Foresight Announces Rail Vision Will Examine Registration of its Shares on NASDAQ
November 08 2017 - 12:30AM
Business Wire
Foresight Autonomous Holdings Ltd., a leading developer of
Advanced Driver Assistance Systems (NASDAQ, TASE: FRSX),
announced today that as reported by Rail Vision, (24.76% owned
by Foresight) the board of directors of Rail Vision has
approved to examine the possibility of listing Rail Vision's shares
on NASDAQ.
About Rail Vision
Rail Vision was founded in January 2015, and it focuses on the
development of a unique, first-of-its-kind cognitive vision system
based on image processing technologies. Rail Vision's system is
designed to rapidly alert engine drivers to obstacles on the
railway tracks, in any weather and any lighting conditions, by
using designated cameras for object identification. Since the
average stopping distance of a train traveling at a high speed is
around 800 – 1,200 meters, long-distance obstacle identification is
a key to railway safety. Rail Vision’s high-resolution cameras use
advanced image processing algorithms to enable the system to locate
obstructions from a distance of over 1,500 meters, thus being able
to reduce collisions and fatalities, as well as severe damage to
locomotives and the environment.
Foresight currently holds 24.76% of Rail Vision’s issued and
outstanding share capital, with warrants to acquire a significant
number of additional shares to reach holdings of up to 38.67%, on a
fully diluted basis.
About Foresight
Foresight (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.
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