NetworkNewsBreaks – Foresight Autonomous Holding
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Posted On: 10/13/2020 3:50:48 PM
NetworkNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Affiliate Executes $10 Million Agreement
Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has announced that its affiliate, Rail Vision Ltd., has entered into an agreement with Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, an affiliate of Knorr-Bremse AG (Frankfurt: KBX). The agreement notes that Knorr-Bremse, a multibillion-dollar European-based group, will make an investment of $10 million in Rail Vision. This follows a similar investment of $10 million made by Knorr-Bremse in 2019. With both investments in place, Knorr-Bremse will own 36.79% of Rail Vision’s outstanding share capital. In addition, Rail Vision received a call option, available when certain conditions are met, which calls for an additional $5 million under the same investment terms. Following this investment, Foresight’s holdings in Rail Vision will total 19.34% (16.49% on a fully diluted basis). Rail Vision provides cutting-edge cognitive vision sensor technology designed to increase safety in the railway industry. “Knorr-Bremse’s continued investment marks a vote of confidence in Rail Vision’s unique technology and its solutions for the rail industry. We believe that further securing Rail Vision’s finances will strengthen the company’s performance and support its commercialization and market penetration efforts, said Foresight CEO Hai Siboni in the press release.
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, has announced that its affiliate, Rail Vision Ltd., has entered into an agreement with Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, an affiliate of Knorr-Bremse AG (Frankfurt: KBX). The agreement notes that Knorr-Bremse, a multibillion-dollar European-based group, will make an investment of $10 million in Rail Vision. This follows a similar investment of $10 million made by Knorr-Bremse in 2019. With both investments in place, Knorr-Bremse will own 36.79% of Rail Vision’s outstanding share capital. In addition, Rail Vision received a call option, available when certain conditions are met, which calls for an additional $5 million under the same investment terms. Following this investment, Foresight’s holdings in Rail Vision will total 19.34% (16.49% on a fully diluted basis). Rail Vision provides cutting-edge cognitive vision sensor technology designed to increase safety in the railway industry. “Knorr-Bremse’s continued investment marks a vote of confidence in Rail Vision’s unique technology and its solutions for the rail industry. We believe that further securing Rail Vision’s finances will strengthen the company’s performance and support its commercialization and market penetration efforts, said Foresight CEO Hai Siboni in the press release.
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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