Vuzix Smart Glasses Provide Major Productivity Boost to Construction Sites Across Europe

Rhea-AI Summary

Vuzix Corporation (NASDAQ: VUZI) has announced that its Smart Glasses are now compatible with Topcon Positioning Group's MAGNET software, enhancing productivity in European construction surveying. This development allows workers to use voice commands for hands-free access to positioning data, improving accuracy and safety on-site. The press release highlights the growing adoption of AR technologies in the construction industry, which is projected to be worth $2.8 trillion by 2023. This partnership aims to reduce costs and increase operational efficiencies as the industry recovers from COVID-19 impacts.

Positive

• New compatibility with Topcon's MAGNET software enhances productivity.
• Smart Glasses provide hands-free access to positioning data, improving accuracy.
• Partnership aims to reduce costs and increase efficiency in construction projects.

Negative

• None.

ROCHESTER, N.Y., Dec. 16, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses and Augmented Reality (AR) technology, has announced an exciting new development for the construction surveying process. Available in the European market, the Vuzix Smart Glasses are now compatible with Topcon Positioning Group's MAGNET software suite, which brings new efficiencies and hands-free usage to those working on-site and embraces the very latest developments in AR technology.

The European construction industry was expanding at a rapid rate prior to COVID-19 with industry projects estimated to have totaled approximately $2.8 trillion by 2023, according to research firm ResearchAndMarkets. The industry is continuing to grow however, especially in light of recent data which predicts a global population of 11.1 billion by 2050. While contractors may have been reluctant to advance from traditional and linear methodologies in the past, the industry is now rapidly adopting technology to successfully manage projects while complying with new COVID-19 requirements.

Given the pace of development within the wearable AR environment, the new compatibility with Topcon's software provides digital engineers, surveyors, contractors, layout personnel and on-site Building Information Modeling (BIM) technicians with a new, enhanced processing opportunity that also offers a distinct cost savings.   Providing visual aids on smart glasses lenses and enabling the control of instruments via voice-commands, this new combination of technology allows the user to precisely lay out and measure points on a job site, increasing accuracy and productivity.

Onsite surveyors and engineers can benefit from smart glasses giving them hands-free access to positioning data for setting out markers and quality assurance.  With safety a key priority on construction sites, the Vuzix safety-rated smart glasses also help users to work safely and increase situational awareness by reducing the need to look down at a tablet, allowing the user to use voice commands to capture and mark points.  More on this solution can be found here.

"Vuzix Smart Glasses are being used worldwide in a variety of industries and use cases. Topcon's recognition that our Smart Glasses can provide measurable benefits to the construction and surveying markets is great.  We're delighted that the Vuzix Smart Glasses combined with Topcon's MAGNET software are aiding onsite productivity and keeping projects on schedule and within budget. We look forward to a long and prosperous partnership," stated Paul Travers, Vuzix President and Chief Executive Officer.

Adam Box, Business Development Manager Vertical Construction at Topcon Positioning Group, said: "This new compatibility with Vuzix Smart Glasses represents the next generation of surveying equipment in the European market. Coupling this advanced technology with our already popular MAGNET software suitemeans that enhanced productivity, efficiency, and reduced costs can become a reality on many projects across the region. This is key at this point in time when much of the industry is looking to accelerate economic recovery following the impact of the COVID-19 pandemic."

About Topcon Positioning Group

Topcon Positioning Group, always one step ahead in technology and customer benefits, is an industry leading designer, manufacturer and distributor of precision measurement and workflow solutions for the global construction, geospatial and agriculture markets. Topcon Positioning Group is headquartered in Livermore, California, U.S. (topconpositioning.com, LinkedIn, Twitter, Facebook). Its European head office is in Capelle a/d IJssel, the Netherlands. Topcon Corporation (topcon.com), founded in 1932, is traded on the Tokyo Stock Exchange (7732).

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 179 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 2020 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 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 the construction industry use cases for Vuzix Smart Glasses with Topcon Positioning Group's MAGNET software suite, future business opportunities, 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.

Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations, Vuzix Corporation ed_mcgregor@vuzix.com Tel: (585) 359-5985

Vuzix PR contact - Sarah Bedwell, PR Director, MUSTARD PR sarah@mustardpr.com

Topcon PR contact – Luke McDowell, Account Manager, Tangerine Comms luke.mcdowell@tangerinecomms.com

Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com

 

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SOURCE Vuzix Corporation

FAQ

What is the significance of Vuzix Smart Glasses in the construction industry?

Vuzix Smart Glasses enhance productivity and accuracy in construction by providing hands-free access to critical data through Topcon's MAGNET software.

How does the partnership between Vuzix and Topcon affect construction project efficiency?

The partnership aims to reduce costs and improve operational efficiencies by integrating Vuzix Smart Glasses with Topcon's MAGNET software.

What market is Vuzix now targeting with its Smart Glasses?

Vuzix is focusing on the European construction market, where the adoption of AR technology is rapidly increasing.

How does Vuzix's new technology improve safety on construction sites?

Users can operate smart glasses with voice commands, reducing the need to look down at tablets, thus enhancing situational awareness and safety.

What is the expected growth of the European construction industry?

The European construction industry is projected to reach approximately $2.8 trillion by 2023 according to research from ResearchAndMarkets.