Foresight CEO Letter to Shareholders
January 09 2024 - 8:10AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX).
Dear Shareholders,
Looking back at the dynamic events of the past
year, I am pleased to share the significant achievements we
accomplished in 2023 and want to discuss our strategic shift for
2024.
The past year brought volatility, but it also
brought success and progress for our Company. I have complete
confidence in our Company and so does our entire management team.
Our conviction in the success of Foresight was demonstrated in the
Company's latest round of investment, led by substantial insider
participation of over $1.1 million.
At the end of 2023, we made a strategic decision
to refocus on strengthening client-facing initiatives in the fields
of defense and industrial vehicles and reallocate resources
accordingly. Throughout 2023, we achieved major milestones in our
journey towards commercialization, strengthening our position as a
key player in the evolving market of 3D perception solutions for
semi and fully autonomous vehicles.
Our strategic collaborations with leading
Japanese and Chinese vehicle manufacturers, the commercialization
agreement with leading defense company Elbit Systems Land Ltd., and
the collaboration agreement with KONEC, a South Korean Tier one
supplier for agricultural vehicles, have not only secured future
potential revenues but have also paved the way for groundbreaking
innovations.
A key aspect of Foresight’s success lies in the
modularity of our software vision solutions. This business model
enables us to customize 3D perception solutions and tailor them to
our customers’ specific needs. Whether integrating our software
seamlessly with existing sensors or providing a comprehensive
vision solution by combining our proprietary software with
customer-requested hardware, we are at the forefront of driving
innovation in the industry.
Eye-Net Mobile Ltd. (“Eye-Net”), our wholly
owned subsidiary, also recorded significant achievements over the
past year. We recently announced the successful completion of the
first phase of a multi-phase project with Japanese giant SoftBank
Corp., bringing us closer to a commercial deployment of Eye-Net’s
solutions in the Japanese market through SoftBank’s multiple
business partners. Eye-Net was also selected to join the incubation
program of Software République, a major European consortium, for
leading a project that will deliver an accessible
vehicle-to-everything (V2X) road safety solution for all road
users, with potential for commercial deployment across multiple
European cities.
Eye-Net’s cellular-based solutions offer a
compelling solution for vehicle manufacturers, Tier-One suppliers,
and location-based cellular application providers, providing an
additional safety layer to all road users.
As we move into 2024, we anticipate a successful
year, establishing new partnerships with industry leaders and
progressing further on our path towards commercialization.
I want to express my sincere appreciation to our
dedicated team, partners, and stakeholders who have played a
pivotal role in our success. Your ongoing support is truly
appreciated. We look forward to sharing new developments with you
soon.
Sincerely,Haim SiboniCEO & Chairman,
Foresight Autonomous Holdings
Forward-Looking Statements
This letter to shareholders 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 letter to shareholders
when it discusses its major milestones achieved in 2023, that its
collaborations and agreements have not only secured future
potential revenues but have also paved the way for groundbreaking
innovations, and that it anticipates 2024 being a successful year
where it expects to establish partnerships with new industry
leaders and progressing further on its path towards
commercialization. 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 letter to
shareholders. The forward-looking statements contained or implied
in this letter to shareholders 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 letter to shareholders.
Investor Relations Contact:
Miri Segal-SchariaCEOMS-IR
LLCmsegal@ms-ir.com917-607-8654
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