NetworkNewsBreaks – Foresight Autonomous Holding
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Posted On: 03/14/2019 4:27:06 PM
NetworkNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Affiliate Receives $10M Strategic Investment
Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning announced that its affiliate, Rail Vision Ltd., and Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, an affiliate of Knorr-Bremse AG, executed an agreement in which Knorr-Bremse will invest $10 million in Rail Vision for a 21.3% share of Rail Vision. The investment will be made in two installments. Additionally, Knorr-Bremse has been issued warrants to purchase further shares of Rail Vision and will appoint a director and two non-voting observers to Rail Vision’s board of directors. After completion of the investment, Foresight’s holdings in Rail Vision will be 25.53% on a fully diluted basis. “We are excited about this strategic investment from Knorr-Bremse as a shareholder. As a leading supplier of rail subsystems, Knorr-Bremse’s investment further strengthens our unique technology and the growing demand for efficient solutions for the rail industry,” Rail Vision CEO and founder Elen Katz stated in the news release. “We believe that this partnership will support us in commercializing our technology and help raise our credibility in the market. In addition, we are confident that securing the financing will strengthen our performance and economic outlook.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning announced that its affiliate, Rail Vision Ltd., and Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, an affiliate of Knorr-Bremse AG, executed an agreement in which Knorr-Bremse will invest $10 million in Rail Vision for a 21.3% share of Rail Vision. The investment will be made in two installments. Additionally, Knorr-Bremse has been issued warrants to purchase further shares of Rail Vision and will appoint a director and two non-voting observers to Rail Vision’s board of directors. After completion of the investment, Foresight’s holdings in Rail Vision will be 25.53% on a fully diluted basis. “We are excited about this strategic investment from Knorr-Bremse as a shareholder. As a leading supplier of rail subsystems, Knorr-Bremse’s investment further strengthens our unique technology and the growing demand for efficient solutions for the rail industry,” Rail Vision CEO and founder Elen Katz stated in the news release. “We believe that this partnership will support us in commercializing our technology and help raise our credibility in the market. In addition, we are confident that securing the financing will strengthen our performance and economic outlook.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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