Foresight Signs Agreement with Chinese Tier One Automotive Supplier
June 28 2019 - 9:00AM
Business Wire
The multi-phase agreement includes the purchase
of a QuadSight™ vision system prototype
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today the signing
of a multi-phase technological cooperation agreement with a Chinese
Tier One supplier to develop smart mobility solutions for the
Chinese automotive industry, and specifically for two Chinese
vehicle manufacturers (OEMs).
According to the agreement, Foresight will collaborate with the
Tier One supplier to design, develop and commercialize automatic
safety solutions to be implemented in the vehicles of the Chinese
OEMs. The Tier One supplier is currently involved in several
projects with the Chinese OEMs for integration of autonomous
functions. The cooperation agreement may enable Foresight to
integrate its QuadSight vision system into these existing
projects.
The Tier One supplier will purchase a prototype of the QuadSight
system for evaluation of the system’s capabilities and suitability
for the projects. Revenue from the prototype system sale is
expected to total tens of thousands of dollars. Based on the
results of the evaluation of the system and technology, as well as
the specific requirements of the Chinese OEMs, the Tier One
supplier will formulate a detailed scope of work for development of
a specific project integrating the QuadSight vision system.
Following the completion of the scope of work, the parties may
negotiate a commercial agreement for their cooperation in
connection with the specific project.
In addition, as a result of their close cooperation, both
companies have decided to approach the Innovation Authorities, each
in its respective country, for project funding according to the
Israel-China bilateral governmental funding programs. However,
realization of the aforementioned projects is not dependent on
funding from the Innovation Authorities.
“I am pleased that our technology has reached a level of
maturity allowing us to engage in such agreements,” said Haim
Siboni, CEO of Foresight. “Working closely with a Tier One supplier
will allow us to gain a foothold in the large and growing Chinese
market and enable us to make our advanced vision technology
available to the local Chinese automotive industry. This agreement
will offer us the opportunity to be part of ongoing projects and
work directly with OEMs.”
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 collaboration
with the Tier One supplier; that the cooperation agreement may
enable Foresight to integrate its QuadSight vision system into
certain projects; expected revenue from the prototype system sale;
that following the completion of the scope of work, the parties may
negotiate a commercial agreement; and possible governmental funding
for the program. 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-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
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