Vuzix® Delivers Customized Waveguide-based Optics Engine to a Major US Defense Contractor

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced the successful delivery of a customized waveguide-based optics engine as part of a Phase 1 non-recurring engineering agreement established in March 2020. The delivery was completed ahead of schedule, indicating strong potential for future agreements and volume production orders. CEO Paul Travers expressed optimism about the customer relationship and anticipated future project phases that could enhance business prospects for Vuzix.

Positive

• Successful delivery of optics engine ahead of schedule.
• Potential for greater non-recurring engineering agreements in future phases.

Negative

• None.

ROCHESTER, N.Y., July 7, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses, Augmented Reality (AR) technology and products for the consumer and enterprise markets, is pleased to announce that the Company has successfully delivered a customized waveguide-based optics engine pursuant to the Phase 1 non-recurring engineering (NRE) agreement announced in March 2020.   

"We are pleased to report that Vuzix delivered product deliverables against Phase 1 of this NRE agreement ahead of schedule and we believe that this customer has potential for greater NREs in subsequent phases before an accepted final product design leads to a volume production order for Vuzix," 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 157 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 our relationship with the referenced defense contractor, any future project phases, the ultimate success of this project including any possible eventual production 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 did Vuzix announce on July 7, 2020?

On July 7, 2020, Vuzix announced the successful delivery of a customized waveguide-based optics engine to a major U.S. defense contractor.

What is the significance of the NRE agreement for Vuzix?

The NRE agreement signifies a partnership with potential for future project phases and volume production orders, enhancing Vuzix's business opportunities.

How has Vuzix performed in its latest project phase?

Vuzix delivered its product deliverables for Phase 1 of the project ahead of schedule, indicating effective project management.

What is the stock symbol for Vuzix Corporation?

The stock symbol for Vuzix Corporation is VUZI.