Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has released a status report on its operations and an updated business roadmap. According to the announcement, the company is actively pursuing medium- and long-term projects while also being laser focused on short-term, cash-generating projects. The update noted that the leadership team has made a strategic decision to refocus on strengthening client-facing initiatives and reallocate resources in areas where the company has seen success, including the defense and industrial vehicles sectors as well as its wholly owned subsidiary, Eye-Net Mobile Ltd. Long-term, the report stated that the automotive industry is the largest target market for Foresight, which has been engaged in projects with Hitachi Astemo Ltd. and ZF Friedrichschafen AG; the company is also forming meaningful connections and partnerships with leading vehicle manufacturers and tier one suppliers. In addition, Eye-Net has formed successful partnerships with global industry leaders, with implementation and commercialization being achievable based on its innovative and seamless solutions. “In conjunction with the business focus, Foresight’s management also decided to reallocate resources and reduce expenses while extending the company’s cash runway,” the company stated in the press release. “Nonetheless, Foresight’s core activities and research and development efforts remain unimpacted. We believe that the strategy mentioned above will ensure that management is laser focused on short-term cash generating projects.”
To view the full press release, visit https://ibn.fm/KqDGh
About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings is a technology company developing smart multispectral 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 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, precollision 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, visit the company’s website at www.ForesightAuto.com.
NOTE TO INVESTORS: The latest news and updates relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
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