FRSX - Foresight: Rail Vision Receives $500000 Order from a Leading Latin America Mining Company
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Foresight AutonomousHoldings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotivevision systems, announced today that its affiliate, Rail Vision Ltd.(“Rail Vision”), received a $500,000 purchase order for a singleMainLine system and related services from a leading Latin American(LATAM) mining company. This MainLine system is expected to bedelivered to the new customer during the fourth quarter of 2023.Foresight owns 10.2% of Rail Vision’s outstanding sharecapital.
"Wehave now expanded our global footprint into the massive LATAM marketwith this purchase order from a leading multinational miningcompany," said Shahar Hania, CEO of Rail Vision. "This is thesecond major mining company to use Rail Vision's innovativeAI-enabled obstacle detection solutions, strengthening our foothold inan attractive market segment. We are confident that our MainLinesystem will bring significant value to this customer by enhancingtheir safety and operational efficiency," Mr. Haniaconcluded.
TheMainLine system, designed to overcome the challenges of the moderntrain industry, supports operators in identifying potential obstacleson the tracks, such as people, rocks, debris, and vehicles, at adistance of up to two kilometers (1.2 miles), even in challengingweather and light conditions, improving the safety of trainoperations, preventing collisions, and reducing downtime. RailVision's products combine sensitive imaging sensors withartificial intelligence and deep learning technologies to detect andclassify obstacles on and near the tracks generating real-time visualand acoustic alerts for the driver and the operator’scommand-and-control center.
The LATAM mining company will benefit from RailVision’s robust MainLine Advance Driver Assistance System (ADAS)which uses high-end electro-optical sensors, machine learningalgorithms, and edge computing capabilities to improve the safety oftrain operations, providing them with accurate and timely informationto make informed decisions. Rail Vision will also provide supervision,guidance, and training services as part of the purchase order. Thiscomprehensive approach ensures that the MainLine system is seamlesslyintegrated into the customer's existing infrastructure andoperations, minimizing disruption and downtime duringimplementation.
About Rail Vision Ltd.
Rail Vision is a technology company that is seekingto revolutionize railway safety and the data-related market. TheCompany has developed cutting-edge, artificial intelligence based,industry-leading technology specifically designed for railways. TheCompany has developed its railway detection and systems to save lives,increase efficiency, and dramatically reduce expenses for the railwayoperators. Rail Vision believes that its technology will significantlyincrease railway safety around the world, while creating significantbenefits and adding value to everyone who relies on the trainecosystem: from passengers using trains for transportation tocompanies that use railways to deliver goods and services. Inaddition, the company believes that its technology has the potentialto advance the revolutionary concept of autonomous trains into apractical reality. For more information please visit https://www.railvision.io/
Forward-Looking Statements
This press release contains forward-lookingstatements within the meaning of the "safe harbor" provisionsof the Private Securities Litigation Reform Act of 1995 and otherFederal securities laws. Words such as "expects,""anticipates," "intends," "plans,""believes," "seeks," "estimates" and similarexpressions or variations of such words are intended to identifyforward-looking statements. For example, Foresight is usingforward-looking statements in this press release when it discusses thebenefits of its, and Rail Vision’s, technology and products and theexpected timing of the delivery of the MainLine system. Because suchstatements deal with future events and are based on Foresight’scurrent expectations, they are subject to various risks anduncertainties, and actual results, performance or achievements ofForesight could differ materially from those described in or impliedby the statements in this 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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