Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX) (“Foresight” or the “Company”), an innovator in automotive vision, announces today that its wholly owned subsidiary, Foresight Changzhou Automotive Ltd. (“Foresight Changzhou”) won the Outstanding Enterprise in International Cooperation award from China Israel Changzhou Innovation Park, Jiangsu Province (the “CICP”).
Earlier last month, the CICP held the 2023 work mobilization conference. During the conference, and as a recognition of Foresight Changzhou's significant contribution to international cooperation, the CICP named it the "Outstanding Enterprise in International Cooperation." Foresight Changzhou was one of five companies to win this award, out of nearly 200 companies in the CICP.
"We are honored to have been recognized by the CICP for our hard work and efforts. Over the last year, we have signed a commercial agreement with Sunway-AI and have engaged with several new potential customers. Last year also marked the 30th anniversary of the establishment of diplomatic relations between China and Israel. As we speak, the negotiation of the China-Israeli Free Trade Agreement is under way. We are expecting its imminent conclusion, which will hopefully bring more opportunities to the automotive industry. Since COVID control measures have been relaxed and flights have been resuming in China, Foresight will continue to lead innovation cooperation between Israel and China and intends to expand activity in this region,” said Oren Bar-On, CEO of Foresight Changzhou.
Foresight registered in the CICP at the end of 2021 and signed a commercial contract of up to $51 million with Sunway-AI in November 2022, enhancing its support in the open innovation and high-quality development of the CICP and Changzhou City.
About China Israel Changzhou Innovation Park
The China Israel Changzhou Innovation Park is the first innovation demonstration park signed by the Chinese and Israeli governments. Established in 2015, the CICP was jointly unveiled by Liu Yandong, then Vice Premier of the State Council, and Avigdor Lieberman, then Minister of Foreign Affairs of Israel. It was recognized by the National Development and Reform Commission of China as "the key area of China-Israeli high-tech industrial cooperation." The CICP has gathered a large number of Israeli-owned and Sino-Israeli cooperative enterprises, promoted the Sino-Israeli cooperation projects in many fields, and built a number of innovation platforms such as Israel Jiangsu Center.
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 for more opportunities in China and that it intends to lead innovation cooperation between Israel and China and expand activity in this region. 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 31, 2022, 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.
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., 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, follow @ForesightAuto1 on Twitter, or join Foresight Automotive on LinkedIn.
Investor Relations Contact:
Miri Segal-Scharia, CEO, MS-IR LLC
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