Foresight Autonomous Holdings: Letter to Shareholders
August 25 2020 - 7:40AM
Business Wire
Dear Shareholders,
The current economic environment poses unexpected challenges to
businesses in every industry and in every region throughout the
world. In spite of this uncertainty, I am pleased to report that
Foresight’s future is more promising than it has ever been. I
strongly believe that our recent developments, reported in our
second quarter 2020 earnings report, have laid out an
infrastructure to succeed in both the short- and long-term.
Our reported milestone of signing an agreement with FLIR
Systems, the world’s leading manufacturer of thermal imaging
cameras and imaging sensors, serves as a solid endorsement of our
advanced technology and the added value that we can offer. FLIR
Systems represents an ideal partner for Foresight. By integrating
FLIR’s infrared cameras into our QuadSight® vision system, we
increase the performance of our already-groundbreaking four-camera
solution. Our collaboration with FLIR enables us to leverage their
extensive sales and marketing resources, building off of FLIR’s
sterling reputation, and introducing our products to new audiences
and sales regions. We are thrilled to have established this
mutually beneficial strategic cooperation, and I am confident that
this collaboration will lead to new opportunities and achievements
for Foresight.
We have reached a significant milestone in our business roadmap
and collaboration with our partner Elbit Systems Ltd. We will be
entering a product development phase that includes customization of
our unique vision system for potential end customers, allowing us
to expand our presence in the defense market.
To date, we have sold prototypes of the QuadSight vision system,
Foresight’s flagship product, to ten customers, and twelve
evaluation kits have been ordered by global companies. Foresight’s
customers include, among others, original equipment manufacturers
spanning key industry segments and regions: a European Tier One
supplier of commercial vehicles; a multi-billion-dollar Japanese
vehicle manufacturer and a Chinese Tier One automotive supplier.
These prototype sales came as a result of the technological
demonstrations which we have been conducting throughout the world
during the past several quarters. While the current business
environment does not allow us to continue in-person demonstrations,
our sales and marketing efforts have continued unabated. Our team
demonstrated agility in transitioning to online demonstrations,
which we have supplemented by sending demo kits to potential
customers. These virtual sales efforts enable our team to reach
more prospective clients than ever before, and we are very pleased
with the feedback we have received from these online
demonstrations.
The COVID-19 pandemic has also caused us to consider ways in
which our business can help society overcome the crisis. Because
our products make use of sophisticated thermal cameras and advanced
machine learning algorithms, we felt that we were well positioned
to create a mass screening solution for COVID-19 symptoms. A mass
screening solution is essential to allow the world to safely return
to events and services with large population flows, including
concerts, sporting events, and public transportation. Our prototype
solution, for which we submitted a U.S. patent application during
the second quarter, is designed to identify up to six symptoms of
COVID-19, enabling rapid and accurate detection of potential cases.
We already launched a pilot project with one of Israel’s largest
health maintenance organizations, and we are also fielding
inquiries from airports, concert halls, and other highly populated
spaces for which this service will be a priority.
The first half of 2020 has also seen notable achievements for
Eye-Net Mobile, Foresight’s wholly-owned subsidiary, and Rail
Vision, Foresight’s affiliate. (Foresight owns approximately 24% of
Rail Vision’s outstanding share capital.) During the second
quarter, Eye-Net Mobile announced two significant technological
developments to its Eye-Net Protect accident prevention solution:
Automatic Emergency Call, which automatically sends the phone’s
location to a third party in the event of an accident; and Bike
Ahead Notification, which enables automatic real-time informative
notifications about cyclists and motorcyclists who are up ahead,
even when they are out of the driver’s field of vision. In April,
Rail Vision announced an order of a prototype of its shunting yard
system from a leading European train operator. This first
commercial order, valued at approximately 500,000 Euro, holds
considerable promise for Rail Vision, as successful testing could
result in the purchase of an additional 30 shunting yard
systems.
Finally, I am pleased to highlight the strength of our balance
sheet as evidenced by our second quarter 2020 financial results.
Our strong position was bolstered by three recent capital raises,
which raised a total of $14.4 million in gross proceeds. These
funds will support the company’s operations and general corporate
purposes, enabling us to continue our bold and innovative work in
developing advanced vision systems for the autonomous and
semi-autonomous vehicle markets.
I am grateful for your support as we continue to revolutionize
what it means to safely operate a vehicle in the 21st century.
Sincerely,
Haim Siboni Founder & CEO, Foresight Autonomous Holdings
Forward-Looking Statements This letter to shareholders
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 letter to shareholders
when it discusses Foresight’s future, that recent developments have
laid out an infrastructure to succeed in both the short and
long-term, that collaboration with FLIR enables Foresight to
leverage their extensive sales and marketing resources, building
off of FLIR’s sterling reputation, and introducing Foresight’s
products to new audiences and sales regions, that collaboration
with FLIR will lead to new opportunities and achievements for
Foresight, that Foresight will be entering a product development
phase that includes customization of its vision system for
potential end customers, allowing Foresight to expand its presence
in the defense market, that first commercial order holds
considerable promise for Rail Vision, as successful testing could
result in the purchase of an additional 30 shunting yard systems,
and that funds from recent capital raises will support the
company’s operations and general corporate purposes, enabling
Foresight to continue developing advanced vision systems for the
autonomous and semi-autonomous vehicle markets. 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 letter to shareholders. The
forward-looking statements contained or implied in this letter to
shareholders 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 letter to
shareholders.
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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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