Foresight Receives Order of QuadSight™ Prototype from Leading Japanese Tier One Supplier
July 19 2019 - 8:15AM
Business Wire
The supplier ordered the system following a
successful technological roadshow carried out in Japan earlier this
year.
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today an
additional sale of a prototype of its QuadSight™ four-camera vision
system, targeted for the semi-autonomous and autonomous vehicle
market. The prototype system was ordered by a leading Japanese Tier
One automotive supplier. Revenue from the prototype system sale is
expected to total tens of thousands of dollars.
Cornes Technologies, Foresight’s distributor in Japan,
facilitated the prototype system sale, the first from a Japanese
customer. The Japanese Tier One automotive supplier participated in
a technological roadshow that took place earlier this year, as
reported by the Company on May 14, 2019. The roadshow consisted of
live, real-time demonstrations of the QuadSight system to
interested parties. Different scenarios were tested, simulating
obstacle detection in challenging weather and lighting conditions.
Customer satisfaction following initial installation may lead to
orders of QuadSight systems by the leading Japanese supplier for
mass production.
“This order affirms the importance of our technological roadshow
strategy, which offers potential strategic partners the chance to
experience our QuadSight system in real time and better understand
its outstanding detection capabilities,” said Haim Siboni, CEO of
Foresight. “I am confident that the successful roadshow in Japan
will generate additional orders of prototype systems from vehicle
manufacturers and Tier One suppliers in the coming months.”
By selling additional prototypes, Foresight intends to increase
awareness of its unique solutions, address potential customers, and
expand its presence with vehicle manufacturers and Tier One
automotive suppliers. Foresight believes that closer evaluation of
the technology by potential customers may lead to future
collaborations in research and development, integration, production
and other areas.
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
revenue from the prototype system sale, that customer satisfaction
following initial installation may lead to orders of QuadSight
systems, that the successful roadshow in Japan will generate
additional orders of prototype systems, when it discusses
increasing awareness, addressing potential customers, expanding its
presence, and that closer evaluation of the technology by potential
customers may lead to future collaborations. 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: Miri Segal-Scharia CEO MS-IR LLC
msegal@ms-ir.com 917-607-8654
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