Vuzix Signs Distribution Agreement with Evantek and Receives Initial Smart Glasses Stocking Order
Rhea-AI Summary
Vuzix (NASDAQ: VUZI) has signed a distribution agreement with Evantek Pte , a system integrator operating in the Asia Pacific region since 1995. The agreement includes an initial stocking order for Vuzix M400 smart glasses, which has already been shipped.
Evantek will distribute Vuzix products across Asia Pacific, targeting key industries including healthcare, field services, and manufacturing. The company has established itself as a premier solutions provider, specializing in industrial product design, commercial display systems, transportation solutions, and telecommunication systems.
The partnership aims to leverage Evantek's regional presence and expertise to expand Vuzix's market penetration in Asia Pacific, particularly focusing on enterprise clients seeking AR-based solutions to enhance productivity and reduce carbon footprint.
Positive
- Secured new distribution partnership expanding presence in Asia Pacific market
- Received and fulfilled initial stocking order for M400 smart glasses
- Gained access to established distribution network targeting key industries (healthcare, field services, manufacturing)
Negative
- None.
News Market Reaction
On the day this news was published, VUZI gained 19.28%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Since 1995, Evantek has built a strong reputation as a premier solutions provider deploying advanced and cutting-edge technology solutions to support its commercial and public institution clients in the
"We are very pleased to partner with Vuzix, a leader in smart glasses and optical technology, and offer the new emerging smart glasses technology to our enterprise clients and help them gain a competitive edge in their digital transformation journey," said SJ Ngiam, Managing Director at Evantek. "As an appointed partner and distributor for Vuzix in the
"We are excited to be working with Evantek, who has built a strong reputation as a premier solutions provider in its marketplace," said Paul Travers, President and CEO of Vuzix. "Our two firms target many of the same market verticals and this distribution partnership will facilitate increased market penetration for customers ready to embrace AR-based solutions to increase their productivity and reduce their carbon footprint among other things."
About Vuzix Corporation
Vuzix is a leading designer, manufacturer and marketer of AI driven Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 425 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2024 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in:
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 Evantek 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,
Investor Information – IR@vuzix.com www.vuzix.com
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SOURCE Vuzix Corporation
FAQ
What are the target industries for Vuzix (VUZI) smart glasses in the Evantek distribution agreement?
What type of smart glasses did Evantek order from Vuzix (VUZI)?
How will the Evantek distribution agreement benefit Vuzix (VUZI)?
What geographical regions will be covered by the Vuzix (VUZI) and Evantek distribution agreement?
