Vuzix Expands its Global Presence with New Distribution Agreement and Smart Glasses Order from Capestone

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) has entered into a distribution agreement with Capestone, a leading distributor in Europe, to expand its presence in the market for Smart Glasses. The initial stocking order for Vuzix Smart Glasses aims for immediate delivery. Capestone, based in the Netherlands, specializes in telecommunication solutions, making Vuzix's AR technology a complementary addition to their offerings. Vuzix's CEO noted this partnership presents solid growth opportunities across various industry verticals in Europe.

Positive

• Signed a distribution agreement with Capestone, enhancing market reach in Europe.
• Received first stocking order for Vuzix Smart Glasses, signaling immediate business activity.

Negative

• None.

ROCHESTER, N.Y., Aug. 31, 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 it has signed a distribution agreement with Capestone bv ("Capestone"), a Netherlands-based distribution company, and has received its first stocking order for Vuzix Smart Glasses from Capstone for immediate delivery.

With offices in the Netherlands and Germany, Capestone is a leading distributor within the Benelux Union in Europe. The company is an innovative provider of 4G/5G hardware and related mobile solution technologies to telecoms & IT resellers, system integrators, service providers, and manufacturers within Europe and abroad. With more than a decade of experience, Capstone optimally supports its customers to get the maximum out of their solutions for their daily business. Offering a product range that has been carefully compiled and extensively tested, Capestone's technical expertise, marketing, large stocks and logistical support help resellers, system integrators, service providers and mobile network operators to meet customers' needs in the best possible way.

"Vuzix Smart Glasses are complementary to our current portfolio of mission-critical communications and Wireless WAN solutions. Vuzix mobility solutions are highly applicable in the industries in which we operate and also ensure that we can tap into a new market of AR technology. We optimally support our customers to get the most out of technology and we see an increasing demand for Augmented Reality in the workplace and for use in Enterprises. Capestone is looking forward to starting the distribution of Vuzix Smart Glasses and expanding sales all over Europe," stated Patrick Eijsackers, Sales Manager ATEX & Rugged Devices at Capestone.

"Our distribution agreement with Capestone further strengthens our presence in Europe, a region which offers solid growth opportunities for Vuzix Smart Glasses across many industry verticals," said Paul Travers, President and CEO of Vuzix. "Vuzix looks forward to an expanding distribution relationship with Capestone that spans all of our current Smart Glasses products and accessories, as well as future ones."

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 ongoing future revenue opportunities with Capestone and their 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 Vuzix's recent partnership with Capestone about?

Vuzix has signed a distribution agreement with Capestone to enhance its presence in the European market for Smart Glasses.

When was the distribution agreement with Capestone announced?

The distribution agreement with Capestone was announced on August 31, 2021.

What products will Capestone distribute from Vuzix?

Capestone will distribute Vuzix Smart Glasses, including the M-Series and Blade models.

How does this agreement benefit Vuzix Corporation?

The agreement strengthens Vuzix's presence in Europe, providing growth opportunities across various industries.

What market is Vuzix targeting with its Smart Glasses?

Vuzix is targeting the enterprise market in Europe with its Smart Glasses.