The Knowledge Base: The Era of Advanced Packaging
Standard of Excellence: Finding and Developing Future Leaders in Manufacturing
Global Sourcing Spotlight: Navigating the Variables of Holiday Schedules in Global Sourcing
Foresight and RH Electronics to Join Forces for a Strategic Alliance
December 17, 2018 | Business WireEstimated reading time: 1 minute
Foresight Autonomous Holdings Ltd. has signed a non-binding development and investment agreement with RH Electronics Ltd., a primary contractor in the manufacturing and assembly of electronic systems.
The agreement covers the terms of RH’s engagement, directly and/or through its approved contractor, Tonson Labs, for a multi-phase project to develop chip-based FPGA and ASIC solutions for QuadSight, Foresight’s four-camera vision system. Initially, RH will lay the infrastructure for an FPGA-board platform. Following completion of phase 1 and successful pass of acceptance tests, RH is planned to proceed towards development and manufacturing of an ASIC chip for the QuadSight system.
The parties are targeting to enter, within two months, into a binding agreement based on the principles of the initial non-binding agreement, pursuant to which the parties will determine the minimal quantities of QuadSight production units, and the commercial terms of production. In addition, under such binding agreement RH will receive a “right of first refusal” for the manufacturing of QuadSight systems and will prepare the infrastructure for such manufacturing facilities.
In addition, RH plans to purchase from Foresight, pursuant to the final binding agreement, approximately 1% of its issued and outstanding share capital, in total consideration of NIS 3,700,000, or NIS 3.00 per ordinary share, representing an 89% premium over the share market price.
“We are very excited about this important strategic alliance with RH that aims to enable us to achieve important future technological milestones,” said CEO of Foresight, Haim Siboni. “RH’s intended investment at a premium over the share market price marks a significant show of confidence in Foresight’s technology. RH’s engineering, developing and manufacturing capabilities are of great value to Foresight, making them an ideal partner for our future roadmap.”
“We believe in Foresight, its technology and products,” said chairman of the board of RH, Yacov Rozenberg. “Having the opportunity to collaborate with Foresight allows us to step into the exciting world of automotive. This agreement is expected to give RH exclusive rights to new production lines that will surely generate growth for company.”
Share on:
Suggested Items
SP Manufacturing Expands with New Malaysia Plant, Acquires Ideal Jacobs
12/26/2024 | PRNewswireSP Manufacturing (SPM), a leader in Electronic Manufacturing Services (EMS), is strengthening its global presence with two major moves: opening a new manufacturing facility in Senai, Malaysia, and successfully acquiring Ideal Jacobs Corporation.
Mycronic Receives $6-8 Million SLX Mask Writer Order
12/26/2024 | MycronicMycronic AB has received an order for an SLX mask writer from an existing customer in Asia. The order value is in the range of $6 to $8 million. Delivery of the system is planned for the first quarter of 2026.
Delta Electronics, Cal-Comp Strengthen Partnership to Drive Innovation in Industrial Automation
12/25/2024 | Delta ElectronicsDelta Electronics (Thailand) Public Company Limited, a global leader in power management and IoT-based smart green solutions, and Cal-Comp Electronics (Thailand) Public Company Limited (SET Ticker: CCET), a leading industry 4.0+ electronics manufacturing services (EMS) provider, have signed a Memorandum of Understanding (MOU) to deepen their collaboration in industrial automation.
SMT Mounter Market Size Projected to Reach $5.06 Billion by 2030
12/23/2024 | openPRAccording to the new market research report "Global SMT (Surface-mount Technology) Mounter Market Report 2024-2030", published by QYResearch, the global SMT (Surface-mount Technology) Mounter market size is projected to reach USD 5.06 billion by 2030, at a CAGR of 4.7% during the forecast period.
Delta Honored as Top 10 Best Taiwan Global Brands
12/23/2024 | Delta ElectronicsDelta, a global leader in power management and a provider of IoT-based smart green solutions, was selected as one of the “2024 Best Taiwan Global Brands” for the 14th year in a row, ranking among Taiwan's top 10 global brands.