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.”
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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.
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