Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX),
an automotive technology innovator, on Wednesday reported financial results for
the first quarter 2019. Among other highlights, the company ended the quarter
with $19.3 million in cash and short-term deposits, GAAP net loss of $3.3 million,
and non-GAAP net loss of $2.9 million. In addition, the update also provided an
overview of corporate accomplishments and balance sheet highlights for the
quarter. “The year has started off on a very positive note as we demonstrated
progress across all business activities, including an additional sale of our
QuadSight(TM) prototype. Our unique technology continues to gain recognition in
the autonomous vehicle industry illustrated by increased demand,” Foresight CEO
Haim Siboni stated in the news release. “In addition, our wholly owned
subsidiary, Eye-Net Mobile Ltd., completed another trial of its accident
prevention solution with one of Israel’s largest cities as well as initial
installation with a leading Israeli cellular provider. We expect this progress
to continue as our recently announced capital raise of $6.2 million will
support our development efforts and marketing initiatives throughout the year.”
To view the full press release, visit http://ibn.fm/NS7HM
About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd., founded in 2015, is a
technology company engaged in the design, development and commercialization of
sensor systems for the automotive industry. Through its wholly owned subsidiaries,
Foresight Automotive Ltd. and Eye-Net Mobile Ltd., the company 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 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. For more information, visit the company’s website at www.ForesightAuto.com.
NOTE TO INVESTORS: The latest news and updates
relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
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