Foresight Autonomous Holdings Ltd., an innovator in automotive vision
systems (Nasdaq and TASE: FRSX), today announced that the company
successfully completed a series of technological demonstrations of its
QuadSight vision system in France for four leading vehicle manufacturers
(OEMs) and Tier One suppliers. These demonstrations follow a successful
technological roadshow that was recently carried out in Japan with six
additional OEMs and Tier One suppliers, as reported on May 14, 2019,
several of which have expressed interest in purchasing the QuadSight
prototype system for further evaluation.
Foresight’s technological roadshows to potential customers serve to
demonstrate the company’s unique product capabilities. The QuadSight
system is tested in different predefined and ad hoc customer-defined
scenarios on the customer’s premises. To date, the system has
successfully achieved 100% obstacle detection in all simulated fog,
rain, and extreme lighting conditions scenarios.
In addition, Foresight demonstrated specific tools, designed and
developed by the company, that allow the customer to extract and analyze
relevant data about the detected obstacles. Foresight will be conducting
additional technological roadshows in Europe, the United States and the
Far East over the next few months.
The outstanding performance of the QuadSight system was well received.
As a result, multiple leading French OEMs and Tier One suppliers
expressed interest in purchasing prototypes of the QuadSight system for
evaluation.
In the past few months, Foresight successfully installed three QuadSight
vision system prototypes, with a fourth to be installed in the coming
weeks. The company has worked closely with customers to complete
installations and received positive initial customer feedback.
“I am fully confident in the strength of our product and the growth
potential of our company,” said Haim Siboni, Foresight’s CEO. “In recent
months, we received valuable market information which has enabled us to
tailor our product to market needs and requirements. Additionally, we
are pursuing strategic sales and distribution relationships which will
allow us to deploy our technology and expand on a larger scale.”
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 sensor 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 conducting additional technological roadshows in Europe,
the United States and the Far East over the next few months, that
leading French vehicles OEMs and Tier One suppliers expressed interest
in purchasing prototypes of the QuadSight system for evaluation, growth
potential and pursuing strategic sales and distribution relationships
which will allow Foresight to deploy its technology and expand on a
larger scale. 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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