Foresight: Elbit Systems will Deploy Foresight's Breakthrough Technology with Order from Leading Defense Customer
03 Abril 2024 - 9:05AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), an innovator in automotive vision
systems, announced today that Elbit Systems Ltd. (“Elbit”) will
commercially deploy the Company's cutting-edge software solution to
a key customer in the defense industry, who will install it in its
fully autonomous defense vehicles.
This marks the first time Foresight’s innovative
3D image processing software, recognized as a breakthrough
technology by Israel’s Ministry of Defense, will be commercially
licensed to one of Elbit's end-customers. The Company believes this
initial commercial deployment will lead to additional orders of
software licenses from the same customer in the near future.
As previously announced on July 17, 2023,
Foresight signed an exclusive commercialization agreement with
Elbit after demonstrating the outstanding performance of its image
processing software solution. Foresight’s solution will be offered
to Elbit’s end customers as a component of advanced driver
assistance systems (ADAS) for driving safety and for the autonomous
platforms of unmanned combat and security ground vehicles for the
defense, paramilitary, and homeland security markets.
"We are proud to deploy our groundbreaking
software to an important defense industry player," said Haim
Siboni, CEO of Foresight. " We believe that this first commercial
delivery of our software license validates the importance of our
technology and its valuable applications for the defense sector. It
is a testament to our continuous drive to develop advanced
solutions that have operational value and strategic advantages on
the battlefield. This successful deployment may open the door to
further adoption and additional orders from similar customers,”
Siboni concluded.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and
TASE: FRSX) is a technology company developing smart multi-spectral
vision software solutions and cellular-based applications. Through
the Company’s wholly owned subsidiaries, Foresight Automotive Ltd.,
Foresight Changzhou Automotive Ltd., and Eye-Net Mobile Ltd.,
Foresight develops both “in-line-of-sight” vision systems and
“beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of
automatic calibration and dense three-dimensional (3D) point cloud
that can be applied to different markets such as automotive,
defense, autonomous vehicles, and heavy industrial equipment.
Eye-Net Mobile’s cellular-based solution suite provides real-time
pre-collision alerts to enhance road safety and situational
awareness for all road users in the urban mobility environment by
incorporating cutting-edge AI technology and advanced
analytics.
For more information about Foresight and its
wholly owned subsidiary, Foresight Automotive, visit
www.foresightauto.com, follow @ForesightAuto1 on Twitter, or join
Foresight Automotive on LinkedIn.
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, Foresight is using
forward-looking statements in this press release when it discusses
Elbit’s prospective deployment of the Company’s software solution,
the belief that this commercial deployment will lead to additional
software licenses being ordered by the same customer, and the
belief that this successful deployment will open the door to
further adoption and additional orders from similar customers
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 annual report on Form 20-F for the fiscal
year ended December 31, 2023 filed with the Securities and Exchange
Commission ("SEC") on March 27, 2024, 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. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Foresight is not
responsible for the contents of third-party websites.
Investor Relations Contact:
Miri Segal-SchariaCEOMS-IR
LLCmsegal@ms-ir.com917-607-8654
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