Vuzix Signs Distribution Agreement with Elmark Automation and Receives Initial Volume Smart Glasses Order
Vuzix Corporation (NASDAQ: VUZI), a leader in Smart Glasses and AR technology, announced a distribution agreement with Poland-based Elmark Automation. The deal includes an initial six-figure volume purchase order, allowing Elmark to distribute Vuzix products across Europe. Elmark aims to enhance productivity and reduce travel costs for its extensive client base in various industries, including industrial automation and logistics. Vuzix CEO Paul Travers expressed enthusiasm for the partnership, anticipating significant productivity improvements for Elmark's customers.
- Distribution agreement with established Elmark Automation aims to expand market reach in Europe.
- Initial six-figure purchase order indicates strong demand for Vuzix smart glasses.
- Partnership expected to enhance productivity and operational efficiency for Elmark's clients across various sectors.
- None.
ROCHESTER, N.Y., Dec. 21, 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 entered into a distribution agreement with Elmark Automation ("Elmark"), an established Poland-based distributor of a broad range of industrial and electronic products. Vuzix has received and shipped against an initial six-figure volume purchase order from Elmark, who will distribute Vuzix products to its customers across Europe.
Elmark employs experienced engineers who engage with clients at every stage, from the selection of solutions, through their configuration, to supporting the optimal use of the purchased devices. Elmark will now offer Vuzix smart glasses to its extensive customer base, which will enable them to implement practices that will eliminate unnecessary travel, increase the productivity of frontline employees and help streamline their companies' processes. Elmark's primary market vertical is industrial automation and industry, with other verticals served including robotics, medical, military, police, field work, warehousing, logistics, transportation, and smart cities.
"The introduction of Vuzix products into the Elmark Automation portfolio represents a consistent development of our product line related to AR technology," said Marek Ołdakowski, Member of the Board of Elmark Automatics S.A. and head of its Rugged Experts division. "These are solutions that are already helping to optimize many processes, increasing the efficiency and precision of employees and building savings. The first effects, such as the absence of the need for costly business trips, a significant increase in efficiency and intuitive working convenience, will be felt immediately. The next ones, in the form of a quick return on investment and the fact that the devices simply pay for themselves, are visible after just a few months."
"We are excited to be partnering with Elmark, a long-term, proven player in its industry," said Paul Travers, President and CEO of Vuzix. "We look forward to supporting their efforts to help their customers improve productivity and gain competitive advantages within their respective industry verticals."
Elmark Automation is a company operating for 40 years in Central and Eastern Europe, offering modern solutions for industry. We attach particular importance to tools using the potential of assisted reality. We see them as a remedy for many of the problems currently faced by various industries in the market: the cost of delegation, the optimization of many processes at once and the need to increase the precision of front-line workers. We work in a VAD (Value Added Distributor) model, which means that our customers and partners can count not only on a wide range of products, but also on expert advice and support at every stage of cooperation.
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 274 patents and patents pending and numerous IP licenses in the Video Eyewear field. Moviynt, an SAP Certified ERP SaaS logistics solution provider, is a Vuzix wholly owned subsidiary. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2023 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.
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 Elmark Automation and its 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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