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
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
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.”
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.
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.
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.