Foresight Expands Chinese Market Presence with Establishment of Local Subsidiary

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.

 

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
Foresight Changzhou
will receive a package of incentives and grants to aid in overcoming barriers
and achieving success in China with the support of CIP’s facilities and staff
as well as hire local engineers and high-quality staff who will be based in
CIP, that a local entity will facilitate the Company’s access to Chinese
vehicle manufacturers and Tier-One automotive suppliers and will potentially
increase local collaborations and joint venture undertakings, and that the
establishment of a Chinese subsidiary significantly expands the Company’s
presence in China and supports the Company’s strategy to become a dominant
player in the Asia-Pacific automotive market. 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. 

 

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