Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning said that it has signed a non-binding memorandum of understanding (“MOU”) with a direct importer of several leading vehicle manufacturers to Israel. The MOU covers the terms of an agreement for the sale of Foresight’s advanced driver assistance system (“ADAS”), the Eyes-On™ system, for aftermarket configuration and integration into the importer’s vehicles in Israel. Once a binding agreement is signed, a pilot project will begin, using a beta version of the Eyes-On™ system to integrate into a number of models from the importer’s fleet of vehicles. The binding agreement is expected to specify the terms under which Foresight will provide the importer with the Eyes-On™ system, following successful completion of the pilot test based on predetermined criteria. The importer estimates that its purchasing potential is roughly 21,000 systems over a period of three years.
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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 stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry. Foresight’s vision systems are based on 3D video analysis, advanced algorithms for image processing and sensor fusion. The company, through its wholly owned subsidiary Foresight Automotive Ltd., develops advanced systems for accident prevention which are designed to provide real-time information about the vehicle’s surroundings while in motion. The systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company’s systems are targeting the Advanced Driver Assistance Systems (ADAS), semi-autonomous and autonomous vehicle markets. The company estimates 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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