Foresight Signs Exclusive Distribution Agreement in Japan
May 14 2019 - 2:00AM
Business Wire
Cornes Technologies, a leading Japanese trading
house, will promote and distribute Foresight’s advanced vision
technologies in the Japanese market
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today the signing
of a distribution agreement with Cornes Technologies, a leading
Japanese trading house. According to the agreement, Cornes
Technologies will have exclusive rights to promote and sell
Foresight’s QuadSight™ system in Japan. Cornes Technologies, a
renowned trading company, plays a significant role in establishing
and developing commercial links and trade between Japan and the
rest of the world.
The distribution agreement was signed following a successful
technology roadshow in Japan carried out by Foresight with the
assistance of Cornes Technologies. The roadshow, completed a few
weeks ago, consisted of conducting real time live demonstrations of
the QuadSight system to six interested leading OEMs and Tier One
suppliers. Different scenarios were tested, simulating obstacle
detection in harsh weather and lighting conditions. The outstanding
performance of the QuadSight system was well received, and several
OEMs and Tier One suppliers have expressed interest in purchasing
prototype systems for further evaluation over the next few
months.
“According to OICA (International Organization of Motor Vehicle
Manufacturers), Japan is the world’s third largest vehicle
manufacturer, with more than 9.69 million passenger cars and
commercial vehicles produced in 2017, out of 97.3 million units
produced globally,” stated Doron Cohadier, Foresight’s VP of
Business Development. “The Japanese automotive industry is one of
the most prominent and innovative industries in the world, making
it a suitable target market for Foresight’s breakthrough QuadSight
vision system.”
About QuadSight™
QuadSight, Foresight’s four-camera vision system, offers
exceptional obstacle detection for semi-autonomous and autonomous
vehicle safety. Through sensor fusion, QuadSight leverages
reflected light from visible-light cameras with thermal energy
captured by long-wave infrared cameras for robust accurate object
detection of any shape, form or material, in all weather and
lighting conditions - including complete darkness, rain, haze, fog
and glare. By adapting field-proven security technology that has
been deployed for almost two decades, QuadSight offers autonomous
vehicles perception capabilities beyond those of human eyes and
reduces the likelihood of accidents and injuries.
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 our wholly owned subsidiaries,
Foresight Automotive Ltd. and Eye-Net Mobile Ltd., we develop 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, and are targeting the
semi-autonomous and autonomous vehicle markets. The company
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
collaboration with Cornes Technologies. 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 20, 2019, 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 RelationsMiri Segal-SchariaCEOMS-IR
LLCmsegal@ms-ir.com917-607-8654
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