Vuzix Delivers Smart Glasses to Australian Meat Industry to Assist with Plant Audits During COVID-19 Pandemic

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced the deployment of its M400 Smart Glasses by Bondi Labs in partnership with the Australian Meat Processor Corporation. The technology helps in conducting audits and compliance inspections of meat processing facilities, aiming to reduce the $100 million annual costs of such audits. Thanks to the hands-free capability, the glasses enable remote video calls, aiding in safety during the COVID-19 pandemic. Vuzix's solution can provide strong ROI, with costs recovered in just two audits.

Positive

• Collaboration with Australian Meat Processor Corporation and Bondi Labs leverages technology for auditing.
• Potential to significantly reduce the $100 million annual cost of audits in the red meat sector.
• Vuzix M400 Smart Glasses offer fast ROI, recoverable in as few as two audits.

Negative

• None.

ROCHESTER, N.Y., July 21, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced that the Vuzix M400 Smart Glasses are being used by Bondi Labs with the support of Australian Meat Processor Corporation (AMPC), the leading research and development corporation for the red meat processing sector in Australia, to assist with audits and compliance inspections of meat processing facilities.

The Australian Meat Processor Corporation (AMPC) provides research, development, extension and marketing services to advance the productivity, profitability and sustainability of the sector by supporting over 100 members operating more than 130 plants across Australia, representing over 90% of Australia's red meat processing sector. Vuzix M400 Smart Glasses are being used in an effort to drive down the $100 million annual cost of audits and compliance inspections that are carried out by third party auditors and the Department of Agriculture, Water and Environment.

Due to the urgency to keep people out of plants to prevent the spread of the virus, Vuzix M400 Smart Glasses are being used to conduct video calls while the wearer has full use of their hands and can transmit live video footage and audio to anyone anywhere in the world.  The cost of the Vuzix M400 Smart Glasses and software are recovered in just two audits, and with some larger plant operations requiring up to 80 audits a year Vuzix technology is capable of delivering strong ROIs to the Australian meat processing industry. 

"Vuzix Smart Glasses are being used all over the world, whether on the frontline by doctors or in the meat processing industry to support business continuity during the COVID-19 pandemic," said Paul Travers, President and CEO of Vuzix.  "The work being performed by the Australian meat industry to support their operations is another great example of why sending a pair of Vuzix Smart Glasses instead of a person is not only a safe choice but less expensive." 

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 166 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 2020 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' business growth with the Australian Meat Processor Corporation, Bondi Labs 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

View original content to download multimedia:http://www.prnewswire.com/news-releases/vuzix-delivers-smart-glasses-to-australian-meat-industry-to-assist-with-plant-audits-during-covid-19-pandemic-301097203.html

SOURCE Vuzix Corporation

FAQ

What is the significance of Vuzix's M400 Smart Glasses in the Australian meat industry?

The M400 Smart Glasses are used for audits and compliance inspections, improving safety and efficiency during the COVID-19 pandemic.

How much can the Australian meat industry save with Vuzix technology?

Vuzix technology aims to reduce the $100 million annual cost of audits and compliance inspections.

What partnership is Vuzix involved in regarding meat processing compliance?

Vuzix is collaborating with Bondi Labs and the Australian Meat Processor Corporation to enhance auditing processes.

How quickly can the investment in Vuzix Smart Glasses be recouped?

The investment in Vuzix M400 Smart Glasses can be recovered in just two audits.

What are the primary benefits of using Vuzix M400 Smart Glasses during audits?

They provide hands-free operation for real-time video calls, enhancing safety and operational efficiency.