Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today the signing
of a strategic cooperation agreement with Wuhan Guide Infrared Co.
Ltd. (002414.SZ), a $2.7 billion Chinese corporation traded on the
Shenzhen Stock Exchange. Guide Infrared, through its subsidiary
Global Sensor Technology, develops, manufactures and markets
infrared thermal imaging systems. According to the agreement, the
parties will cooperate in the development, marketing and
distribution of Foresight’s QuadSight™ vision system, incorporating
Guide Infrared’s solutions, to potential customers in Greater
China. For the purposes of such cooperation, the parties will
consider establishing a joint venture in China, thus leveraging
each party’s competitive strengths. The parties intend to determine
other material terms of collaboration in a future agreement.
Furthermore, pursuant to the agreement, Guide Infrared will
consider a strategic investment in Foresight.
According to the agreement, Guide Infrared will connect
Foresight to the company’s network of Chinese vehicle manufacturers
(OEMs), Tier One suppliers, and commercial vehicles and heavy
machinery customers. In addition, Guide Infrared will promote the
QuadSight system through exhibitions, conferences and technological
demonstrations, and will position Foresight as its official
business partner and Tier One customer within Greater China.
Both companies will cooperate to optimize the performance of
Guide Infrared solutions incorporated into Foresight’s QuadSight
system by developing technical hardware and software solutions to
cope with all weather and lighting conditions; and developing
optical safety solutions targeting Chinese automotive market
requirements.
Furthermore, the agreement includes a safety and regulatory
collaboration, wherein both companies will cooperate in order to
ensure that the infrared cameras manufactured by Guide Infrared
meet the automotive industry’s regulatory standards and end
customers’ quality requirements.
“We are very excited to announce our strategic cooperation with
Guide Infrared, China’s largest producer of infrared detectors,”
said Haim Siboni, CEO of Foresight. “This collaboration will allow
us to benefit from Guide Infrared’s widely deployed distribution
channels and will open new markets and opportunities, making our
advanced vision technology available to the local Chinese
automotive industry.”
“Foresight’s innovative vision technology and the superior
detection capabilities of the QuadSight system enhance our product
offering and will help us to increase our presence in the Chinese
automotive market,” said Li Huang, President of Guide Infrared.
“Cooperation with Foresight is an important strategic move for our
company and we anticipate significant future collaboration.”
About QuadSight™
The QuadSight system was launched in January 2018 at the
Consumers Electronics Show in Las Vegas. Foresight regards
QuadSight as the industry’s most accurate quad-camera vision
system, offering 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 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.
About Wuhan Guide
Infrared
Wuhan Guide Infrared Co., Ltd. (Shenzhen stock code: 002414),
founded in 1999, is engaged in manufacturing infrared detectors and
cameras, comprehensive electro-optical systems and large-scale
defense systems.
Guide Infrared provides infrared solutions, ranging from
infrared devices up to complete systems. The Company has
established a state-of-the-art mass production facility located at
China Optics Valley in Wuhan with more than 2,600 employees.
Guide Infrared develops and manufactures infrared solutions for
national defense security, protection systems, diagnostic tools,
smart home, internet of things, intelligent terminals, machine
vision systems, automotive industry, unmanned planes and other
applications.
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
strategic cooperation with Guide Infrared, future transactions
between Foresight and Guide Infrared, including establishing of a
joint venture, determining other material terms of collaboration in
a future agreement, a potential investment by Guide Infrared, if at
all, and penetrating the Chinese automotive 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 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190913005186/en/
Investor Relations Contact: Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
Foresight Autonomous (NASDAQ:FRSX)
Historical Stock Chart
From Apr 2024 to May 2024
Foresight Autonomous (NASDAQ:FRSX)
Historical Stock Chart
From May 2023 to May 2024