Foresight Signs First Commercial Agreement with Elbit Systems
June 19 2019 - 3:55AM
Business Wire
The leading Israeli defense company will also
receive exclusive marketing rights to Foresight’s proprietary image
processing software for the defense, paramilitary and homeland
security markets.
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today the signing
of a commercial agreement with Elbit Systems Land Ltd., a
subsidiary of Elbit Systems Ltd. (Nasdaq and TASE: ESLT), for
exclusive marketing of its proprietary image processing software
for the defense, paramilitary and homeland security markets. Elbit,
a $6.7-billion leading defense electronics company based in Israel,
intends to integrate Foresight’s image processing software into its
products, systems and solutions, and to market it globally. The
software will be implemented in wheeled military and security
ground vehicles, including unmanned vehicles.
This commercial agreement follows a successful evaluation of the
QuadSight™ four-camera vision system prototype purchased by Elbit,
as reported by Foresight on March 4, 2019. Elbit thoroughly tested
the QuadSight system in comparison with other solutions and chose
it for its outstanding performance. The system was evaluated over a
period of two months in both controlled and uncontrolled
environments, including testing in off-road driving conditions.
According to the agreement, Foresight will sell the current
version of its proprietary image processing software in the form of
a software license to both Elbit and Elbit’s customers for several
thousand U.S. dollars per license. Foresight will also provide
support and maintenance services to Elbit for an additional fee.
Furthermore, Foresight expects to receive a more substantial
consideration in return for future development agreements in order
to accommodate changes to its current software version, as required
by Elbit or Elbit’s customers, on a case-by-case basis.
Elbit will have exclusive rights to market and sell Foresight’s
image processing software in Israel for a period of several years.
In order to maintain exclusive rights in Israel, Elbit committed to
issue minimum annual orders for the exclusivity period, with an
initial purchase order in the amount of approximately $50,000 due
after the execution of the agreement.
Elbit will also have exclusive rights to distribute Foresight’s
image processing software globally for an initial period, as
determined in the agreement. The global exclusivity excludes
several customers within the defense industry who are already
engaged in commercial activity with Foresight. The exclusivity
rights, both in Israel and globally, may be extended based on sales
achievements.
“We are very excited to announce our cooperation with a leading
global company like Elbit, which marks an important milestone for
Foresight. This agreement validates the business approach we have
taken over the last year, selling prototype systems and offering
strategic partners the chance to experience our unique solution
firsthand and integrate it into their vehicles.” said Haim Siboni,
CEO of Foresight. “Elbit is known for its rigorous testing and
strict requirements. The QuadSight system was selected as Elbit’s
technology of choice when compared to other competing technologies,
further strengthening Foresight’s position as a technology leader
for advanced automotive vision systems. Entering the new defense
market will enable Foresight to extend and enhance its current
product capabilities and will open new opportunities.”
About QuadSight™
The QuadSight system was launched in January 2018 at the
Consumers Electronics Show in Las Vegas. Foresight regards
QuadSight as the industry’s most accurate quad-camera vision
system, offering 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 sensors 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
Elbit’s integration and marketing of Foresight’s products, sales of
Foresight’s proprietary software in the form of a software license
and the cost thereof, that Foresight will provide support and
maintenance services for an additional fee, that Foresight expects
to receive substantial consideration in return for future
development agreements, and that entering the new defense market
will enable Foresight to extend and enhance its current product
capabilities and will open new opportunities. 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 Relations Contact:Miri Segal-SchariaCEOMS-IR
LLCmsegal@ms-ir.com917-607-8654
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