Vuzix Receives Follow-On Order to Support Another Fortune 50 Customer's Supply Chain Operations
Vuzix Corporation (NASDAQ: VUZI) announced a follow-on order to supply Smart Glasses to a Fortune 50 customer for enhancing international supply chain operations. This order reflects the growing demand for smart glasses as companies globally confront supply chain disruptions and seek productivity improvements. Vuzix is actively collaborating with major clients in retail, warehousing, and logistics to address specific operational challenges. The company's investments in this sector aim to facilitate successful deployments and provide continuous support.
- Received a follow-on order from a Fortune 50 customer, indicating strong market acceptance.
- Investment in smart glasses aligns with rising demand for supply chain optimization.
- Ongoing supply chain disruptions and inflation may pose challenges to growth despite new orders.
ROCHESTER, N.Y., Nov. 3, 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 a follow-on order for deployment of Vuzix Smart Glasses to another Fortune 50 customer to support its supply chain operations internationally.
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.
"Across the board, Vuzix is investing time and resources to support our largest customers within the retail, warehousing and logistics vertical that have come to Vuzix with specific use cases and operational challenges that they would like to solve with smart glasses. This new Fortune 50 customer is one of several exciting opportunities within this vertical and Vuzix looks forward to providing ongoing hand-to-glove support to help this customer successfully scale and globally roll out our products," 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 233 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 potential future opportunities with our Fortune 50 customer, 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
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