Foresight Completes Successful Multi-User Trial of Cellular-Based Eye-NetTM Solution for Accident Prevention
March 28 2018 - 1:30AM
Business Wire
The Eye-NetTM cellular-based solution is
designed to prevent accidents between vehicles and between vehicles
and pedestrians
Foresight Autonomous Holdings Ltd., an innovator in automotive
vision systems (NASDAQ and TASE: FRSX), announced today that it has
successfully completed a multi-user trial of its Eye-NetTM accident
prevention solution and met the pre-defined criteria set for its
success.
The Eye-NetTM V2X (vehicle-to-everything) cellular-based
accident prevention solution is designed to provide real-time
pre-collision alerts to pedestrians and vehicles by using
smartphones and relying on existing cellular networks.
120 Android and iOS users from across Israel participated in the
trial. Part of the trial consisted of simulating collision
scenarios in two different locations in a safe and controlled
manner. The simulated scenarios included two vehicles moving
towards each other with no direct eye contact between them and an
additional scenario simulating an accident between a vehicle and a
pedestrian. In all the simulated scenarios, the Eye-NetTM
application successfully alerted all users in a manner that enabled
them to brake safely and on time. The information was streamed in
real-time to a control room at the company’s headquarters and
accurately displayed the location of the simulated collisions on a
map.
The following pre-defined objectives were to be validated during
the trial: the stability and usability of the application on both
iOS and Android-based cellular phones; the server workload and its
ability to handle data transfer; the ability to support a wide
geographic distribution of users; the real-time functionalities of
the dashboard; controlled scenarios validation (pedestrian
collision warning and collision warning); and overall system
stability. All objectives were successfully achieved.
This trial marks the successful completion of the system's
feasibility study.
Earlier this month, the company announced that it has entered
into a memorandum of understanding with Tamda Ltd. (TASE:TMDA) and
Tamda’s controlling shareholders, pursuant to which the company
agreed to proceed with a transaction to spin off its activities
dedicated to the development of our Eye-NetTM solution and merge
them into Tamda. Upon the closing of the transaction, the company
will own approximately 74.5% of the issued and outstanding share
capital of Tamda. The parties’ obligations to complete the
transaction are subject to various closing conditions. We cannot be
sure that the transaction will close as contemplated, if at
all.
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 and V2X cellular-based solutions for the automotive
industry 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
Advanced Driver Assistance Systems (ADAS), semi-autonomous and
autonomous vehicle markets. The company estimates that its systems
will revolutionize automotive safety 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, Foresight is using
forward-looking statements in this press release when it discusses
the development of its Eye-NetTM solution and its plans to spin-off
its Eye-NetTM related activities. 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. 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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version on businesswire.com: https://www.businesswire.com/news/home/20180327006142/en/
Investor Relations:MS-IR LLCMiri Segal-Scharia,
CEOmsegal@ms-ir.com917-607-8654
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