KTI Ingeniería Expands Deployment of Vuzix Smart Glasses Throughout Chile

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced its distribution partnership with KTI Ingeniería in Chile, expanding the deployment of Vuzix Smart Glasses across various industries, especially in the Biobío region. Key clients include CMPC and Statkraft. CMPC's use of the glasses aims to enhance client access and problem-solving capabilities, while Statkraft reports reduced travel costs and improved operational efficiency. Both companies emphasize the technology's role in digital transformation amid the pandemic. Vuzix anticipates further growth in Latin America through partnerships.

Positive

• Partnership with KTI Ingeniería to distribute Smart Glasses in Chile.
• Increased adoption of Smart Glasses among key clients like CMPC and Statkraft.
• Reported operational efficiencies and cost savings from Smart Glasses usage.

Negative

• None.

ROCHESTER, N.Y., Sept. 23, 2021 /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 Latin America distributor KTI Ingeniería ("KTI") has brought Vuzix Smart Glasses to a growing list of Chilean companies across multiple industry verticals, particularly in the highly populated and industrialized Biobío region. This list includes established companies such as CMPC, Difor, FCAB, Komatsu, Molycop, SQM and Statkraft among others.

CMPC is a multinational corporation that produces and markets wood, pulp, packaging products and household and personal use products. "We implemented the use of Vuzix Smart Glasses in our company because we cannot travel sporadically to the more than 40 countries where we sell our products. The objective of implementing this cutting-edge technology is to have greater access to our clients and take immediate resolutions," explained Pedro Silva, Cardboard Technical Assistance Supervisor of CMPC's Technical Deputy Manager.

Statkraft is an international energy producer of hydropower, wind power, solar power and gas-fired power and supplier of district heating. "Our plant is 45 minutes away, and each specialist has to constantly be traveling to operations. With the implementation of Vuzix Smart Glasses in our facilities, we were able to realize a reduction of trips and travel costs. Recently, we were able to remotely obtain the advice of an expert in Brazil thanks to these glasses," stated Mirko Ojeda, Dispatch Coordinator at Statkraft Chile.

German Domke, Commercial Deputy Manager of KTI, highlights the incorporation of Vuzix Smart Glasses in the region. "A recent study by PageGroup revealed that 60.3% of IT leaders in Latin America accelerated their digital transformation processes to stay operational in the pandemic. This technology will cause a great impact within the next few years. We are proud to support the different companies operating in Biobío and Chile, giving them our experience, support and training so that they can streamline their processes and, most importantly, save time and costs when performing remote operations. Vuzix Smart Glasses are a key element in doing this," stated Mr. Domke.

"Country by country, Vuzix Smart Glasses are being adopted and deployed because they are such a compelling productivity tool," said Paul Travers, President and CEO of Vuzix. "Chile is but one example of this in South Americas alone and we look forward to expanding our presence there through valuable distribution partners such as KTI Ingeniería."

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 210 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2021 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 and future opportunities with KTI Ingeniería and its customers, 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 is the recent news about Vuzix (VUZI) in Chile?

Vuzix announced a partnership with KTI Ingeniería to expand the deployment of Smart Glasses across various industries in Chile.

Who are the key clients using Vuzix Smart Glasses in Chile?

Notable clients include CMPC and Statkraft, among others.

How are companies in Chile using Vuzix Smart Glasses?

Companies like CMPC and Statkraft use Vuzix Smart Glasses to enhance client access, reduce travel costs, and improve operational efficiency.

What impact has the pandemic had on Vuzix's business in Latin America?

The pandemic has accelerated digital transformation, leading to increased adoption of Vuzix Smart Glasses among IT leaders in Latin America.

What is the significance of the Biobío region for Vuzix's expansion?

The Biobío region is industrialized and populous, representing a significant market for the deployment of Vuzix Smart Glasses.