Foresight Signs Exclusive Distribution Agreement in Japan
NESS ZIONA, Israel--(BUSINESS WIRE)--May 14, 2019--
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today the signing of a distribution agreement with Cornes Technologies, a leading Japanese trading house. According to the agreement, Cornes Technologies will have exclusive rights to promote and sell Foresight’s QuadSight™ system in Japan. Cornes Technologies, a renowned trading company, plays a significant role in establishing and developing commercial links and trade between Japan and the rest of the world.
The distribution agreement was signed following a successful technology roadshow in Japan carried out by Foresight with the assistance of Cornes Technologies. The roadshow, completed a few weeks ago, consisted of conducting real time live demonstrations of the QuadSight system to six interested leading OEMs and Tier One suppliers. Different scenarios were tested, simulating obstacle detection in harsh weather and lighting conditions. The outstanding performance of the QuadSight system was well received, and several OEMs and Tier One suppliers have expressed interest in purchasing prototype systems for further evaluation over the next few months.
“According to OICA (International Organization of Motor Vehicle Manufacturers), Japan is the world’s third largest vehicle manufacturer, with more than 9.69 million passenger cars and commercial vehicles produced in 2017, out of 97.3 million units produced globally,” stated Doron Cohadier, Foresight’s VP of Business Development. “The Japanese automotive industry is one of the most prominent and innovative industries in the world, making it a suitable target market for Foresight’s breakthrough QuadSight vision system.”
About QuadSight ™
QuadSight, Foresight’s four-camera vision system, offers 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.
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), founded in 2015, is a technology company engaged in the design, development and commercialization of sensor systems for the automotive industry. Through our wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., we develop 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.
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 collaboration with Cornes Technologies. 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.
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CONTACT: Investor Relations
KEYWORD: ASIA PACIFIC MIDDLE EAST ISRAEL JAPAN
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS HARDWARE SOFTWARE AUDIO/VIDEO TRANSPORT OTHER TRANSPORT AUTOMOTIVE OTHER AUTOMOTIVE
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