Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX),
an innovator in automotive vision systems, today provided an update on its
operational and financial measures in response to the COVID-19 pandemic.
According to the update, the company and its wholly owned subsidiaries,
Foresight Automotive Ltd. and Eye-Net Mobile Ltd., are fully maintaining
business activities as usual, with minimal impact to research and development,
business development and marketing. In response to the COVID-19 outbreak and
its financial implications, Foresight took decisive action to reduce its
monthly cash burn spending by more than 20%. The company is pleased with its
technological development progress and does not foresee sizable impacts to its
current commercialization efforts. “We have reduced our expected annual cash
burn by more than 20% and in addition have seen significant cost savings in
SG&A due to decreased travel expenses, which provides us with a longer run
rate,” Foresight CEO Haim Siboni said in the news release. “In addition, given
the progress we have made so far in 2020, we have received significant interest
from prospective strategic partners. We will continue to maintain our primary
focus of building shareholder value.”
To view the full press release, visit http://ibn.fm/3kM9y
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. 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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