(NewsDirect)
Foresight Autonomous Holdings Ltd.(Nasdaq and TASE: FRSX), (“Foresight” or the “Company”), aninnovator in automotive vision systems, announced today the successfulcompletion of the second phase of a proof of concept (POC) projectwith a leading European passenger car manufacturer.
The second phase completes the POC projectreported by the Company on May 28, 2021. Revenue from the completionof the second phase amounts to $80,000, totaling $120,000 for theentire project. The parties are discussing future possible steps,which may include a joint development project, followed by potentialcommercialization of Foresight’s technology.
The POC project tested the ability ofForesight’s stereoscopic technology to enhance the European vehiclemanufacturer’s existing mono camera-based safety systems in terms ofdetection quality, distance accuracy and robustness without requiringadditional sensors and infrastructure, allowing the vehiclemanufacturer to take existing safety systems to the next level ofautonomy.
“We recognize a markettrend among vehicle manufacturers that are looking for solutions toenhance existing sensors. In our case, we are targeting monocamera-based systems that are already integrated into almost everyvehicle with level 2 autonomous capabilities. Vehicle manufacturersseem to be very interested in our solution, which enables them toconvert their existing mono camera-based systems to stereo, and webelieve that it has a significant market penetration potential,”said Haim Siboni, Chief Executive Officer of Foresight.
Forward-LookingStatements
This press release contains forward-looking statements withinthe meaning of the "safe harbor" provisions of the PrivateSecurities Litigation Reform Act of 1995 and other Federal securitieslaws. Words such as "expects," "anticipates,""intends," "plans," "believes,""seeks," "estimates" and similar expressions orvariations of such words are intended to identify forward-lookingstatements. For example, Foresight is using forward-looking statementsin this press release when it discusses a joint development projectand potential commercialization of Foresight’s technology, themarket trend among vehicle manufacturers that are looking forsolutions to enhance existing sensors and its technology’ssignificant market penetration potential. Because such statements dealwith 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.
Theforward-looking statements contained or implied in this press releaseare subject to other risks and uncertainties, including thosediscussed under the heading "Risk Factors" in Foresight'sannual report on Form 20-F filed with the Securities and ExchangeCommission ("SEC") on March 30, 2021, and in any subsequentfilings with the SEC. Except as otherwise required by law, Foresightundertakes no obligation to publicly release any revisions to theseforward-looking statements to reflect events or circumstances afterthe date hereof or to reflect the occurrence of unanticipated events.References and links to websites have been provided as a convenience,and the information contained on such websites is not incorporated byreference into this press release. Foresight is not responsible forthe contents of third-party websites.
AboutForesight
Foresight Autonomous Holdings Ltd. (Nasdaq andTASE: FRSX) is a technology company developing smart multi-spectralvision software solutions and cellular-based applications. Through theCompany’s wholly owned subsidiaries, Foresight Automotive Ltd. andEye-Net Mobile Ltd., Foresight develops both “in-line-of-sight”vision systems and “beyond-line-of-sight” accident-preventionsolutions. Foresight’s vision solutions include modules of automaticcalibration, sensor fusion and dense 3D point cloud that can beapplied to diverse markets such as automotive, defense, autonomousvehicles and heavy industrial equipment. Eye-Net Mobile’scellular-based solution suite provides real-time pre-collision alertsto enhance road safety and situational awareness for all road users inthe urban mobility environment by incorporating cutting-edge AItechnology and advanced analytics. For more information aboutForesight and its wholly owned 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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