Vuzix Completes Phase 2 Development and Delivers Customized Waveguide-Based Head-Worn Display Engine to a Major US Defense Contractor

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) has successfully completed Phase 2 of a customized waveguide-based AR display engine for a major US defense contractor, an achievement ahead of the December 31, 2020 deadline. This follows the announcement of the initial partnership in March 2020. The company anticipates more non-recurring engineering (NRE) work in upcoming phases, potentially leading to a full production program order. CEO Paul Travers expressed confidence in leveraging Vuzix's optical expertise and intellectual property in this profitable venture.

Positive

• Completed Phase 2 of the AR display engine ahead of the deadline.
• Potential for further NRE projects leading to a production program order.
• Strong relationship with a major US defense contractor.

Negative

• None.

ROCHESTER, N.Y., Jan. 4, 2021 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced it has completed the Phase 2 design, development and delivery of a customized waveguide-based head-worn AR Display Engine for a major US defense contractor. The phase-gated development program with this customer was originally announced in March 2020, with the Phase 2 leg announced in October 2020 now completed and delivered before December 31, 2020. The Company expects potentially further NREs in subsequent phases before a customer accepted final product design could lead to an eventual production program order.  

"We are very pleased with the progress we continue to make with this major US defense contractor as we pursue an ultimate production opportunity with them," said Paul Travers, President and CEO of Vuzix. "OEM custom waveguide-based projects such as this represent a profitable vehicle for leveraging our extensive optical expertise and IP and we look forward to announcing further developments with this firm as the project proceeds." 

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 179 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 Vuzix Smart Glasses, our relationship with the referenced defense contractor, potential for further development phases and an ultimate volume production program, 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's recent achievement concerning AR technology?

Vuzix has completed Phase 2 of a customized waveguide-based AR display engine for a major US defense contractor.

What does the completion of Phase 2 mean for Vuzix?

The completion indicates progress in their partnership and potential future orders for production.

When was the Phase 2 development of Vuzix's AR display engine announced?

The Phase 2 development was announced in October 2020.

What are the expectations for Vuzix following this development?

Vuzix expects further non-recurring engineering projects and the possibility of a production program order.

How does the AR display engine impact the defense sector?

It provides advanced augmented reality solutions, enhancing operational capabilities.