Telecom Customer Demand for Vuzix Smart Glasses Running on 4G and 5G Networks Continues to Steadily Expand

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) reported significant growth in demand for its smart glasses, particularly within the telecom service provider sector. Over the past 60 days, Vuzix has secured mid-six figure orders from multiple customers, leveraging 4G and 5G networks for enhanced remote support. The smart glasses allow real-time collaboration, increasing productivity and customer satisfaction. CEO Paul Travers highlights the increasing traction of smart glasses among major telecom companies, indicating this trend represents only the beginning of growth opportunities in the sector. Vuzix’s innovation is underscored by its 274 patents and numerous awards for technology excellence.

Positive

• Growing demand for smart glasses in the telecom sector with mid-six figure orders received.
• Enhanced remote support capabilities using 4G and 5G networks improve productivity and customer satisfaction.
• Strong positioning with major telecom companies indicating sustainability of demand in the sector.

Negative

• None.

ROCHESTER, N.Y., Jan. 25, 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 continues to see growing smart glasses demand within the telecom service provider vertical as more devices take advantage of 4G and 5G networks to provide low latency remote support. Over the last 60 days, Vuzix has received a collective mid-six figure orders placed by several customers for such use.

Remote support over provider 4G and 5G networks using Vuzix smart glasses can enhance collaborations, increase productivity, streamline workflows, and improve customer satisfaction. They can connect workers on their plant floor or in the field with moment-of-need support from experts across the cellular network, including relevant work instructions and diagnostic assistance. Live video streaming means remote experts can see exactly what the smart glasses wearer is seeing in real time, record it and allow others to augment the wearer's view with overlays and assistive tools. For telecom service providers, significant opportunities exist for both internal and external customer use.

"Smart glasses use within the wireless carrier vertical of enterprise is picking up steam as we've seen growing customer orders for remote support using 4G and 5G networks," said Paul Travers, President and CEO of Vuzix. "We are dealing with many of the largest telecom companies in the world at this point and these continuing orders represent the tip of the iceberg in this vertical going forward. From our rugged M-Series smart glasses to our growing family of waveguide-based see-through smart glasses including our recently introduced Ultralite, no company in the world can offer customers a more competitive selection of wearable high-performance devices than Vuzix.""

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 and future opportunities with these telcom 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

OPTAC-X Media Relations Contact:

Joel Staley
OPTAC-X
SVP of Communications
joel.staley@optacx.com
(407) 242-9994

 

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SOURCE Vuzix Corporation

FAQ

What recent developments has Vuzix (VUZI) announced regarding smart glasses?

Vuzix reported increased demand for its smart glasses in the telecom sector, securing mid-six figure orders over the last 60 days.

How is Vuzix (VUZI) benefiting from 4G and 5G networks?

Vuzix's smart glasses utilize 4G and 5G networks to enhance remote support, improving collaboration and productivity.

Who is the CEO of Vuzix Corporation (VUZI) and what did he say about current demand?

CEO Paul Travers noted that demand for Vuzix smart glasses within the telecom sector is gaining momentum, with significant orders indicating ongoing growth.

What market opportunities did Vuzix (VUZI) highlight in the press release?

Vuzix emphasized that the orders received represent only the beginning of opportunities in the telecom market.