The Foresight Institute is a Palo Alto, California-based nonprofit organization for promoting transformative technologies. They sponsor conferences on molecular nanotechnology, publish reports, and produce a newsletter.The Foresight Institute has several running prizes, including the annual Feynman Prizes given in experimental and theory categories, and the $250,000 Feynman Grand Prize for demonstrating two molecular machines capable of nanoscale positional accuracy and computation. Wikipedia.
News Article | May 11, 2017
ST. LOUIS--(BUSINESS WIRE)--Foresight Energy LP (“Foresight” or the “Partnership”) (NYSE: FELP) today reported financial and operating results for the first quarter of 2017. Foresight generated quarterly coal sales revenues of $227.8 million on sales volumes of 5.3 million tons resulting in Adjusted EBITDA of $64.0 million, cash flows from operations of $22.4 million and a net loss attributable to limited partner units of $111.2 million, or $(0.85) per unit. Results for the first quarter 2017 were negatively impacted by a loss on the early extinguishment of debt of $95.5 million related to the refinancing completed on March 28th. Quarterly sales volumes increased 40% compared to the first quarter 2016 due in part to an increase in export tons sold during the first quarter 2017. Cash costs per ton sold decreased to $22.80 despite two longwall moves at the operations during the first quarter 2017. On March 28, 2017, Foresight completed the refinancing of certain of its previously outstanding debt. As part of the transaction, Foresight issued $1.25 billion of new debt, consisting of a term loan of $825 million and $425 million in second lien notes. The proceeds were used to retire the previously outstanding revolving credit facility, term loan and second lien notes. The completed transaction also resulted in a new revolving credit facility with $158.5 million of capacity with no borrowings at close. Concurrent with the refinancing transaction, Murray Energy exercised its option to acquire an additional 46% of the general partner of Foresight increasing its voting interest in the general partner to 80%. For additional information on the refinancing transaction, please refer to the Form 8-K filed with the SEC on April 3, 2017. “The first quarter was successful for Foresight as we realized significant year-over-year improvements in sales volumes, coal sales and production costs, as our operations continued to perform exceptionally well,” said Mr. Robert D. Moore, Chairman, President and Chief Executive Officer. “We were able to take advantage of improved capital markets during the first quarter and successfully complete the refinancing of our indebtedness. The new facilities extend maturities well into the future, lower our effective interest rate compared to the August 2016 restructuring, provides Foresight with adequate headroom under the new financial covenants, and, importantly, prevents massive dilution to the current unitholders by refinancing the former exchangeable notes prior to their maturity,” stated Mr. Moore. As a result of its increased voting interest, Murray Energy had the option to apply pushdown accounting to Foresight’s standalone financial statements and elected to do so on the acquisition date. Consequently, Foresight’s consolidated financial statements were adjusted to reflect the preliminary pushdown accounting adjustments. The consolidated financial statements are presented in two distinct periods to indicate the application of two different bases of accounting between the periods presented. The periods prior to the acquisition date are identified as “Predecessor” and the period after the acquisition date is identified as “Successor”. Coal sales totaled $227.8 million for the first quarter 2017 compared to $163.1 million for the first quarter 2016. The increase in coal sales revenue from the prior year period was largely due to a 1.5 million ton increase in coal sales volumes principally driven by increased shipments into the export market during the current quarter. During the first quarter 2017, Foresight shipped 24% of its coal into the export market compared to 14% during the prior year quarter. Cost of coal produced was $117.8 million, or $22.80 per ton sold, for the first quarter 2017 compared to $89.2 million, or $23.86 per ton sold, for the same period of 2016. The increase during the current year quarter was due to higher sales volumes offset by a reduction in Foresight’s cash cost per ton sold of $1.06 per ton. The improvement in cash cost per ton sold was driven by increased production at the Williamson mine, which was impacted in the first quarter of 2016 by higher longwall-related costs. Additionally, direct and indirect costs related to the Hillsboro combustion event were lower during the current year period. Transportation costs increased $11.9 million, or $0.27 per ton sold, from the prior year period due to higher export sales volumes. During the first quarter of 2017, Foresight shipped 24% of its sales volumes to the export market compared to 14% during the prior year period. The increase in volumes and per ton costs was offset by $2.9 million of lower charges for shortfalls on minimum contractual rail and export terminal throughput requirements. Related to the refinancing transaction completed on March 28, 2017, Foresight recorded $95.5 million of expense related to the early extinguishment of debt during the first quarter 2017, compared to $0.1 million of debt extinguishment costs and $9.7 million of debt restructuring costs during the year ago quarter. During the first quarter 2017, Foresight also recorded $9.3 million of income related to updating the warrants issued during the August 2016 restructuring to fair value. As the warrants were not in place during the prior year period, there was no income or expense during that period. Interest expense for first quarter 2017 increased $10.4 million from the prior year period due primarily to higher interest costs resulting from the August 2016 debt restructuring as the Second Lien Notes and Second Lien PIK notes carried higher effective interest rates than the 2021 Senior Notes replaced at the time of the August 2016 restructuring. Cash flows provided by operations totaled $22.4 million for first quarter 2017 and Foresight ended the quarter with $4.2 million in cash and $158.5 million of available capacity, net of outstanding letters of credit, under the revolving credit facility. During the first quarter 2017, capital expenditures totaled $19.9 million, an increase of $14.9 million compared to the quarter ended March 31, 2016. Capital spending in the prior year period was lower as a result of the timing of capital outlays related to the maintenance of Foresight’s operations. This press release contains “forward-looking” statements within the meaning of the federal securities laws. These statements contain words such as “possible,” “intend,” “will,” “if” and “expect” and can be impacted by numerous factors, including risks relating to the securities markets, the impact of adverse market conditions affecting business of the Partnership, adverse changes in laws including with respect to tax and regulatory matters and other risks. There can be no assurance that actual results will not differ from those expected by management of the Partnership. Known material factors that could cause actual results to differ from those in the forward-looking statements are described in Part I, “Item 1A. Risk Factors” of the Partnership’s Annual Report on Form 10-K filed on March 1, 2017. The Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which the Partnership becomes aware of, after the date hereof. Adjusted EBITDA is a non-GAAP supplemental financial measure that management and external users of the Partnership’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess: The Partnership defines Adjusted EBITDA as net income (loss) attributable to controlling interests before interest, income taxes, depreciation, depletion, amortization and accretion. Adjusted EBITDA is also adjusted for equity-based compensation, losses/gains on commodity derivative contracts, settlements of derivative contracts, a change in the fair value of the warrant liability and material nonrecurring or other items which may not reflect the trend of future results. As it relates to commodity derivative contracts, the Adjusted EBITDA calculation removes the total impact of derivative gains/losses on net income (loss) during the period and then adds/deducts to Adjusted EBITDA the amount of aggregate settlements during the period. The Partnership believes the presentation of Adjusted EBITDA provides useful information to investors in assessing the Partnership’s financial condition and results of operations. Adjusted EBITDA should not be considered an alternative to net (loss) income, operating income, or any other measure of financial performance presented in accordance with U.S. GAAP, nor should Adjusted EBITDA be considered an alternative to operating surplus, adjusted operating surplus or other definitions in the Partnership’s partnership agreement. Adjusted EBITDA has important limitations as an analytical tool because it excludes some, but not all, of the items that affects net (loss) income. Additionally, because Adjusted EBITDA may be defined differently by other companies in the industry, and the Partnership’s definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, the utility of such a measure is diminished. For a reconciliation of Adjusted EBITDA to net (loss) income attributable to controlling interests, please see the table below. Foresight is a leading producer and marketer of thermal coal controlling over 2 billion tons of coal reserves in the Illinois Basin. Foresight currently operates two longwall mining complexes with three longwall mining systems (Williamson (one longwall mining system) and Sugar Camp (two longwall mining systems)), one continuous mining operation (Macoupin) and the Sitran river terminal on the Ohio River. Foresight’s operations are strategically located near multiple rail and river transportation access points, providing transportation cost certainty and flexibility to direct shipments to the domestic and international markets.
News Article | June 15, 2017
NESS ZIONA, Israel--(BUSINESS WIRE)--Foresight Autonomous Holdings Ltd., a leading developer of advanced systems for road traffic accident prevention (TASE: FRST; NASDAQ: FRSX), will list its American Depositary Shares (ADSs) on the NASDAQ Capital Market. Trading of the Company's ADS on the NASDAQ Capital Market will begin Thursday, June 15, 2017, under the symbol "FRSX". The Bank of New York Mellon is serving as depositary for the ADSs, each ADS represents 5 ordinary shares of the Company. Ordinary shares will continue to trade on the Tel Aviv Stock Exchange under the symbol "FRST". "Becoming a NASDAQ-listed company is an important step in our overall corporate development strategy as we look to increase awareness of Foresight within the U.S. investment community and expand our presence in the U.S. market," said Ariel Dor, Chief Operating Officer, Foresight. “Further, this listing adds to recent milestones for Foresight, including entering into a memorandum of understanding with large Chinese automobile manufacturers as well as our investment in Rail Vision to align with Foresight’s long-term strategy to lead the automated transportation industry. As we list our ADSs on NASDAQ, we expect our ability to communicate our progress and strategy with a broader audience, and to create value for our shareholders will improve significantly. Moreover, we have a strong balance sheet with approximately $17 million in cash, providing capital to support our expansion,” concluded Mr. Dor. Foresight (TASE: FRST; NASDAQ: FRSX), founded in 2015 is a technology company engaged in the design, development and commercialization of 3D multi-camera-based Advanced Driver Assistance Systems (“ADAS”). The Company, through its subsidiary, develops advanced systems for accident prevention, which are designed to provide real-time information about the vehicle's surroundings while in motion. These systems, which are based on 3D technology, advanced algorithms and artificial intelligence, will revolutionize ADAS by providing an automotive grade, cost-effective platform, enabling highly accurate and reliable detection while ensuring the lowest rates of false alerts. 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, when Foresight describes the expected NASDAQ listing, and when it states that as a result of the NASDAQ listing of its ADSs it expects its ability to generate more value for its shareholders will improve significantly, it is using forward-looking statements. 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 registration statement on Form 20-F filed with the Securities and Exchange Commission ("SEC") on June 1, 2017, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
News Article | June 21, 2017
"It is with great pleasure that I join Foresight Wealth Management during this stage of their growth," said Hutchinson. "I am excited to help direct the firm's new multifamily, office, and trustee capabilities as well as oversee expansion into even more financial capabilities." Donaldson Hartman's 26 years of experience in mergers and acquisitions, investment banking, commercial banking and private equity fund management position him to lead Foresight's new board of advisors. Hartman's prior experience includes overseeing rapid growth as one of the co-founders of Bridge Investment Group's $7+ billion funds management business and family of strong-performing private equity real estate funds. Hartman presently serves as Vice Chairman on the Board of Directors and Special Advisor to Bridge Investment Group. Prior to Bridge, Hartman served as the Director of the Asia Pacific Region's Financial Institutions Group of Citigroup Salomon Smith Barney. "I am thrilled to be elected Executive Chairman of Foresight's new advisory board," said Hartman. "The board will be made up of the best and brightest of Utah's advisors, and I am confident that as Foresight grows, we will direct the firm's expansion into new and unique areas of wealth management." Foresight's new advisory board will be made up of a group of highly skilled financial and business leaders coming from diverse industry backgrounds. "As Foresight expands into new areas of capabilities in the wealth management industry, we are thrilled to be partnering with these good gentlemen," said Foresight CEO and Founder, Adam Nugent. "Their shared experience in capital markets, mergers and acquisitions, and unique investment strategies will accelerate our expansion to ensure that our clients have access to the best industry standards and portfolio management out there." To learn more about Foresight Wealth Management visit, www.foresightmgt.com. Foresight Wealth Management is an independent registered investment advisory firm headquartered in Draper, UT. Launched in 2010, Foresight provides wealth and risk management solutions to high net worth individuals and corporations. Specifically, Foresight offers its clients investment management, company retirement, fiduciary service, and risk mitigation strategy solutions. The firm was named on the 2016 list of the Inc. 5000, and has been named one of the fastest growing firms in Utah. For more information on Foresight Wealth Management please visit www.foresightmgt.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/foresight-wealth-management-announces-new-advisory-board-and-two-executive-appointments-as-firm-expands-service-capabilities-300477564.html
News Article | July 24, 2017
NESS ZIONA, Israel--(BUSINESS WIRE)--Foresight Autonomous Holdings Ltd., a leading developer of Advanced Driver Assistance Systems (TASE and NASDAQ: FRSX), announced today that Rail Vision, which is 32% owned by Foresight, has achieved a major milestone in its development of products for advanced safety, asset and fleet management in the rail industry. Rail Vision demonstrated its system’s real-time capabilities with its unique algorithm implementation. The prototype demonstration validated the system's ability to detect and classify railway obstacles and alert the driver and control center in real time. In the context of Rail Vision’s solution, real-time is defined as the ability to acquire video imagery from multiple sensors, and process those video streams with sufficient throughput and minimal delay to provide timely video display and alerts to a locomotive driver. This technology incorporates breakthrough image analysis and deep learning algorithms, all implemented in software and hardware with advanced day and night imaging sensors. This is a key and strategic step towards a fully operative obstacle detection solution for railway safety applications. Rail Vision was founded in January 2015, and it focuses on the development of a unique, first-of-its-kind cognitive vision system based on image processing technologies. Rail Vision's system is designed to alert engine drivers to obstacles on the railway tracks in a timely fashion, in any weather and any lighting conditions, by using designated cameras for object identification. Since the average stopping distance of a train traveling at a high speed is around 800 – 1,200 meters, long-distance obstacle identification is a key to railway safety. Rail Vision’s high-resolution cameras use advanced image processing algorithms to enable the system to locate obstructions from a distance of over 1,500 meters, thus being able to reduce collisions and fatalities, severe damage to locomotives and the environment. Foresight currently holds 32% of Rail Vision’s issued and outstanding share capital, with warrants to acquire a significant number of additional shares to reach holdings of up to 48%, on a fully diluted basis. Foresight (TASE and NASDAQ: FRSX), founded in 2015 is a technology company engaged in the design, development and commercialization of Advanced Driver Assistance Systems (ADAS) based on 3D video analysis, advanced algorithms for image processing and artificial intelligence. The company, through its wholly owned subsidiary, develops advanced systems for accident prevention, which are designed to provide real-time information about the vehicle's surroundings while in motion. The systems are designed to alert drivers to threats that might cause accidents, resulting from traffic violations, driver fatigue or lack of concentration, etc., and to enable highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company estimates that its systems will revolutionize ADAS by providing an automotive grade, cost-effective platform, and advanced technology. 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, when Foresight describes Rail Vision's potential to develop a fully operative obstacle detection solution for railway safety applications, it is using forward-looking statements. 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 registration statement on Form 20-F filed with the Securities and Exchange Commission ("SEC") on June 1, 2017, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Agency: European Commission | Branch: FP7 | Program: CP-FP | Phase: SSH.2012.7.1-1 | Award Amount: 3.24M | Year: 2013
The objectives of FLAGSHIP are: i) Understanding and assessing the state of the art of forward looking methodologies in relation to Grand Societal Challenges (GSC) and developing tools and modelling frameworks beyond state of the art; ii) Applying an enhanced set of forward looking methods and tools to support EU policies, by analysing reference and alternative scenarios of long-term demographic, legal, economic, social and political evolutions of Europe, in a world context, and assessing potential progress in technological and social innovation; iii) Driving change, producing a set of EU-relevant policy recommendations on the potential of the EU for transition and change. In relation to these objectives the project will: i) take stock of the existing forward looking studies: a review will be done of the central questions, key trends, critical uncertainties and scenario frameworks; ii) proceed to apply and combine enhanced qualitative and quantitative methods mastered by the project partners in a coherent framework, producing a combination of GSC-driven qualitative and quantitative scenarios - coping with a range of possible global paradigm shifts and geo-political changes - and engaging a community of experts and stakeholders in a scenario thinking and assessment exercise; iii) focus further on EU policy responses to emerging transition challenges, and the potential role of EU in shaping global governance as well as new territorial dynamics within the continent, aiming to deliver policy recommendations to support the formulation of strategic EU policy agendas. The project will be articulated in 10 WPs, providing a consistent sequence of research activities with a good balance between methodological developments and policy applications addressing long term GSC scenarios. 15 partners representing 10 MS including 2 NMS. 4 stakeholders workshops, 1 final conference, wide and diversified range of participation, communication and dissemination actions and media.
News Article | February 22, 2017
ROCHESTER, Mich., Feb. 22, 2017 (GLOBE NEWSWIRE) -- Half of all new cars and trucks will be accessorized in the first two years of ownership, representing over 7 million new vehicles being accessorized each year. And when making decisions about the accessories they buy, consumers rank accessory brand names high on their list of important criteria, according to a recent study by metro-Detroit based automotive research firm Foresight Research. According to the recently released study, “Inside the Accessory Buyer’s Mind,” most recent new car and truck buyers who install accessories within their first two years of ownership say that accessory brand names are important; moreover, more than half say it is important that accessories are made by their own new vehicle brand. The study found that spur-of-the-moment accessory sales happen infrequently – the majority of new vehicle buyers are doing careful research before making the purchase. With most of this research being done on the web and through brochures, Chris Stommel, President of Foresight Research says that accessories carrying a reputable brand name - such as a vehicle manufacturer’s own brand - along with a communications marketing strategy that includes digital and brochures, will go a long way toward a successful marketing strategy. “The showroom remains a critical point-of-purchase; the study confirms that when personnel do hold an accessory conversation during the dealership visit, both installation rates and total spending rise,” Stommel says. “But as today’s consumers are well-prepared before that even occurs, accessory marketers need a clear understanding of their customers, where they are gathering their information – and what messages will ring the bell. This is particularly important when trying to capture the big spenders – those representing just 29% of all accessory buyers yet 76% of all dollars spent.” The study also finds that across the industry, accessory dollars per new vehicle retailed averages $247 in the first 120 days and $974 within the first two years. Of all 23 brands studied, the leaders in installation and spending are luxury brands (Acura, BMW, Audi and Cadillac), while Ram and Ford lead in the all-important pickup truck segment. Stommel adds that with 1-in-5 accessory buyers reporting that accessories played a major role in their vehicle purchase decision, a successful accessory marketing strategy can pay off not only in accessory revenue but also in influencing the vehicle purchase. The “Inside the Accessory Buyers Mind” report outlines the accessory market size and structure, buyer attitudes and behaviors, effective marketing strategies and the roles of accessory branding and budget. About Foresight Research – www.foresightresearch.com Foresight Research specializes in syndicated and custom studies focusing on key influencers of purchase decisions in the automotive industry. Since 2008, Foresight Research publishes syndicated reports each year that provide information, strategies and best practices to help auto companies, their partners, and auto dealers to build, position, and support marketing insights and actions.
Foresight and National Cheng Kung University | Date: 2011-07-29
An advanced process control (APC) system, an APC method, and a computer program product, which, when executed, performs an APC method are provided for incorporating virtual metrology (VM) into APC. The present inventions uses a reliance index (RI) and a global similarity index (GSI) to adjust at least one controller gain of a run-to-run (R2R) controller when the VM value of a workpiece is adopted to replace the actual measurement value of the workpiece. The RI is used for gauging the reliability of the VM value, and the GSI is used for assessing the degree of similarity between the set of process data for generating the VM value and all the sets of historical process data used for building the conjecturing model.
National Cheng Kung University and Foresight | Date: 2013-03-19
A method for searching, analyzing, and optimizing process parameters and a computer product thereof are provided. At first, sets of process data that are generated when a process tool processes workpieces are obtained respectively, each set of process data including process parameters. Then, sets of metrology data measured by a metrology tool are obtained, wherein the sets of metrology data are corresponding to the sets of the process data in a one-to-one manner, each workpiece having at least one measurement point, each set of metrology data including at least one actual measurement value of at least one measurement item at the at least one measurement point. Thereafter, critical parameters are selected from the process parameters. Then, values of the critical parameters are adjusted to enable predicted measurement values of the measurement points of one workpiece to meet a quality target value.
Foresight | Date: 2013-01-19
This disclosure describes a method for measuring the path and orientation of a golf club during a swing. Of particular interest is the orientation of the club face and its path prior to, at and just after impact with the ball. Golfers and club manufactures are interested in this information for swing improvement and club design. The key measurements are the face orientation and path relative to the ball, these are: horizontal path, vertical path, face open/close, face loft, face lie and ball impact position on the face. The disclosure additionally defines a means for accurately measuring the orientation of the club head and shaft throughout the entire swing. The technique may use an inertial navigation system attached to the head or shaft in conjunction with the camera system. An important feature of the method is the ease of use in that it provides accurate results without complex calibration procedures.
Agency: Department of Agriculture | Branch: | Program: SBIR | Phase: Phase I | Award Amount: 79.48K | Year: 2016
Currently, red imported fire ants (RIFA) "Solenopsis invicta," infest over 140 million hectares in the USA. The estimated annual cost for controlling these invasive pests and to repair damage caused by them is approximately 6 billion dollars. The RIFA directly impact crops, livestock, nurseries, sod producers; electronics, communications and airports; households; and other economic sectors. In addition, humans are impacted directly. Approximately 50% of the population in infested areas is stung per year, with approximately 5% developing hypersensitivity. The bottom line is that RIFA infestation results in higher food production costs by decreasing yields. Further, they are a direct contributor to increased use of broad-spectrum insecticides that also harm other beneficial insects, increased medical and veterinary costs, damage to equipment and ecological impact.There is a great need for non-insecticidal methods for controlling the spread of RIFA. No naturally occurring insecticides that only target imported fire ants currently exist. The successful execution of this SBIR grant will result in developing naturally-occuring, species-specific affordable, biologically active compounds that can be used commercially for fire ant control. This in turn will lead to increased crop and animal production, thereby increasing food security of the nation.The project will build upon prior research and will be conducted with the assistance of a CRADA with the USDA Agricultural Research Service and in collaboration with Virginia Military Institute and the VMI Foundation.