Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, today announced its entry into an exclusive commercialization agreement with Elbit Systems Land Ltd., a subsidiary of Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT), for the integration, marketing and licensing of Foresight’s image processing software solution. Over a contractual period of five years, Foresight expects revenues of up to $4 million with minimum guaranteed revenues of $1 million. The company expects that it will recognize initial revenues from its agreement with Elbit during the second half of 2023. “We are excited to strengthen our ongoing collaboration with Elbit and significantly advance our commercialization efforts,” said Haim Siboni, CEO of Foresight. “Elbit has chosen to exclusively offer our unique software-based vision solutions to customers in the defense and paramilitary sectors who are seeking 3D perception solutions for ADAS and autonomous vehicles. This agreement further reinforces Foresight’s position as a pioneering technology leader in advanced automotive vision systems, and we believe that it will help to strengthen our balance sheet and revenues in the coming years.”
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About Foresight Autonomous Holdings Ltd.
Foresight 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.
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