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.”
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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.
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