NetworkNewsBreaks – Foresight Autonomous Holding
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Posted On: 04/22/2020 3:59:20 PM
NetworkNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Announces Continued Progress Amidst COVID-19
Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, today provided an update on its operational and financial measures in response to the COVID-19 pandemic. According to the update, the company and its wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., are fully maintaining business activities as usual, with minimal impact to research and development, business development and marketing. In response to the COVID-19 outbreak and its financial implications, Foresight took decisive action to reduce its monthly cash burn spending by more than 20%. The company is pleased with its technological development progress and does not foresee sizable impacts to its current commercialization efforts. “We have reduced our expected annual cash burn by more than 20% and in addition have seen significant cost savings in SG&A due to decreased travel expenses, which provides us with a longer run rate,” Foresight CEO Haim Siboni said in the news release. “In addition, given the progress we have made so far in 2020, we have received significant interest from prospective strategic partners. We will continue to maintain our primary focus of building shareholder value.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, today provided an update on its operational and financial measures in response to the COVID-19 pandemic. According to the update, the company and its wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., are fully maintaining business activities as usual, with minimal impact to research and development, business development and marketing. In response to the COVID-19 outbreak and its financial implications, Foresight took decisive action to reduce its monthly cash burn spending by more than 20%. The company is pleased with its technological development progress and does not foresee sizable impacts to its current commercialization efforts. “We have reduced our expected annual cash burn by more than 20% and in addition have seen significant cost savings in SG&A due to decreased travel expenses, which provides us with a longer run rate,” Foresight CEO Haim Siboni said in the news release. “In addition, given the progress we have made so far in 2020, we have received significant interest from prospective strategic partners. We will continue to maintain our primary focus of building shareholder value.”
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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