Positive Results Drive Foresight Into Commercialization Agreement with Leading Global Defense Company Elbit Systems Securing up to $4 Million in Revenue
Ness Ziona, Israel, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in automotive vision systems, achieved a significant commercialization milestone. The Company secured an exclusive agreement with Elbit Systems Ltd, (“Elbit”) a leading global defense company following the impressive results of its image-processing software solution. This collaboration is anticipated to generate revenues of up to $4 million over a five-year period, with a minimum of $1 million in guaranteed revenues.
As previously announced on July 17, 2023, the agreement is a testament to the success of Foresight's innovative technology. Under the terms of the agreement, Elbit will exclusively market and commercialize Foresight’s software globally. The solution will be offered as advanced driver assistance systems (ADAS) and autonomous platforms for unmanned combat and security ground vehicles, as well as a solution for the defense, paramilitary, and homeland security markets.
Foresight's software, which has demonstrated outstanding performance and reliability, will be offered to Elbit’s end customers as a vital component in enhancing vehicle safety and autonomy. Each software license is expected to be priced at several thousand U.S. dollars, reflecting its high value in the market.
Foresight will provide comprehensive support, maintenance, and customization services, further solidifying the relationship with its defense partner and ensuring customer satisfaction.
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 its revenue forecasts with respect to the agreement, the expected timing of recognizing revenues pursuant to the agreement, the parties’ obligations under the agreement, Elbit’s exclusive rights for marketing and selling Foresight’s software in Israel, Elbit’s exclusive right to distribute Foresight’s image processing software, and its belief that this agreement will strengthen Foresight’s balance sheet. 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 filed with the Securities and Exchange Commission ("SEC") on March 30, 2023, 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-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
