Vuzix Receives Follow-on Volume Order for Smart Glasses to Further Support Logistics Operations at a Fortune 100 Retailer

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced a follow-on order exceeding $350,000 for smart glasses from a Fortune 100 retailer, enhancing warehouse operations with LogistiVIEW's Vision+ software on the M400 device. This marks the company's fourth collaboration with a Fortune 100 client, indicating strong market adoption of their AR technology. The integration aims to improve productivity and reduce picking errors, amidst global supply chain challenges. As demand for smart glasses increases, Vuzix expects further significant orders in logistics.

Positive

• Received a follow-on order valued at over $350,000, indicating strong demand.
• Partnership with a Fortune 100 retailer highlights growing market presence.
• Smart glasses enhance productivity in logistics and warehouse operations.

Negative

• None.

LogistiVIEW's Vision+ picking Enables M400 for Advanced Warehouse Operations

ROCHESTER, N.Y., July 5, 2022 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, with their ISV (Independent Software Vendor) LogistiVIEW Inc, today announced that they have received and begun delivering a follow-on smart glasses order valued at over $350,000 for a large US multinational retailer to support their warehousing and logistics needs. Sizable further follow-on orders are anticipated as rollouts successfully continue, according to the customer.  This customer represents the Company's latest of four Fortune 100 retailers that are using Vuzix smart glasses.  

Global supply uncertainties, disruptions, and inflationary forces are forcing companies of all sizes to better manage their supply chains. Attaining new productivity levels for inventory management and order fulfillment is 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 moving to deploying them.

"Vuzix and LogistiVIEW have spent years of time and resources honing this technology and software solution and we are now seeing a growing market adoption that is allowing companies to operate with greater productivity. LogistiVIEW's Vision+ solution running on the M400 delivers the efficiencies these companies need in today's challenging environments, and we expect warehousing and logistics to remain one of our most exciting market verticals," said Paul Travers, President and Chief Executive Officer at Vuzix.

"LogistiVIEW Vision+ picking software running on the M400 delivers all day support for the user and significant ROIs while practically eliminating picking errors. The combined solution is one of the best, if not the best, augmented reality vision picking solution on the market," said Seth Patin, CEO & Founder, LogistiVIEW Inc.

About LogistiVIEW

LogistiVIEW believes in the untapped power of the connected workforce and creates technology that improves operational productivity and job satisfaction for workers in manufacturing, logistics, and retail. Our cloud-based software automation platform orchestrates frontline work execution and leverages the power of modern industrial mobile computers to connect people with augmented reality, artificial intelligence, existing information systems, connected sensors, and collaborative robots. For more information, please visit logistiview.com.

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 246 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 100 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 is the recent news about Vuzix Corporation (VUZI)?

Vuzix announced a follow-on order worth over $350,000 for smart glasses from a Fortune 100 retailer.

How much is the new smart glasses order Vuzix received?

The new order is valued at over $350,000.

Which company is partnering with Vuzix for smart glasses solutions?

Vuzix is partnering with LogistiVIEW for their smart glasses solutions.

What technology is Vuzix using to support warehouse operations?

Vuzix is using its smart glasses integrated with LogistiVIEW's Vision+ software.

How many Fortune 100 retailers are using Vuzix smart glasses?

This order represents Vuzix's fourth Fortune 100 retailer client.