Foresight Takes Major Step Toward Commercialization With Elbit Systems Securing Revenues up to $4 Million
July 17 2023 - 8:20AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight”), an innovator in automotive vision systems, announced
today the signing of an exclusive commercialization agreement with
Elbit Systems Land Ltd. (“Elbit”), a subsidiary of Elbit Systems
Ltd. (Nasdaq and TASE: ESLT), for the integration, marketing and
licensing of Foresight’s image processing software solution.
Foresight expects revenues of up to $4 million, over a contractual
period of five years, with minimum guaranteed revenues of $1
million over that time period. The Company expects that it will
start recognizing initial revenues from its agreement with Elbit
during the second half of 2023.
According to the agreement, Elbit will
commercialize Foresight’s software solution, exclusively and
globally, in the form of a software license. Foresight’s solution
will be offered to Elbit’s end customers as a component of advanced
driver assistance systems (ADAS) for driving safety, as well as a
solution for semi- and fully-autonomous platforms, used in unmanned
combat and security ground vehicles in the defense, paramilitary
and homeland security markets (the “ESL Field”). The software
license for each platform will be sold for several thousand U.S.
dollars per license. Furthermore, Foresight will provide support,
maintenance, and customization services for its software to both
Elbit and Elbit’s customers.
Elbit will have the exclusive rights to market
and sell Foresight’s image processing software in the ESL Field in
Israel, for a period of five years. Elbit will also have exclusive
rights to market and sell Foresight’s image processing software in
the ESL Field globally, for a period of five years, depending on
sales targets as determined in the agreement.
“We are excited to strengthen our ongoing
collaboration with Elbit and significantly advance our
commercialization efforts. Elbit has chosen to exclusively offer
our unique software-based vision solutions to customers in the
defense and paramilitary sectors who are seeking 3D perception
solutions for ADAS and autonomous vehicles. This agreement further
reinforces Foresight’s position as a pioneering technology leader
in advanced automotive vision systems, and we believe that it will
help to strengthen our balance sheet and revenues in the coming
years,” said Haim Siboni, CEO of Foresight.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and
TASE: FRSX) is a technology company developing smart multi-spectral
vision software solutions and cellular-based applications. Through
the Company’s wholly owned subsidiaries, Foresight Automotive Ltd.,
Foresight Changzhou 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
automatic calibration and dense three-dimensional (3D) point cloud
that can be applied to different markets such as automotive,
defense, autonomous vehicles, and heavy industrial equipment.
Eye-Net Mobile’s cellular-based solution suite provides real-time
pre-collision alerts to enhance road safety and situational
awareness for all road users in the urban mobility environment by
incorporating cutting-edge AI technology and advanced
analytics.
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
its revenue forecasts with respect to the agreement, the expected
timing of recognizing revenues pursuant to the agreement, the
parties’ obligations under the agreement, Elbit’s exclusive rights
for marketing and selling Foresight’s software in Israel, Elbit’s
exclusive right to distribute Foresight’s image processing
software, and its belief that this agreement will strengthen
Foresight’s balance sheet. 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 annual report on Form 20-F filed with the
Securities and Exchange Commission ("SEC") on March 30, 2023, 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.
Investor Relations Contact:
Miri Segal-Scharia CEOMS-IR LLC
msegal@ms-ir.com917-607-8654
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