Vuzix Receives Follow-On M400 Smart Glasses Orders from European Reseller to Support Manufacturing, Field Service and Healthcare Customers

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced significant follow-on purchase orders for its M400 Smart Glasses, totaling approximately $300,000 in revenue for the current quarter. These orders originated from a leading European software developer and reseller of smart glasses, facilitating deployments in sectors such as manufacturing, healthcare, and field service. CEO Paul Travers emphasized that these orders reflect clients transitioning effectively from pilot programs to full-scale operations. Vuzix continues to innovate in the Smart Glasses and Augmented Reality technology space, holding 179 patents and winning multiple industry awards.

Positive

• Received follow-on orders for M400 Smart Glasses worth approximately $300,000.
• Orders will support business operations in manufacturing, healthcare, and field service sectors.

Negative

• None.

ROCHESTER, N.Y., Dec. 29, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced the Company has received multiple follow-on purchase orders this month for M400 Smart Glasses from a leading European smart glasses software developer and solution reseller that will generate approximately $300,000 in revenue during the Company's current quarter.  Due to travel restrictions and other limitations in place as a result of COVID-19, customers are deploying the Vuzix M400 Smart Glasses to support business operations within manufacturing, field service and healthcare.

"The Vuzix M400 Smart Glasses are being put to work to solve business problems by our customer base.  These follow-on orders from our European reseller is another example of customers that are moving very quickly from pilot to first levels of deployment to better support business operations and employees in their day-to-day activities," said Paul Travers, President and CEO of 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 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' potential of further and future business growth with this smart glasses reseller, 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, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com

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SOURCE Vuzix Corporation

FAQ

What recent orders did Vuzix Corporation receive for the M400 Smart Glasses?

Vuzix received follow-on orders amounting to approximately $300,000 for the M400 Smart Glasses from a European reseller.

How much revenue is generated from the recent orders by Vuzix for its M400 Smart Glasses?

The recent orders are expected to generate around $300,000 in revenue for Vuzix in the current quarter.

What sectors are benefiting from Vuzix's M400 Smart Glasses according to the press release?

The M400 Smart Glasses are being used to support operations in manufacturing, healthcare, and field service.

What is the significance of the follow-on orders for Vuzix Corporation?

The follow-on orders indicate a shift from pilot programs to full deployment by customers, enhancing operational efficiency.