Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) gained in price near noon ET Monday, on disclosing that it has successfully completed pilot project with one of the China's top three largest car manufacturers.
The Israel-based leading developer of Advanced Driver Assistance Systems announced today that following its announcement about an agreement with one of China's top three largest car manufacturers for a pilot project to test its Eyes-OnTMadvanced driver assistance system, the company has successfully completed the project and met the pre-defined requirements and criteria set for its success.
Eyes-On was tested in controlled and uncontrolled environments, in varying speeds and against both predefined and incidental targets.
The parties have agreed to examine possible directions for commercial cooperation over the next few months.
Foresight, through its wholly-owned subsidiary, develops advanced systems for accident prevention, which are designed to provide real-time information about the vehicle's surroundings while in motion.
The systems are designed to alert drivers to threats that might cause accidents, resulting from traffic violations, driver fatigue or lack of concentration, etc., and to enable highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company estimates that its systems will revolutionize ADAS by providing an automotive grade, cost-effective platform, and advanced technology.
Officials from the company were not available for comment Monday.
Stock prices for FRSX made their way up nearly 19 cents, or 3.3%, to $5.84, within a 52-week trading range of $4.21 to $11.70.
