Foresight Completes a Successful System Demonstration with Uniti Sweden
August 21 2017 - 1:45AM
Business Wire
Foresight Autonomous Holdings Ltd., a leading developer of
Advanced Driver Assistance Systems (NASDAQ and TASE: FRSX),
announced today that the company has successfully completed a
system demonstration performed with Uniti Sweden. The system’s
capabilities were demonstrated in Sweden, under a controlled
environment and in open road driving.
The parties intend to negotiate a definitive agreement for
commercial cooperation whereby Foresight’s multispectral
all-weather conditions system will be developed and integrated into
Uniti’s electric vehicles as an advanced driver-assistance system
(ADAS), as well as the leading sensor system for the future
autonomous capabilities of Uniti’s electric cars.
Foresight CEO, Mr. Haim Siboni, said, “We are very excited about
the opportunity to team up with Uniti Sweden and provide
Foresight’s unique multispectral-all-weather conditions
vision-based ADAS system for Uniti’s premium electric vehicles.
Both Uniti and Foresight share the same DNA of innovative companies
with a strong passion to revolutionize safety and the driving
experience for manned and autonomous vehicles. I am confident that
this cooperation will be a game changer in the automotive
industry.”
Uniti CEO, Lewis Horne, stated, “What Foresight can achieve in
all weather and lighting conditions is impressive. Their technology
mimics the vision system of humans, while greatly exceeding human
vision capabilities and limitations. They are sure to be an
important player in the future of autonomous electric cars.”
About Uniti
Uniti Sweden, founded in 2016, is developing a mass market
electric city car that brings a new approach to safety and
sustainability. The vehicle features autonomous capabilities and
boasts an intuitive user experience which includes an electronic
steering system, and a full-screen heads-up display. The highly
scalable, lightweight construction, ushers in a new era for premium
vehicle manufacturing.
About Foresight
Foresight (NASDAQ and TASE: 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 discusses
that it intends to negotiate a definitive agreement with Uniti
Sweden, that Foresight’s products will be integrated into Uniti’s
vehicles, that it will be an important player in the future of
autonomous electric cars and that it estimates that its systems
will revolutionize ADAS, 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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INVESTOR RELATIONS:MS-IR LLCMiri Segal-Scharia,
917-607-8654CEOmsegal@ms-ir.com
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