Foresight Receives Two Orders from Elbit Systems Ltd. for Product Development and Customization
July 02 2020 - 8:00AM
Business Wire
The Company will supply a QuadSight® prototype
system with enhanced detection capabilities to the leading Israeli
defense company
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today that it has
received two orders for product development and customization from
Elbit Systems Land Ltd., a subsidiary of Elbit Systems Ltd.
(Nasdaq: ESLT), the leading Israeli defense company. Elbit Systems
is Foresight’s first commercial customer. Foresight will supply a
QuadSight prototype system with wide-angle field-of-view detection
capabilities designed to meet Elbit’s requirements. Revenue from
both orders is expected to total tens of thousands of dollars.
Elbit placed the orders for product development and
customization following thorough testing and evaluation of a
QuadSight prototype system. Foresight’s ability to make
technological modifications to its system according to customer
requirements allows the Company to provide tailor-made solutions
that may be suitable for different markets. These orders are part
of the commercial agreement that was signed with Elbit Systems, as
reported by the Company on June 19th, 2019.
The modified version of the QuadSight prototype including
wide-angle field-of-view detection capabilities enhances on-road
and off-road driving and enables the system to scan wider areas and
detect more objects in the road ahead. These capabilities allow the
decision-making system of the autonomous vehicle to make more
accurate real-time decisions. This technological modification of
the QuadSight prototype may also address the needs of different
market segments, such as heavy-equipment vehicles, trucks and
passenger cars.
“These orders mark a significant commercial milestone in both
our business roadmap and relationship with our partner Elbit
Systems. Entering a product development phase that includes
customization of our unique vision system for potential end
customers marks the next step in our collaboration with Elbit
Systems and will allow us to expand our presence in the defense
market,” said Foresight’s CEO Haim Siboni.
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.
For more information about Foresight and its wholly owned
subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on
Twitter, or join Foresight Automotive on LinkedIn.
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 supplying a
QuadSight prototype system with wide-angle field of view detection
capabilities designed to meet Elbit’s requirements, that revenue
from both orders is expected to total tens of thousands of dollars,
addressing the needs of different market segments, and expanding
presence in the defense market. 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 31, 2020, 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 Contact: Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
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