Foresight CEO Letter to Shareholders
Summary
As the world begins to turn the corner on the COVID-19 pandemic with active vaccination campaigns and ongoing economic support initiatives, I would like to issue an update on Foresight’s current position and long-term outlook. The year began with the announcement of significant new features for the QuadSight vision system, including automatic calibration, multispectral sensor fusion, and 3D point cloud. These features provide noticeable improvements to the system’s ability to accurately measure the size, location and distance of objects, even in challenging weather and lighting conditions. In April 2020, Rail Vision received its first commercial order, valued at approximately 500,000 Euro, for a prototype of its shunting yard system from a leading European train operator. For example, Foresight is using forward-looking statements in this letter to shareholders when it discusses the belief that several key business milestones in 2020 have set a course for a successful coming year, its 2020 sales milestones demonstrate the diverse market recognition of its technology, as well as the technology’s myriad potential applications across geographies and industries, its collaboration with FLIR enables it to introduce its solutions to new audiences and sales regions, building off of FLIR’s sterling reputation, that the multiple key partnerships announced in the fourth quarter of 2020 indicate that the future is bright for Foresight and its technology and that it entered 2021 with a robust balance sheet and strong business fundamentals, putting it in an advantageous position for global expansion and growth.