Foresight Partners With Pango To Market Eye-Net Protect Products In Israel
Foresight Autonomous Holdings Ltd (NASDAQ: FRSX) subsidiary Eye-Net has signed a five-year commercial cooperation agreement with Pango Pay & Go Ltd.
Pango is a developer of mobility-as-a-service (MaaS) parking, vehicle, road services, and payment application in Israel.
Under the agreement, the parties will cooperate to integrate Eye-Net Protect products into Pango's app as a software development kit (SDK).
Eye-Net Protect mobile application provides real-time pre-collision alerts to drivers and vulnerable road users.
The integration intends to provide a layer of protection to Pango's users, potentially preventing accidents by alerting drivers and road users about oncoming collisions.
Pango will serve as Eye-Net's distributor in Israel and as the Israel Community Manager of Eye-Net Products.
Pango will lead Eye-Net's business development efforts in the Israeli market and will be entitled to a portion of the proceeds derived from selling Eye-Net products in Israel.
Pango will be entitled to 50% of third-party revenues received by Eye-Net for services provided in Israel.
Moreover, Pango will be granted options to purchase 2,500 ordinary shares of Eye-Net, constituting, if exercised in full, 2.22% of Eye-Net's share capital on a fully diluted basis at an exercise price that reflects a $40 million company valuation.
Price Action: FRSX shares are trading higher by 4.24% at $0.56 on the last check Wednesday.
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