Foresight Increases Ownership in Rail Vision Becoming Largest Shareholder
July 12 2018 - 1:00AM
Business Wire
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), an
innovator in automotive vision systems, announced today that it has
increased its ownership in Rail Vision Ltd. and is now the largest
shareholder. Foresight exercised $2.24 million of warrants, raising
their ownership stake to approximately 35% of issued and
outstanding shares and 34% on a fully diluted basis.
Rail Vision is a developer and market leader 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 conditions with minimal light and demonstrated the
system's real-time capabilities to detect and classify obstacles at
distances of several hundred meters.
“Foresight is pleased to increase its investment in Rail
Vision,” commented Haim Siboni, CEO of Foresight. “We believe that,
like in the automotive space, the next step is to provide trains
with sensors and processing capabilities, to prevent accidents,
reduce downtime, and increase productivity. Rail Vision is uniquely
positioned to offer these functionalities and provide systems which
have the potential to significantly reduce maintenance costs. Rail
Vision is a leader in cognitive vision systems that detect objects
before a train and make real-time decisions. We strongly believe
that Rail Vision’s capabilities will become the standard in this
market.”
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 Foresight
Foresight 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 and V2X cellular-based solutions for the automotive
industry. Foresight’s vision systems are 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 predicts that its systems will revolutionize automotive
safety by providing an automotive-grade, cost-effective platform
and advanced technology.
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
the potential of Rail Vision’s products and that Rail Vision’s
capabilities will become the standard in the market. 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 following
factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements:
the overall global economic environment; the impact of competition
and new technologies in the rail industry; general market,
political and economic conditions in the countries in which Rail
Vision operates; Rail Vision’s projected capital expenditures and
liquidity; changes in Rail Vision’s strategy; and any litigation
concerning Rail Vision.
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 27, 2018, 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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Investor RelationsMS-IR LLCMiri Segal-Scharia,
917-607-8654CEOmsegal@ms-ir.com
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