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    FRSX   IL0001990188

FORESIGHT AUTONOMOUS HOLDINGS LTD.

(FRSX)
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PRESS RELEASE : Foresight Signs MOU for Cooperation With Global Chinese Vehicle Manufacturer Chery

08/02/2021 | 08:21am EDT
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. 
=---------------------------------------------------------------------------------------------------------------------- 
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 
=---------------------------------------------------------------------------------------------------------------------- 
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. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
=---------------------------------------------------------------------------------------------------------------------- 
Language:     English 
Company:      Foresight Autonomous Holdings Ltd. 
              United States 
ISIN:         US3455231049 
EQS News ID:  1223362 
 
End of News   DGAP News Service 
=------------ 

1223362 2021-08-02

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1223362&application_name=news 
 

(END) Dow Jones Newswires

August 02, 2021 08:20 ET (12:20 GMT)

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FORESIGHT AUTONOMOUS HOLDINGS LTD. -0.77% 181.5 Delayed Quote.-30.38%
FORESIGHT GROUP HOLDINGS LIMITED 0.00% 460 Delayed Quote.0.00%
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Analyst Recommendations on FORESIGHT AUTONOMOUS HOLDINGS LTD.
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Financials
Sales 2021 1,32 M 0,41 M 0,41 M
Net income 2021 -57,0 M -17,7 M -17,7 M
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 586 M 182 M 182 M
Capi. / Sales 2021 442x
Capi. / Sales 2022 41,7x
Nbr of Employees 62
Free-Float 88,9%
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Number of Analysts 0
Last Close Price 1,82 ILS
Average target price 3,70 ILS
Spread / Average Target 104%
Managers and Directors
Haim Siboni Chairman & Chief Executive Officer
Eliyahu Yoresh Chief Financial Officer
Levy Zruya Chief Technology Officer
David Lempert Director-Research & Development
Oren Bar-On VP-Global Operations & Business Strategy
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