Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX)
this morning said that it has signed a non-binding memorandum of understanding
(“MOU”) with a direct importer of several leading vehicle manufacturers to
Israel. The MOU covers the terms of an agreement for the sale of Foresight’s
advanced driver assistance system (“ADAS”), the Eyes-On™ system, for
aftermarket configuration and integration into the importer’s vehicles in
Israel. Once a binding agreement is signed, a pilot project will begin, using a
beta version of the Eyes-On™ system to integrate into a number of models from
the importer’s fleet of vehicles. The binding agreement is expected to specify
the terms under which Foresight will provide the importer with the Eyes-On™
system, following successful completion of the pilot test based on
predetermined criteria. The importer estimates that its purchasing potential is
roughly 21,000 systems over a period of three years.
To view the full press release, visit http://ibn.fm/zn1UM
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 stereo/quad-camera vision systems and V2X cellular-based
solutions for the automotive industry. Foresight’s vision systems are based on
3D video analysis, advanced algorithms for image processing and sensor fusion.
The company, through its wholly owned subsidiary Foresight Automotive Ltd.,
develops advanced systems for accident prevention which are designed to provide
real-time information about the vehicle’s surroundings while in motion. The
systems are designed to improve driving safety by enabling highly accurate and
reliable threat detection while ensuring the lowest rates of false alerts. The
company’s systems are targeting the Advanced Driver Assistance Systems (ADAS),
semi-autonomous and autonomous vehicle markets. The company estimates that its
systems will revolutionize automotive safety by providing an automotive-grade,
cost-effective platform and advanced technology. For more information, visit
the company’s website at www.ForesightAuto.com.
About MissionIRNewsBreaks
MissionIRNewsBreaks provide
a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by
our Team of professional journalists that keep a constant eye on the markets,
these posts are designed to inform you on the latest happenings of our clients
and other publicly traded companies on our radar. From earnings, acquisitions
and agreements to conference attendance and clinical study results, our news
breaks keep you up-to-date with the day’s top movers. MissionIR is primarily
focused on strategic communications. We have executed countless communications
programs to address the needs of companies ranging from start-ups to established
industry leaders, gaining valuable experience and the expertise necessary to
determine the most effective strategy for any given situation.
Please see full terms of use and disclaimers on the Mission
Investor Relations website applicable to all content provided by MIR, wherever
published or re-published: http://www.missionir.com/disclaimer.html
