Vuzix Signs Distribution Agreement with MACE Virtual Labs and Receives Substantial Initial Volume Smart Glasses Order

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) announced a distribution agreement with Texas-based MACE Virtual Labs, LLC. This partnership enables MACE VL to distribute Vuzix's Smart Glasses and AR products across North and South America, following a substantial volume purchase order. Paul Travers, Vuzix CEO, emphasized the collaboration's potential to enhance AR market penetration in various sectors. MACE VL offers comprehensive XR solutions, including hardware and software, targeting diverse industries such as manufacturing and education. This agreement is expected to strengthen Vuzix's position in the AR market.

Positive

• Entered distribution agreement with MACE Virtual Labs, enhancing market reach.
• Received substantial initial volume order, indicating strong demand for Vuzix products.
• Collaboration targets multiple industries, potentially increasing sales and market penetration.

Negative

• None.

ROCHESTER, N.Y., March 9, 2023 /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 Texas based MACE Virtual Labs, LLC ("MACE VL"), a value-added distributor and solution provider of virtual and augmented reality technologies for use in commercial settings. Vuzix has received and shipped against a large volume purchase order from MACE VL, who will distribute Vuzix products to its customers across North and South America.

"We are excited to be working with MACE VL, a leading VR/AR distributor in North and South America that brings together hardware and software to provide their customers with one-stop shopping for their solution needs," 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 improve their carbon footprint among other things." 

MACE VL sells individual products and complete solution packages including headsets, body suits, gloves, computers and accessories, with various fully vetted options in each category to best serve client needs by industry and scenario. The company also has a software partner network that develops custom content as needed for customer programs, and can provide training, setup and documentation with any of its solutions. Their goal is to be the one-stop-shop for commercial VR and AR solutions, from trial programs all the way up to scalable enterprise solutions. MACE VL serves customers in many industry verticals including manufacturing, oil & gas, power & utilities, financial services, education, and government/military.

"This partnership brings together MACE Virtual Labs' solutions-based approach with Vuzix' highly capable hardware to deliver valuable wearables solutions," said Edgar Acosta, Managing Partner at MACE VL. "We are thrilled to partner with Vuzix and provide their wearable solutions to our customers and partners across the Western Hemisphere."

About MACE Virtual Labs

MACE Virtual Labs is a turnkey provider of commercial-grade Extended Reality (XR) hardware and software solutions for the Enterprise, Military, Entertainment, Healthcare and Education markets. MACE VL's value-added services help our customers to design, develop, integrate, pilot and scale XR solutions across their organizations with an intense focus on delivering value, not just technology. For more information, visit the Mace VL website.

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 more than 275 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.

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 business opportunities with Mace VL 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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SOURCE Vuzix Corporation

FAQ

What is Vuzix's recent distribution agreement about?

Vuzix signed a distribution agreement with MACE Virtual Labs to distribute its Smart Glasses across North and South America.

What does the distribution agreement mean for VUZI stock?

The agreement could enhance Vuzix's market reach and sales, positively affecting VUZI stock performance.

When was the distribution agreement with MACE Virtual Labs announced?

The distribution agreement was announced on March 9, 2023.

What products will MACE Virtual Labs distribute?

MACE Virtual Labs will distribute Vuzix's Smart Glasses and AR technology products.