Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, today announced that its affiliate, Rail Vision Ltd., has signed a commercial agreement with an affiliate of Knorr-Bremse AG (Frankfurt: KBX), a $17 billion European-based group, to supply Rail Vision’s Assisted Remote Shunting (“ARS”) systems to a leading European train operator. Foresight owns approx. 24% of Rail Vision’s outstanding share capital. As previously announced, Rail Vision received an initial order from the European train operator for an ARS prototype system to be installed on locomotives in switchyards and to execute an Operational Functional Test (“OFT”) for a total value of approximately 500,000 Euro. Rail Vision intends delivery of the prototype system in October 2020 and, following delivery of a fully functional prototype system and upon terms set forth in the agreement, the European train operator may place an order for 30 Rail Vision’s ARS systems, a total value of up to 2.8 million Euro. In addition, the European train operator may exercise its option to purchase an additional 45 ARS systems for a total value of approximately 3.5 million Euro.
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About Foresight Autonomous Holdings Ltd.
Foresight, 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 about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.ForesightAuto.com
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