Foresight: Eye-Net Secures Follow-up Order from Leading Japanese Vehicle Manufacturer
March 19 2024 - 8:42AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today that its
wholly-owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net”), has
received an additional order for a paid development project from a
leading global Japanese vehicle manufacturer, following the
successful completion of the first two phases of a paid
proof-of-concept (POC) project.
As reported by the Company on February 28, 2023,
the parties engaged in a paid POC project to evaluate the added
value and capabilities of Eye-Zone™ as a software
vehicle-to-everything (V2X) communication layer. The successful
completion of that phase is a significant milestone, demonstrating
the feasibility and potential benefits of Eye-Net's technology for
the automotive industry.
The parties have decided to proceed to the next
phase of the project. In this phase, the vehicle manufacturer will
assess the potential of Eye-Zone™ to act as key infrastructure for
point-to-point transmission of safety messages between the vehicle
and designated users in the same vicinity. This unprecedented
capability will potentially facilitate seamless communication
between vehicles and all road users and help, in particular,
vulnerable road users. Upon successful evaluation, the parties will
explore potential commercial opportunities.
Eye-Zone™ is Eye-Net’s Linux-based solution,
offering Eye-Net’s unique V2X technology for the automotive
industry (vehicle manufacturers and Tier One and Tier Two
suppliers). Eye-Zone™ runs the same core services and managers as
the Eye-Net Protect™ software development kit. The solution
provides alerts and indications to the driver, as well as real time
location and movement characteristic streaming, of road users in
the vicinity of the vehicle. Eye-Zone™ can be easily integrated
into various automotive systems such as advanced driver assistance
systems (ADAS), navigation systems and infotainment systems.
For more information about Eye-Net Mobile,
please visit www.eyenet-mobile.com, or follow the Company’s
LinkedIn page, Eye-Net Mobile; Twitter, @EyeNetMobile1; and
Instagram channel, Eyenetmobile1, the contents of which are not
incorporated into this press release.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and
TASE: FRSX) is a technology company developing smart multi-spectral
vision software solutions and cellular-based applications. Through
the Company’s wholly owned subsidiaries, Foresight Automotive Ltd.,
Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd.,
Foresight develops both “in-line-of-sight” vision systems and
“beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of
automatic calibration and dense three-dimensional (3D) point cloud
that can be applied to different markets such as automotive,
defense, autonomous vehicles and heavy industrial equipment.
Eye-Net Mobile’s cellular-based solution suite provides real-time
pre-collision alerts to enhance road safety and situational
awareness for all road users in the urban mobility environment by
incorporating cutting-edge AI technology and advanced
analytics.
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
the next phase of the paid development project, that the outcome of
the project may facilitate seamless communication between vehicles
and all road users and that Eye-Net and the Japanese vehicle
manufacturer will explore potential commercial 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 30, 2023, 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.
Investor Relations Contact:
Miri Segal-SchariaCEOMS-IR
LLCmsegal@ms-ir.com917-607-8654
Foresight Autonomous (NASDAQ:FRSX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Foresight Autonomous (NASDAQ:FRSX)
Historical Stock Chart
From Apr 2023 to Apr 2024