Foresight Signs an Agreement to Merge its Eye-Net™ Activities with Tamda
The Eye-NetTM V2X (vehicle-to-everything) cellular-based accident prevention solution is designed to provide real-time pre-collision alerts to pedestrians and vehicles by using smartphones and relying on existing cellular networks.
According to the agreement, Foresight will establish a wholly-owned subsidiary and transfer to the Subsidiary all of Foresight’s rights, including intellectual property, for no consideration. Upon the closing of the of the merger transaction, Foresight will transfer 100% of the share capital of the subsidiary to Tamda in return for approximately 74.49% of Tamda’s share capital as of the closing date of the transaction. Furthermore, Tamda will have no assets, liabilities or obligations of any kind and will have net cash of
Upon closing, Foresight will begin to provide development and other services to the merged company, as required periodically by the merged company, for further development of the Eye-NetTM system.
The closing of the merger agreement is subject to the fulfillment of customary closing conditions, including obtaining the approval of Tamda’s shareholders, the
Foresight recently announced that it successfully completed a multi-user trial of its Eye-NetTM accident prevention system and achieved all of the pre-defined objectives. 120 Android and iOS users from across
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This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses closing the merger agreement, if at all, and the future operations, future financial position, prospects, plans and objectives of the merged company. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F filed with the
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