Fortune 50 Global Retailer Continues to Expand Its Use of Vuzix Smart Glasses to Support Its Warehousing and Logistics Operations

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) has secured additional orders for its M400™ smart glasses from a Fortune 50 global retailer, aimed at enhancing warehousing and logistics operations. The retailer plans to implement a broader deployment across more locations throughout 2023. Vuzix's smart glasses have moved beyond the proof-of-concept phase, playing a strategic role in the company's supply chain management. CEO Paul Travers highlighted ongoing collaborations with U.S. retailers, indicating strong market demand for Vuzix products, which include advanced AR technologies and wearable computing devices.

Positive

• Secured additional orders from a Fortune 50 global retailer.
• Retailer plans a broader deployment of smart glasses in 2023.
• Smart glasses are now operational in multiple locations for the retailer.
• Indication of ongoing collaborations with nearly a dozen U.S. retailers.

Negative

• None.

ROCHESTER, N.Y, Jan. 17, 2023 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced that the Company has received additional orders for Vuzix M400™ smart glasses from a Fortune 50 global retailer to support the warehousing and logistics needs of this customer. Vuzix smart glasses are now being used in multiple locations by this customer and their intention is to move forward with a more substantive deployment of smart glasses across an increasing number of their company locations over the balance of 2023 and beyond.

"Vuzix and our ISV have been working with this customer for some time in the development of a custom solution for them and we're excited to have moved well beyond the proof-of-concept stage into a broader rollout and become a strategic tool as part of their supply chain management," said Paul Travers, President and Chief Executive Officer at Vuzix. "Trial, selection and deployment of our smart glasses within this vertical, which we have been competitively dominating to date, is steadily expanding and we or our software partners are currently engaged with or being evaluated by almost a dozen leading U.S. retailers at this point."

About Vuzix Corporation

Vuzix is a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 274 patents and patents pending and numerous IP licenses in the Video Eyewear field. Moviynt, an SAP Certified ERP SaaS logistics solution provider, is a Vuzix wholly owned subsidiary. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2023 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK, and Tokyo, Japan.  For more information, visit the Vuzix website,  Twitter and Facebook pages.

Forward-Looking Statements Disclaimer

Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to Vuzix Smart Glasses, our business relationship with this Fortune 50 customer, potential for future orders and broader deployments, and among other things the Company's leadership in the Smart Glasses and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

Vuzix Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations,
Vuzix Corporation
ed_mcgregor@vuzix.com  
Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com  www.vuzix.com

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SOURCE Vuzix Corporation

FAQ

What recent orders has Vuzix Corporation received?

Vuzix Corporation has received additional orders for its M400™ smart glasses from a Fortune 50 global retailer for warehousing and logistics.

How will the orders from the Fortune 50 retailer impact Vuzix?

The orders will lead to a broader deployment of Vuzix smart glasses across multiple locations, enhancing the company's market presence.

What is the significance of the deployment of smart glasses for Vuzix?

The deployment marks a transition from proof-of-concept to a strategic tool in supply chain management for the retailer.

How many retailers are currently considering Vuzix products?

Vuzix is engaged or being evaluated by almost a dozen leading U.S. retailers.

What technology does Vuzix specialize in?

Vuzix specializes in smart glasses and Augmented Reality (AR) technology and products.