluate Foresight’s technology to add 360° 3Dperception capabilities to its mining and construction trucks,offering an alternative to its existing LiDAR sensors. Foresight’s QuadSight vision solution uses both visible-light and thermal cameras to delivera comprehensive vision system capable of addressing the drivingchallenges in construction and mining settings. These challengesinclude off-road navigation, detection of non-classified objects industy surroundings and enabling safe driving in pitch-dark conditions.In addition, the industrial equipment manufacturer will evaluateForesight’s DynamiCal ™automatic calibration solution to enable continuous calibration of thecameras while its trucks encounter intense vibrations to ensure anaccurate 3D image of the environment.
“We are excited to extend our innovativestereo vision solutions to the construction and mining industry. Bycollaborating with one of the world's largest industrial equipmentand heavy machinery manufacturers, we aim to enhance the safety,accuracy of object detection, and environmental awareness in theiroperations. This POC project reflects our dedication to deliveringadvanced automotive vision technologies across diverse sectors,"said Haim Siboni, CEO of Foresight.
Forward-Looking Statements
This press releasecontains forward-looking statements within the meaning of the"safe harbor" provisions of the Private Securities LitigationReform Act of 1995 and other Federal securities laws. Words such as"expects," "anticipates," "intends,""plans," "believes," "seeks,""estimates" and similar expressions or variations of suchwords are intended to identify forward-looking statements. Forexample, Foresight is using forward-looking statements in this pressrelease when it discusses the POC, that it aims to enhance the safety,object detection accuracy, and environmental awareness in theindustrial equipment manufacturer’s operations, and that the POCproject reflects its dedication to delivering advanced automotivevision technologies across diverse sectors. Because such statementsdeal with future events and are based on Foresight’s currentexpectations, they are subject to various risks and uncertainties, andactual results, performance or achievements of Foresight could differmaterially from those described in or implied by the statements inthis press release.
The forward-looking statements contained or implied in thispress release are subject to other risks and uncertainties, includingthose discussed under the heading "Risk Factors" inForesight's annual report on Form 20-F filed with the Securitiesand Exchange Commission ("SEC") on March 30, 2023, and in anysubsequent filings with the SEC. Except as otherwise required by law,Foresight undertakes no obligation to publicly release any revisionsto these forward-looking statements to reflect events or circumstancesafter the date hereof or to reflect the occurrence of unanticipatedevents. References and links to websites have been provided as aconvenience, and the information contained on such websites is notincorporated by reference into this press release. Foresight is notresponsible for the contents of third party websites.
About Foresight
Foresight AutonomousHoldings Ltd. (Nasdaq and TASE: FRSX) is a technology companydeveloping smart multi-spectral vision software solutions andcellular-based applications. Through the Company’s wholly ownedsubsidiaries, Foresight Automotive Ltd., Foresight ChangzhouAutomotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both“in-line-of-sight” vision systems and “beyond-line-of-sight”accident-prevention solutions.
Foresight’s vision solutionsinclude modules of automatic calibration and dense three-dimensional(3D) point cloud that can be applied to different markets such asautomotive, defense, autonomous vehicles and heavy industrialequipment. Eye-Net Mobile’s cellular-based solution suite providesreal-time pre-collision alerts to enhance road safety and situationalawareness for all road users in the urban mobility environment byincorporating cutting-edge AI technology and advancedanalytics.
For more information about Foresight and its whollyowned subsidiary, Foresight Automotive, visit www.foresightauto.com , follow onTwitter, or join on LinkedIn.
ContactDetails
Investor Relations Contact:
MiriSegal-Scharia, CEO, MS-IR LLC
+1 917-607-8654
CompanyWebsite
https://www.foresightauto.com/
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