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Foresight AutonomousHoldings Ltd. (Nasdaq and TASE: FRSX) (“Foresight”), an innovatorin automotive vision systems, announced today the signing of amultiphase business cooperation agreement with SUNWAY-AI Technology(Changzhou) Co., Ltd. (“SUNWAY”), a global Chinese manufacturer ofautonomous and unmanned intelligent vehicle products.
The first phase willconsist of a proof of concept (POC) project in which SUNWAY will testthe QuadSight® vision prototype system and evaluate Foresight’stechnology and its further potential integration into SUNWAY’sproducts and services. Upon successful evaluation, the parties intendto enter into a partnership agreement, including collaborativeprojects to develop and commercialize solutions focused on the Chineseagriculture and heavy machinery markets. SUNWAY designs and developsautonomous farms in China, among other projects, and intends toincorporate Foresight’s stereo technology into its unmannedautonomous agricultural vehicles.
“This cooperation agreement in China with SUNWAY,a leading automotive-related manufacturer and integrator, opens thedoor to the growing market of automated machines and autonomousagriculture. This opportunity has the potential to enhance ourfootprint in the Chinese market by expanding our solution offerings.Our advanced 3D vision technologies, and particularly our thermalstereo vision system, address detection challenges that are caused bydust and fertilizer particles, harsh weather and lighting conditions,potentially bringing added value to automated machines and autonomousagriculture,” stated Haim Siboni, Chief Executive Officer ofForesight.
About SUNWAY-AI Technology
Sunway-AI Technology (Changzhou) Co., Ltd.focuses on research and development, design, manufacturing and salesof intelligent vehicle technology and products. The company'semployees include technicians from the Institute of automation of theChinese Academy of Sciences, Tsinghua Automobile Research Institute,BAIC and China automobile. SUNWAY’s technologies and products can beapplied to autonomous vehicles, unmanned logistics and transportationvehicles and unmanned commercial vehicles. Commercial cooperation todate includes well-known domestic enterprises such as XCMG group,Liugong group and Shenzhen airport.
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 business cooperation agreement betweenthe parties, the potential for a future partnership agreement, thatthe agreement opens the door to the growing market of automatedmachines and autonomous agriculture and the potential for it toenhance its footprint in China. Because such statements deal withfuture events and are based on Foresight’s current expectations,they are subject to various risks and uncertainties, and actualresults, 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, 2021, 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. 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 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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