Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator
in automotive vision systems, announced today the signing of a
distribution agreement with Cornes Technologies, a leading Japanese
trading house. According to the agreement, Cornes Technologies will have
exclusive rights to promote and sell Foresight’s QuadSight™ system in
Japan. Cornes Technologies, a renowned trading company, plays a
significant role in establishing and developing commercial links and
trade between Japan and the rest of the world.
The distribution agreement was signed following a successful technology
roadshow in Japan carried out by Foresight with the assistance of Cornes
Technologies. The roadshow, completed a few weeks ago, consisted of
conducting real time live demonstrations of the QuadSight system to six
interested leading OEMs and Tier One suppliers. Different scenarios were
tested, simulating obstacle detection in harsh weather and lighting
conditions. The outstanding performance of the QuadSight system was well
received, and several OEMs and Tier One suppliers have expressed
interest in purchasing prototype systems for further evaluation over the
next few months.
“According to OICA (International Organization of Motor Vehicle
Manufacturers), Japan is the world’s third largest vehicle manufacturer,
with more than 9.69 million passenger cars and commercial vehicles
produced in 2017, out of 97.3 million units produced globally,” stated
Doron Cohadier, Foresight’s VP of Business Development. “The Japanese
automotive industry is one of the most prominent and innovative
industries in the world, making it a suitable target market for
Foresight’s breakthrough QuadSight vision system.”
About QuadSight™
QuadSight, Foresight’s four-camera vision system, offers exceptional
obstacle detection for semi-autonomous and autonomous vehicle safety.
Through sensor fusion, QuadSight leverages reflected light from
visible-light cameras with thermal energy captured by long-wave infrared
cameras for robust accurate object detection of any shape, form or
material, in all weather and lighting conditions – including complete
darkness, rain, haze, fog and glare. By adapting field-proven security
technology that has been deployed for almost two decades, QuadSight
offers autonomous vehicles perception capabilities beyond those of human
eyes and reduces the likelihood of accidents and injuries.
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
our wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net
Mobile Ltd., we develop 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, and are targeting the semi-autonomous and
autonomous vehicle markets. The company 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 collaboration with Cornes Technologies. 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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