DGAP-News: Foresight Autonomous Holdings Ltd.
Foresight Signs MOU for Cooperation With Global Chinese Vehicle Manufacturer Chery
2021-08-02 / 14:20
The issuer is solely responsible for the content of this announcement.
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Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today
the signing of a memorandum of understanding (MOU) for a multiphase business cooperation with Wuhu Chery Technology
Co., LTD (Chery), a global Chinese vehicle manufacturer and Xuanyuan Idrive Technology Co. Ltd. (XY), a subsidiary of
Wuhan Guide Infrared Co. (Guide Infrared) (Shenzhen stock code: 002414, market cap of approximately USD10 billion), a
leading Chinese developer and manufacturer of infrared thermal imaging systems.
During the first phase, Chery will test the QuadSight(R) vision prototype system for the purpose of evaluating
Foresight's technology and its potential further integration into advanced solutions for vehicles manufactured by
Chery. Upon successful evaluation, the parties will negotiate a commercial agreement for the co-development of advanced
solutions based on Foresight's technology integrated with XY's automotive sensors. The advanced solutions are designed
for potential integration into semi- and fully autonomous vehicles manufactured by Chery.
As a part of the cooperation, the parties will consider establishing a joint venture in China, by themselves or with
third parties. Furthermore, the parties are considering promoting and selling the advanced solutions in Greater China
through the joint venture.
Additionally, to help accelerate innovation in the autonomous vehicles market and enable Foresight's product expansion,
Chery will consider a strategic investment in Foresight, in an amount and upon terms and conditions to be negotiated in
the future.
'By signing this cooperation MOU with a leading automotive OEM, we continue our strategy to expand our presence in the
Chinese automotive market. Our advanced 3D vision technologies combined with Guide Infrared's thermal imaging
capabilities potentially offer an accurate and reliable vision solution that can be integrated into Chery's semi- and
fully autonomous vehicles to enhance their current safety systems,' said Haim Siboni, CEO of Foresight. 'I believe that
this vote of confidence from another vehicle manufacturer, along with a potential strategic investment, may open the
door for additional opportunities worldwide and specifically in the Asian automotive market.'
About Wuhu Chery Technology
Chery is a Chinese automotive brand with global influence. It has a powerful R&D strength of engine, gearbox, chassis
and other core technologies among Chinese automobile brands, and has established a global automobile R&D team of more
than 5,500 people. Meanwhile, Chery is also among the first Chinese automobile company to export vehicles, complete
knock-down parts, engines and vehicle manufacturing technology and equipment to the world. Up until now, Chery has
exported its vehicles to more than 80 countries and regions, with nearly 9.4 million users worldwide, ranking first in
the number of passenger cars exported from China for 18 consecutive years.
About Wuhan Guide Infrared
Wuhan Guide Infrared Co., Ltd. (Shenzhen stock code: 002414), founded in 1999, is engaged in manufacturing infrared
detectors and cameras, comprehensive electro-optical systems and large-scale defense systems. Guide Infrared provides
infrared solutions, ranging from infrared devices up to complete systems. The Company has established a
state-of-the-art mass production facility located at China Optics Valley in Wuhan with more than 2,600 employees.
Guide Infrared develops and manufactures infrared solutions for national defense security, protection systems,
diagnostic tools, smart home, internet of things, intelligent terminals, machine vision systems, automotive industry,
unmanned planes and other applications.
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 that Chery will test the QuadSight(R) vision prototype system, that, subject to certain
conditions, Chery and Foresight will negotiate a commercial agreement for the co-development of advanced solutions,
that the parties will consider establishing a joint venture in China, that Chery may consider a strategic investment in
Foresight, and that MOU and a potential strategic investment by Chery in Foresight may bring additional opportunities
worldwide and specifically in the Asian automotive market for Foresight. 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, 2021, 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.
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. 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, sensor fusion and dense 3D point cloud that can be applied to diverse 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.
Contact Details
Investor Relations Contact:
Miri Segal-Scharia, CEO, MS-IR LLC
+1 917-607-8654
msegal@ms-ir.com
Company Website
https://www.foresightauto.com/
News Source: News Direct
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2021-08-02 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Foresight Autonomous Holdings Ltd.
United States
ISIN: US3455231049
EQS News ID: 1223362
End of News DGAP News Service
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1223362 2021-08-02
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(END) Dow Jones Newswires
August 02, 2021 08:20 ET (12:20 GMT)