Vuzix Receives and Delivers Significant Follow-on Smart Glasses Order to Fortune 50 Global Retailer to Support Warehousing and Logistics Operations

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) has secured a follow-on smart glasses order exceeding $400,000 from a major global retailer. This order aims to enhance warehousing and logistics operations in response to ongoing supply chain challenges intensified by COVID-19. The adoption of smart glasses is increasingly viewed as a competitive advantage for productivity in inventory management and order fulfillment. CEO Paul Travers emphasized the growing market acceptance of its technology, noting multiple major retailers are either deploying or testing Vuzix products.

Positive

• Follow-on smart glasses order valued over $400,000 received.
• Growing market adoption of Vuzix products for logistics and warehousing.
• Increased demand for smart glasses amidst supply chain challenges.

Negative

• None.

ROCHESTER, N.Y., Dec. 28, 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 the Company has received and delivered a follow-on smart glasses order valued at over $400,000 to a large global retailer to support the solution's full deployment at its first facility to support the warehousing and logistics needs of this customer. 

COVID-19 has continued to create global supply uncertainties, disruptions, and inflationary forces which are forcing companies of all sizes to better manage their supply chains. Combined with the ongoing growth of online shopping, attaining new productivity levels for product transportation, inventory management and order fulfillment will become a distinct competitive advantage. Smart glasses are becoming a cost-effective tool to facilitate these objectives and an increasing number of the world's largest firms are starting to move from trialing them to deploying them.

"Vuzix has spent a fair amount of time and resources honing this technology and we are now seeing growing market adoption of our products that are allowing companies to operate with greater productivity. We are pleased to be working with this client, which represents just one of multiple major retailers either implementing or testing our technology for logistics and warehouse usage," 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 243 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 2022 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 with our Fortune 50 customer, potential for future orders and broader deployments, 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 was the recent order value received by Vuzix Corporation?

Vuzix Corporation received a follow-on order valued at over $400,000.

Which customer is Vuzix working with for their smart glasses?

Vuzix is working with a large global retailer for the deployment of their smart glasses.

How is Vuzix addressing supply chain challenges with its products?

Vuzix's smart glasses are designed to improve productivity in warehousing and logistics, addressing supply chain disruptions.

What impact has COVID-19 had on Vuzix's business?

COVID-19 has heightened supply chain uncertainties, increasing demand for Vuzix's smart glasses solutions.

How many major retailers are implementing Vuzix technology?

Multiple major retailers are either implementing or testing Vuzix technology for logistics and warehouse usage.