Foresight Reports Successful POC Completion
DENVER, Colo., Mar 22, 2024 (247marketnews.com)- Foresight Autonomous Holdings (NASDAQ:FRSX) reported, this morning, that its wholly owned subsidiary, Eye-Net Mobile, announced today that SoftBank will collaborate with its business partners to initiate commercial validation efforts of Eye-Net’s products in Japan following the successful completion of Eye-Net’s technology validation.
SoftBank and Eye-Net entered into a multi-phase agreement initiated in a paid technological proof of concept project, in November. The technological POC was confirmed to be successful after the Eye-Net Protect product met all of Softbank’s predefined key performance indicators.
As a result of the successful completion of the POC, the parties will initiate sales efforts with SoftBank’s key business partners in order to move forward with the commercial validation of Eye-Net’s solutions for improved collision prevention in the Japanese market.
“We are thrilled that SoftBank has confirmed the successful completion of the technology validation phase and the compatibility of Eye-Net’s technology for both LTE and 5G cellular networks. This milestone marks the beginning of collaborative efforts with SoftBank for commercial validation of Eye-Net’s products in Japan,” said Dror Elbaz, CEO of Eye-Net Mobile. “Eye-Net is grateful to collaborate with SoftBank on the visionary path towards introducing a new social road safety approach. Our collaboration aims to offer an accident prediction and prevention solution that could protect millions of users from non-line-of-sight collisions and contribute to a safer Japanese mobile society,” Mr. Elbaz concluded.
FRSX is trading at $1.25, up $0.27 (+27.55%), on 776K shares.
Its 52-week range is $0.90 to $3.29. It has a gap, from December, which allowed the big February run, which may repeat.
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