Foresight Successfully Completes Technological Demonstrations for Leading Vehicle Manufacturers in France
May 22 2019 - 2:00AM
Business Wire
Multiple vehicle manufacturers and Tier One
suppliers expressed interest in purchasing prototypes of the
QuadSight™ vision system for evaluation.
Foresight Autonomous Holdings Ltd., an innovator in automotive
vision systems (Nasdaq and TASE: FRSX), today announced that the
company successfully completed a series of technological
demonstrations of its QuadSight vision system in France for four
leading vehicle manufacturers (OEMs) and Tier One suppliers. These
demonstrations follow a successful technological roadshow that was
recently carried out in Japan with six additional OEMs and Tier One
suppliers, as reported on May 14, 2019, several of which have
expressed interest in purchasing the QuadSight prototype system for
further evaluation.
Foresight’s technological roadshows to potential customers serve
to demonstrate the company’s unique product capabilities. The
QuadSight system is tested in different predefined and ad hoc
customer-defined scenarios on the customer’s premises. To date, the
system has successfully achieved 100% obstacle detection in all
simulated fog, rain, and extreme lighting conditions scenarios.
In addition, Foresight demonstrated specific tools, designed and
developed by the company, that allow the customer to extract and
analyze relevant data about the detected obstacles. Foresight will
be conducting additional technological roadshows in Europe, the
United States and the Far East over the next few months.
The outstanding performance of the QuadSight system was well
received. As a result, multiple leading French OEMs and Tier One
suppliers expressed interest in purchasing prototypes of the
QuadSight system for evaluation.
In the past few months, Foresight successfully installed three
QuadSight vision system prototypes, with a fourth to be installed
in the coming weeks. The company has worked closely with customers
to complete installations and received positive initial customer
feedback.
“I am fully confident in the strength of our product and the
growth potential of our company,” said Haim Siboni, Foresight’s
CEO. “In recent months, we received valuable market information
which has enabled us to tailor our product to market needs and
requirements. Additionally, we are pursuing strategic sales and
distribution relationships which will allow us to deploy our
technology and expand on a larger scale.”
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 the company’s wholly owned
subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd.,
Foresight develops 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. Foresight is targeting
the semi-autonomous and autonomous vehicle markets and 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
conducting additional technological roadshows in Europe, the United
States and the Far East over the next few months, that leading
French vehicles OEMs and Tier One suppliers expressed interest in
purchasing prototypes of the QuadSight system for evaluation,
growth potential and pursuing strategic sales and distribution
relationships which will allow Foresight to deploy its technology
and expand on a larger scale. 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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version on businesswire.com: https://www.businesswire.com/news/home/20190521005918/en/
Investor Relations:Miri Segal-SchariaCEOMS-IR
LLCmsegal@ms-ir.com917-607-8654
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