Foresight Collaborates with One of the World’s Largest Electric Vehicle Brands
December 29 2023 - 7:15AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, announced the signing of a multi-phase cooperation
agreement with a leading global electric vehicle (EV) original
equipment manufacturer (OEM) in China, specializing in EVs,
rechargeable batteries and related products.
As previously announced on September 21, 2023,
the first phase of the agreement consists of a proof of concept
(POC) project to evaluate Foresight’s 3D perception capabilities,
including high resolution point cloud, object detection and
disparity map, for the possible enhancement of the OEM’s current
automotive vision solution.
Upon successful completion of the POC project,
the parties intend to negotiate a definitive commercial agreement
for the joint development, integration and commercialization of
Foresight’s technology into the OEM’s automotive vision systems.
Furthermore, the OEM will introduce Foresight’s technology to its
subsidiaries, customers and partners, presenting Foresight as a
business partner and thereby facilitating the relationship between
Foresight and the OEM’s partners.
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
the POC project’s possible enhancement of the OEM’s current
automotive vision solution, the prospective negotiation of a
definitive agreement upon the completion of the POC project, and
the prospective introduction of Foresight’s technology to its
subsidiaries, customers, and partners. 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-SchariaCEOMS-IR LLCmsegal@ms-ir.com917-607-8654
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