Foresight Receives Order of QuadSight™ Prototype from American Division of Leading South Korean Vehicle Manufacturer
November 12 2019 - 2:30AM
Business Wire
The vehicle manufacturer ordered the system
following successful technological demonstrations in the United
States in July
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 the American division
of a leading South Korean vehicle manufacturer. Revenue from the
prototype system sale is expected to total tens of thousands of
dollars.
This is the second prototype system sale which resulted from
technological demonstrations carried out in the Silicon Valley and
Detroit in July 2019, as reported by the Company on July 8, 2019.
These sales validate the importance of the company’s strategy to
perform real-time demonstrations of the QuadSight system to vehicle
manufacturers and Tier One suppliers.
The Company expects to receive prototype orders from additional
potential customers as a result of recent technological
demonstrations completed in Japan, France, the United States and
Germany. Furthermore, the Company intends to expand its
technological demonstrations to additional territories in the near
future.
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
receiving additional prototype orders from additional potential
customers, expanding technological demonstrations to additional
territories in the near future, increasing awareness of its unique
solutions, addressing potential customers, expanding its presence,
and that closer evaluation of the technology by potential customers
may lead to future collaborations in research and development,
integration, production and other areas. 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/20191111005403/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
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