NESS ZIONA, Israel--(BUSINESS WIRE)--Foresight Autonomous Holdings Ltd., a leading developer of Advanced Driver Assistance Systems (NASDAQ and TASE: FRSX), announced today that the company has successfully completed an additional pilot project with a leading Chinese car manufacturer and met the pre-defined requirements and criteria set for its success.
This is the third successful pilot project accomplished with top Chinese manufacturers.
The company’s Eyes-On™ system was tested in controlled and uncontrolled environments, in varying speeds and against both predefined and incidental targets.
The parties have agreed to examine possible directions for commercial cooperation over the next few months.
Foresight CEO, Mr. Haim Siboni, said “We continue our strategy to increase awareness of our potentially life-saving technology among car manufacturers. This is our third successful pilot project with top manufacturers in China. The successful results we have achieved in the different pilots demonstrate the uniqueness of the company's technology and we intend to further expand our exposure and reach additional manufacturers.”
Foresight (and NASDAQ and TASE: FRSX), founded in 2015, is a technology company engaged in the design, development and commercialization of Advanced Driver Assistance Systems (ADAS) based on 3D video analysis, advanced algorithms for image processing and artificial intelligence. The company, through its wholly owned subsidiary, 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 alert drivers to threats that might cause accidents, resulting from traffic violations, driver fatigue or lack of concentration, etc., and to enable highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company estimates that its systems will revolutionize ADAS by providing an automotive grade, cost-effective platform, and advanced technology.
Forward Looking Statements
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, when Foresight describes that the parties will examine possible directions for commercial cooperation over the next few months, and that it intends to further expand its exposure and reach additional manufacturers, it is using forward-looking statements. 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 registration statement on Form 20-F filed with the Securities and Exchange Commission ("SEC") on June 1, 2017, 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.