Knorr-Bremse Makes Additional $10 Million Investment in Rail Vision
October 13 2020 - 8:30AM
Business Wire
Knorr-Bremse, a $17 billion European-based
group, will own 36.79% of Rail Vision’s outstanding share capital
following original investment in 2019
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), an
innovator in automotive vision systems, announced today that its
affiliate, Rail Vision Ltd., and Knorr-Bremse Systeme für
Schienenfahrzeuge GmbH, an affiliate of Knorr-Bremse AG (Frankfurt:
KBX), executed an agreement whereby Knorr-Bremse will make a new
investment of $10 million in Rail Vision. Knorr-Bremse, a $17
billion European-based group, originally invested $10 million in
Rail Vision, as reported by the Company on March 14, 2019.
Following the additional investment, Knorr-Bremse will own a total
of 36.79% of Rail Vision’s outstanding share capital. Additionally,
Rail Vision has received a call option, available under certain
conditions which should be met, to call for an additional $5
million under the same investment terms.
The current investment reflects Rail Vision’s post money
valuation of approximately $50 million. Foresight's initial
investment in Rail Vision, in August 2016, reflected a $4.4 million
post money valuation, marking a 1,130% increase. As a result of the
investment, Foresight’s holdings in Rail Vision will amount to
19.34% (16.49% on a fully diluted basis).
Rail Vision is a leading provider of cutting-edge cognitive
vision sensor technology to increase safety in the railway
industry. Rail Vision’s solutions offer detection and
classification of objects or obstacles (e.g. humans, vehicles, and
signals), rail path recognition (i.e. switch state detection),
distance measurement and opportunity infrastructure condition
monitoring.
“Knorr-Bremse's continued investment marks a vote of confidence
in Rail Vision’s unique technology and its solutions for the rail
industry. We believe that further securing Rail Vision’s finances
will strengthen the company’s performance and support its
commercialization and market penetration efforts,” said Haim
Siboni, CEO of Foresight.
About Knorr-Bremse
Knorr-Bremse is the global market leader for braking systems and
a leading supplier of other safety-critical rail and commercial
vehicle subsystems. Knorr-Bremse’s products make a decisive
contribution to greater safety and energy efficiency on rail tracks
and roads around the world. For more than 110 years, the company
has been the industry innovator, driving innovation in mobility and
transportation technologies with an edge in connected system
solutions. Knorr-Bremse is one of Germany’s most successful
industrial companies and profits from the key global megatrends:
urbanization, eco-efficiency, digitization and automated driving.
In 2018, Knorr-Bremse’s two divisions together generated revenues
of EUR 6.6 billion (IFRS).
Knorr-Bremse delivers braking, entrance, control and auxiliary
power supply systems, HVAC and driver assistance systems for rail
vehicles, as well as braking, steering, powertrain and transmission
control solutions, and driver assistance systems for commercial
vehicles.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX),
founded in 2015, is a technology company engaged in the design,
development and commercialization of stereo/quad-camera vision
systems for the automotive industry. Foresight’s vision systems are
based on 3D video analysis, advanced algorithms for image
processing, and sensor fusion. The company, through its wholly
owned subsidiary Foresight Automotive Ltd., 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 improve driving safety by
enabling highly accurate and reliable threat detection while
ensuring the lowest rates of false alerts. The company’s systems
are targeting the semi-autonomous and autonomous vehicle markets.
The company predicts that its systems will revolutionize automotive
safety by providing an automotive-grade, cost-effective platform
and advanced technology.
For more information about Foresight and its wholly owned
subsidiary, Foresight
Automotive, visit www.foresightauto.com, follow @ForesightAuto1
on Twitter, or join Foresight Automotive on LinkedIn.
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, Foresight is using
forward-looking statements in this press release when it discusses
Knorr-Bremse’s continued investment in Rail Vision and Foresight’s
belief that further securing Rail Vision’s finances will strengthen
the company’s performance and support its commercialization and
market penetration efforts. 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 following factors, among others, could
cause actual results to differ materially from those described in
the forward-looking statements: the overall global economic
environment; the impact of competition and new technologies in the
rail industry; general market, political and economic conditions in
the countries in which Rail Vision operates; Rail Vision’s
projected capital expenditures and liquidity; changes in Rail
Vision’s strategy; and any litigation concerning Rail Vision.
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 annual report on Form 20-F filed with the Securities
and Exchange Commission ("SEC") on March 31, 2020, 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. References and links to websites have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
Foresight is not responsible for the contents of third party
websites.
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Investor Relations Miri Segal-Scharia CEO MS-IR LLC
msegal@ms-ir.com 917-607-8654
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