Foresight Signs a Pilot Agreement with an Additional Leading Chinese Car Manufacturer
July 31 2017 - 1:45AM
Business Wire
Foresight Autonomous Holdings Ltd., a leading developer of
Advanced Driver Assistance Systems (TASE and NASDAQ:
FRSX), announced today that it has signed an agreement with a
leading Chinese car manufacturer, for a pilot project to test
Foresight's Eyes-On™ advanced driver assistance system. The Chinese
manufacturer has an annual manufacturing capacity of over one
million vehicles. This pilot agreement follows a successful pilot
with another leading Chinese car manufacturer, with whom Foresight
is negotiating commercial cooperation.
Pursuant to the agreement, the Chinese manufacturer will provide
Foresight a vehicle to be equipped with the company's Eyes-On
system in order to test its performance. The pilot test will be
financed by the manufacturer, except for production, shipping,
installation and de-installation costs of the system. The
objectives of the test are to demonstrate the performance of
Foresight's accident prevention systems, which is based on 3D
technology, and to gain deeper understanding of Chinese drivers'
requirements for driver assistance systems, taking into
consideration local weather, infrastructure and common driving
conduct. Eyes-On will be tested in controlled and uncontrolled
environments.
The parties have mutually agreed on pre-determined specific
terms, conditions and specifications for the pilot test
performance, as well as key performance indicators, requirements
and criteria for the assessment of the pilot's success.
The parties will consider entering into a future commercial
agreement based on the results of the pilot test.
About Foresight
Foresight (TASE and NASDAQ: FRSX), founded in 2015, is a
technology company engaged in the design, development and
commercialization of Advanced Driver Assistance Systems (ADAS)
based on 3D video analysis, advanced algorithms for image
processing and artificial intelligence. The company, through its
wholly owned subsidiary, develops advanced systems for accident
prevention, which are designed to provide real-time information
about the vehicle's surroundings while in motion. The systems are
designed to alert drivers to threats that might cause accidents,
resulting from traffic violations, driver fatigue or lack of
concentration, etc., and to enable highly accurate and reliable
threat detection while ensuring the lowest rates of false alerts.
The company estimates that its systems will revolutionize ADAS by
providing an automotive grade, cost-effective platform, and
advanced technology.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and similar expressions
or variations of such words are intended to identify
forward-looking statements. For example, when Foresight describes
conducting a pilot test with an additional Chinese car manufacturer
and that the parties will consider entering into a future
commercial agreement based on the results of the pilot test, it is
using forward-looking statements. Because such statements deal with
future events and are based on Foresight’s current expectations,
they are subject to various risks and uncertainties and actual
results, performance or achievements of Foresight could differ
materially from those described in or implied by the statements in
this press release.
The forward-looking statements contained or implied in this
press release are subject to other risks and uncertainties,
including those discussed under the heading "Risk Factors" in
Foresight's registration statement on Form 20-F filed with the
Securities and Exchange Commission ("SEC") on June 1, 2017, and in
any subsequent filings with the SEC. Except as otherwise required
by law, Foresight undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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version on businesswire.com: http://www.businesswire.com/news/home/20170730005063/en/
INVESTOR RELATIONS:MS-IR LLCMiri Segal-Scharia,
917-607-8654CEOmsegal@ms-ir.com
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