Foresight: Rail Vision Receives Order from Leading US-based Rail Contractor of up to $5 Million
January 24 2024 - 9:26AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight”), an innovator in automotive vision systems, announced
today that its affiliate, Rail Vision Ltd. (Nasdaq: RVSN) (“Rail
Vision”) has signed a supply contract with a leading US-based rail
and leasing services company valued at up to $5 million for the
purchase of Rail Vision’s artificial intelligence (AI)-based Switch
Yard Systems. Foresight owns 10.2% of Rail Vision’s outstanding
share capital.
"The signing of the contract with this customer
is a significant milestone for Rail Vision, marking our entrance
into the US market and reflecting our commitment to enabling the
rail industry with cutting-edge AI-based technology," said Shahar
Hania, CEO of Rail Vision. "Our Switch Yard System is designed to
significantly improve safety and efficiency in rail yards. We are
proud that our new customer, a prominent player in the rail
services sector in North America, has recognized the value of our
solution. This new partnership is a testament to the innovation and
effectiveness of Rail Vision's technology, and we look forward to
working closely with this customer to help them enhance operations
and contribute to a safer, more efficient rail industry."
Rail Vision’s unique Switch Yard
System enables railway operators to streamline and
enhance the safety of their industrial switching operations.
Combining advanced vision sensors with AI
and deep learning technologies, the system automatically
detects and classifies objects within a range of up
to 200 meters, in various weather and light conditions.
With its one-of-a-kind Pathfinder technology, the Switch Yard
System can detect switch states to support the execution of
coupling from a remote position. In addition, it enables
the monitoring of operational dead zones to
facilitate secure wagon coupling and sends real-time
visual and acoustic alerts to remote operators and
drivers, ensuring a safe and secure environment.
The first phase of the contract is valued at $1
million. Follow-on orders for additional Switch Yard Systems,
valued at up to $4 million, are subject to customer approval. The
contract also includes specific purchase quotas that, if met,
provide the customer with exclusivity in the North American
industrial railyards switching segment.
About Rail Vision Ltd. Rail
Vision is a technology company that is seeking to revolutionize
railway safety and the data-related market. The Company has
developed cutting-edge, artificial intelligence-based,
industry-leading technology specifically designed for railways. The
Company has developed its railway detection and systems to save
lives, increase efficiency, and dramatically reduce expenses for
the railway operators. Rail Vision believes that its technology
will significantly increase railway safety around the world, while
creating significant benefits and adding value to everyone who
relies on the train ecosystem: from passengers using trains for
transportation to companies that use railways to deliver goods and
services. In addition, the company believes that its technology has
the potential to advance the revolutionary concept of autonomous
trains into a practical reality. For more information, please visit
https://www.railvision.io/
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
how Rail Vision looks forward to working closely with the customer
with whom it has signed the contract and the potential follow-on
orders for additional Switch Yard Systems and specific purchase
quotas as part of the contract.. 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.com
917-607-8654
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