Foresight Increases Stake in Rail Vision Following Successful Trial in Europe
January 10 2018 - 12:45AM
Business Wire
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), an
innovator in automotive vision systems, announced today that it has
increased its stake in Rail Vision Ltd. by exercising warrants into
11,486 of Rail Vision’s ordinary shares for an aggregate of $2.24
million. Following the exercise, Foresight holds 32.62% of the
issued and outstanding share capital of Rail Vision and 35.73% on a
fully diluted basis.
Rail Vision is a developer of unique solutions and vision-based
systems for advanced safety, asset and fleet management in the rail
industry. In December 2017, Rail Vision completed a successful
trial of its unique vision-based system with a leading European
railway company. The trial was conducted under harsh winter weather
and light conditions, both at day and night, and demonstrated the
system's real-time capabilities to detect and classify railway
obstacles at distances of several hundred meters.
In light of the trial's positive results, the leading European
railway company notified Rail Vision that it wishes to conduct a
long-term, paid pilot test with Rail Vision’s system as it
considers purchasing the technology for its locomotive fleet.
“Aiming to accelerate and finalize the development and
commercialization of its system, Rail Vision's management
approached Foresight with a request to expedite the exercise of the
warrants. Foresight is pleased to increase its stake and investment
in Rail Vision in order to provide additional working capital and
to assist Rail Vision in meeting its challenging goals,” commented
Haim Siboni, CEO of Foresight. “We are also pleased with the
progress Rail Vision has made thus far in the development of its
unique and innovative solutions.”
For more information about Foresight and its wholly owned
subsidiary, Foresight Automotive, please
visit www.foresightauto.com, follow @ForesightAuto
on Twitter, or join Foresight Automotive on LinkedIn.
About ForesightForesight Autonomous Holdings Ltd. (NASDAQ
and TASE: FRSX), founded in 2015, is a technology company engaged
in the design, development and commercialization of
stereo/quad-camera vision systems for the automotive industry based
on 3D video analysis, advanced algorithms for image processing, and
sensor fusion. The company, through its wholly owned subsidiary
Foresight Automotive Ltd., 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 improve driving safety by enabling highly accurate and
reliable threat detection while ensuring the lowest rates of false
alerts. The company’s systems are targeting the Advanced Driver
Assistance Systems (ADAS), semi-autonomous and autonomous vehicle
markets. The company estimates that its systems will revolutionize
automotive safety by providing an automotive grade, cost-effective
platform, and advanced technology.
Forward Looking StatementsThis 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 the impact of its investment in Rail Vision, and
providing Rail Vision with additional working capital and to assist
Rail Vision in meeting its challenging goals, and that it estimates
that its systems will revolutionize automotive safety. 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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180109006885/en/
Investor Relations:MS-IR LLCMiri Segal-Scharia,
917-607-8654CEOmsegal@ms-ir.comorMedia:Rainier
CommunicationsMary Lynch Cadwallader/Marianne Dempsey,
508-475-0025foresight@rainierco.com
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