Vuzix Signs Distribution Agreement with Converge IoT That Will Include the Sale of Vuzix Smart Glasses on T-Mobile's 5G Network

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) has announced a new distribution agreement with Converge IoT, a distributor specializing in 4G LTE and 5G solutions. This partnership will enable the sale of Vuzix smart glasses across multiple sectors utilizing T-Mobile's extensive 5G network. The agreement aims to enhance sales and support for North American customers, particularly in industries such as healthcare, construction, and utilities. Vuzix has already fulfilled an initial order from Converge IoT, indicating strong demand.

Positive

• New distribution agreement with Converge IoT enhances Vuzix's market reach.
• Utilization of T-Mobile's 5G network for Vuzix smart glasses improves product offering.
• Initial order from Converge IoT indicates strong demand for smart glasses.

Negative

• None.

ROCHESTER, N.Y., March 16, 2022 /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 it has signed a distribution agreement with Converge IoT, a North American distributor of 4G LTE and 5G hardware, software and connectivity solutions and bundles. Converge IoT is an exclusive National Primary Agent for the T-Mobile for Business Channel Partner Program and will sell Vuzix smart glasses across multiple industry verticals using T-Mobile's 5G network – the largest, fastest and most reliable 5G network in the U.S.  Vuzix has already received and shipped against an initial smart glasses order from Converge IoT.

Converge IoT supports T-Mobile for Business customers with 4G LTE and 5G equipment to connect their wireless solution. Converge onboards best-in-class solutions into its Partner Teaming Program and its direct carrier sales teams cover strategic accounts, enterprise, SMB/mid-market and government. Solutions using Vuzix smart glasses are expected to be most impactful to businesses with field technical workers such as residential and commercial property maintenance, construction, healthcare, utilities, automotive, and many more.

"Converge IoT strives to be a leader in innovative solutions that utilize 4G and 5G wireless connectivity.  The addition of Vuzix to our line-up is the perfect example of how 5G will transform how companies do business today," stated Mark Savage, CEO of Converge IoT. "We look forward to working closely with Vuzix to support direct customers as well as resellers to deliver cutting edge Vuzix smart glasses. We believe their solutions will be critical components in business process transformation utilizing 5G technology."

"We are continuing to increase the number of sales and support options available to North American customers with the addition of established distribution partners such as Converge IoT," said Paul Travers, President and CEO of Vuzix. "Vuzix smart glasses will support their efforts to help T-Mobile for Business customers gain a competitive advantage by using technological tools for the design of digital work processes across production, logistics, retail, field services and healthcare."

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 245 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 and future opportunities with T-Mobile and Converge IoT and their customers, 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 announcement made by Vuzix Corporation?

Vuzix Corporation announced a distribution agreement with Converge IoT to sell its smart glasses on T-Mobile's 5G network.

How will the Vuzix and Converge IoT partnership impact VUZI stocks?

The partnership may enhance VUZI's market presence and sales, potentially benefiting stock performance.

When was the distribution agreement between Vuzix and Converge IoT announced?

The distribution agreement was announced on March 16, 2022.

What sectors are expected to benefit from Vuzix smart glasses?

Industries such as healthcare, construction, and utilities are expected to benefit from Vuzix smart glasses.