Positive Results Drive Foresight Into Commercialization Agreement with Leading Global Defense Company Elbit Systems Securing up to $4 Million in Revenue
December 18 2023 - 8:15AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, achieved a significant commercialization milestone. The
Company secured an exclusive agreement with Elbit Systems Ltd,
(“Elbit”) a leading global defense company following the impressive
results of its image-processing software solution. This
collaboration is anticipated to generate revenues of up to $4
million over a five-year period, with a minimum of $1 million in
guaranteed revenues.
As previously announced on July 17, 2023, the
agreement is a testament to the success of Foresight's innovative
technology. Under the terms of the agreement, Elbit will
exclusively market and commercialize Foresight’s software globally.
The solution will be offered as advanced driver assistance systems
(ADAS) and autonomous platforms for unmanned combat and security
ground vehicles, as well as a solution for the defense,
paramilitary, and homeland security markets.
Foresight's software, which has demonstrated
outstanding performance and reliability, will be offered to Elbit’s
end customers as a vital component in enhancing vehicle safety and
autonomy. Each software license is expected to be priced at several
thousand U.S. dollars, reflecting its high value in the market.
Foresight will provide comprehensive support,
maintenance, and customization services, further solidifying the
relationship with its defense partner and ensuring customer
satisfaction.
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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