Vuzix Completes Phase 1 Development of a Customized Head Mounted Waveguide-Based Display System for Assisted Medical Cancer Surgeries

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) has successfully completed the first phase of development for a customized head-mounted display system aimed at assisting in medical cancer surgeries. The project, initiated on October 6, 2020, involves collaboration with a medical partner in the USA. A potential second phase could lead to increased non-recurring engineering (NRE) revenues, paving the way for a volume OEM production order if fully developed. CEO Paul Travers expressed optimism regarding moving forward with production opportunities.

Positive

• Completion of Phase 1 development for a customized head-mounted display system for cancer surgery.
• Potential for increased non-recurring engineering (NRE) revenues in a second phase.
• Opportunity for volume OEM production order if development progresses successfully.

Negative

• None.

ROCHESTER, N.Y., Feb. 4, 2021 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, is pleased to announce that the Company has completed the first phase of development with a medical partner located in the USA, to build a customized head mounted display system for assisted medical cancer surgery. This program was first announced on October 6, 2020.

A second phase of development is currently being contemplated by the customer and could result in potentially greater non-recurring engineering (NRE) revenues, if awarded by the customer, in subsequent phases before an accepted final product design could be expected to lead to a volume OEM production order.

"We are excited to complete phase 1 of development for this medical partner and continue to make progress towards obtaining approval for the second phase of the planned development agreement. Ultimately this work is expected to lead to a production opportunity with them," said Paul Travers, President and Chief Executive Officer at 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 184 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 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 our relationship with the referenced medical customer, the expected success of Phase 1, probability of future phases and eventual volume production of this solution, 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.

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, Suite A, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com

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SOURCE Vuzix Corporation

FAQ

What is Vuzix Corporation's recent development regarding cancer surgery?

Vuzix has completed Phase 1 of developing a head-mounted display system for assisted medical cancer surgeries.

When was the initial announcement of the cancer surgery project by Vuzix?

The project was first announced on October 6, 2020.

What is the potential revenue impact of the second phase of development?

The second phase could generate increased non-recurring engineering (NRE) revenues if awarded by the customer.

What are the next steps after the completion of Phase 1 for Vuzix?

The next step is to obtain approval for the second phase of the development agreement.