Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) today
announced that it has signed a commercial agreement with Elbit Systems Land
Ltd., a subsidiary of Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT), for
exclusive marketing of its proprietary image processing software for the
defense, paramilitary and homeland security markets. Elbit, a leading defense
electronics company based in Israel, plans to integrate Foresight’s image
processing software into its products, systems and solutions, and to market it
internationally. The software will be implemented in wheeled military and
security ground vehicles, including unmanned vehicles. Per the agreement,
Foresight will sell the present version of its proprietary image processing
software in the form of a software license and will provide support and
maintenance services to Elbit for an additional fee. Elbit will hold exclusive
rights to market and sell the image processing software in Israel for a set
period of time and has agreed to issue minimum annual orders during this
exclusivity period, with an initial purchase order of roughly $50,000 due
following the execution of the agreement. Elbit will also hold exclusive rights
to distribute the software globally for an initial period, as determined in the
agreement. The exclusivity rights, both in Israel and globally, may be extended
based on sales achievements.
“We are very excited to announce our cooperation with a
leading global company like Elbit, which marks an important milestone for
Foresight. This agreement validates the business approach we have taken over the
last year, selling prototype systems and offering strategic partners the chance
to experience our unique solution firsthand and integrate it into their
vehicles,” Foresight CEO Haim Siboni stated in the news release. “Elbit is
known for its rigorous testing and strict requirements. The QuadSight system
was selected as Elbit’s technology of choice when compared to other competing
technologies, further strengthening Foresight’s position as a technology leader
for advanced automotive vision systems. Entering the new defense market will
enable Foresight to extend and enhance its current product capabilities and
will open new opportunities.”
To view the full press release, visit http://ibn.fm/eSMBQ
About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings, 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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