Foresight Autonomous Holdings: Drive To Achieve Key Milestones
Edison | Oct 06, 2016 07:08AM ET
Foresight Autonomous Holdings (TA:FRST) has announced a MOU with a leading French auto parts supplier to help it to adapt its software to meet the requirements of its partner’s OEM clients and to promote FRST’s products in France and worldwide. The French partner has a large client base including Peugeot SA (PA:PEUP), Citroen, Renault (PA:RENA), Fiat (MI:FCHA), Chrysler (NYSE:FCAM), Volvo (ST:VOLVb), Jaguar and Land Rover (NYSE:TTM).
This agreement should further FRST’s pre-existing plans to modify its software to make it compatible with the chip standards of leading Tier One players. It goes further, though, in allowing FRST to gain a precise understanding of the specifications and requirements of the targeted car companies and in promoting its product with client OEMs. As such, we see the MOU as having a positive impact on demand and possibly accelerating the time to first sale following the planned release of the proof of concept of FRST’s stereo camera software in Q317.
The agreement follows another signed with a Chinese OEM in mid-September to assist the company in its penetration of the Chinese market. We believe that this shows the company’s drive to achieve its key milestones (successful launch of its stereo camera software product in Q3 17) and rapidly penetrate markets.
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