Foresight: Rail Vision Signs Commercial Agreement with Knorr-Bremse Affiliate to Supply Shunting Yard Systems to Leading Euro...
September 04 2020 - 7:38AM
Business Wire
Knorr-Bremse will act as an integrator to
supply Rail Vision’s shunting yard systems for a potential of 2.8
million Euro
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today that its
affiliate, Rail Vision Ltd., has signed a commercial agreement with
an affiliate of Knorr-Bremse AG (Frankfurt: KBX), a $17 billion
European-based group, to supply Rail Vision’s Assisted Remote
Shunting (ARS) systems to a leading European train operator.
Foresight owns approx. 24% of Rail Vision’s outstanding share
capital.
As announced by the Company on April 27, 2020, Rail Vision
received an initial order from the European train operator for an
ARS prototype system to be installed on locomotives in switchyards
and to execute an Operational Functional Test (OFT) for a total
value of approximately 500,000 Euro. Rail Vision has indicated that
the prototype system will be delivered in October 2020. Following
delivery of a fully functional prototype system, and upon terms set
forth in the agreement, the European train operator may place an
order for 30 Rail Vision’s ARS systems, for a total value of up to
2.8 million Euro. In addition, the European train operator may
choose to exercise its option to purchase an additional 45 ARS
systems for a total value of approximately 3.5 million Euro.
Rail Vision’s unique ARS system designed to be installed on
locomotives in switchyards monitors the shunting yard for any
obstacle and enables railway operators to safeguard and streamline
their shunting operations, such as performing checks and
maintenance for railcars and locomotives. Combining advanced vision
sensors with deep learning technologies, the ARS system
automatically detects and classifies objects within a 200-meter
range at all times of day and in all weather conditions.
Additionally, the solution delivers visual warnings to operators or
drivers based on customer needs to ensure a safe and secure
environment, while also improving operational efficiency. Moreover,
since Rail Vision’s solution enables controlling locomotives
remotely, the number of staff required for coupling the locomotive
to the railcars is reduced, thus significantly cutting down
operating costs.
Rail Vision is a leading provider of cutting-edge cognitive
vision sensor technology and safety systems for 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.
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 sensor
systems for the automotive industry. Through the company’s wholly
owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile
Ltd., Foresight develops both “in-line-of-sight” vision systems and
“beyond-line-of-sight” cellular-based applications. Foresight’s
vision sensor is a four-camera system based on 3D video analysis,
advanced algorithms for image processing, and sensor fusion.
Eye-Net Mobile’s cellular-based application is a V2X
(vehicle-to-everything) accident prevention solution based on
real-time spatial analysis of clients’ movement.
The company’s systems are designed to improve driving safety by
enabling highly accurate and reliable threat detection while
ensuring the lowest rates of false alerts. Foresight is targeting
the semi-autonomous and autonomous vehicle markets and predicts
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 delivery of the prototype system, that the European
train operator may place an order for 30 Rail Vision’s ARS systems,
and that the European train operator may choose to exercise its
option to purchase an additional 45 ARS systems for a total value
of approximately 3.5 million Euro. 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 Contact: Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
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