NetworkNewsBreaks – Foresight Autonomous Holding
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Posted On: 04/27/2020 3:49:38 PM
NetworkNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Affiliate Rail Vision Receives First Commercial Order from Leading European Train Operator
Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, today announced that its affiliate, Rail Vision Ltd. (for which Foresight owns approximately 24% outstanding shares), received its first commercial order from a leading European train operator. According to the update, the order consists of the purchase of an Assisted Remote Shunting prototype system and an Operational Functional Test (“OFT”) for a total value of approximately 500,000 Euro. The OFT of the system is scheduled for Q4 2020, and a commercial agreement with the leading European train operator detailing future phases is expected to be signed in the upcoming weeks. Successful testing of Rail Vision’s Assisted Remote Shunting prototype could entail the purchase of approximately 30 shunting yard systems for an additional 2.5 million Euro. The European train operator may also elect to exercise its option to purchase an additional 45 shunting yard systems for a total value of 3.5 million Euro.
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 announced that its affiliate, Rail Vision Ltd. (for which Foresight owns approximately 24% outstanding shares), received its first commercial order from a leading European train operator. According to the update, the order consists of the purchase of an Assisted Remote Shunting prototype system and an Operational Functional Test (“OFT”) for a total value of approximately 500,000 Euro. The OFT of the system is scheduled for Q4 2020, and a commercial agreement with the leading European train operator detailing future phases is expected to be signed in the upcoming weeks. Successful testing of Rail Vision’s Assisted Remote Shunting prototype could entail the purchase of approximately 30 shunting yard systems for an additional 2.5 million Euro. The European train operator may also elect to exercise its option to purchase an additional 45 shunting yard systems for a total value of 3.5 million Euro.
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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