Automotive technology innovator Foresight Autonomous
Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning announced its entry into an
investment agreement, a development services agreement, and a binding
memorandum of understanding (“MOU”) for manufacturing and engineering
consulting services with RH Electronics Ltd., a primary contractor in the
manufacturing and assembly of electronic systems. According to the update, RH
will invest in Foresight, and Foresight will retain RH’s services for a multi-phase
project to develop FPGA and ASIC solutions for Foresight’s QuadSight vision
system. Under the investment agreement, which is subject to customary closing
conditions and expected at the beginning of February 2019, RH will purchase
approximately 1 percent of Foresight’s issued and outstanding share capital for
a total consideration of $1,000,000. This is a per ADS of approximately $4.08
(reflecting the price of NIS 3.00 per ordinary share), which represents a 133
percent premium over the NASDAQ and TASE share market price as of January 28,
2019.
“This is an important transaction for Foresight which will
help us to achieve our technological goals and expand our development. We aim
to integrate our technology into semi-autonomous and autonomous vehicles, and I
believe these agreements are a significant step toward reaching this goal,”
Foresight CEO Haim Siboni stated in the news release. “In addition, RH’s
investment in Foresight at a high premium over the market price represents a
significant display of confidence in the company and its technology, making RH
an ideal partner for Foresight’s vision.”
To view the full press release, visit http://ibn.fm/6bmis
About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd., founded in 2015, is a
technology company engaged in the design, development and commercialization of
stereo/quad-camera vision systems and V2X cellular based solutions for the
automotive industry. Foresight’s vision systems are based on 3D video analysis,
advanced algorithms for image processing and sensor fusion. The company,
through its wholly owned subsidiary Foresight Automotive Ltd., develops
advanced systems for accident prevention, which are designed to provide
real-time information about the vehicle’s surroundings while in motion. The
systems are designed to improve driving safety by enabling highly accurate and
reliable threat detection while ensuring the lowest rates of false alerts. The
company’s systems are targeting the Advanced Driver Assistance Systems (ADAS),
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. For more information, visit
the company’s website at www.ForesightAuto.com
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