Wearable Devices Receives Purchase Order from a Leading Japanese Industrial Automation Company

Rhea-AI Summary

Wearable Devices Ltd. has received a purchase order from a prominent Japanese industrial automation company for its evaluation kit samples and dedicated evaluation software. This signifies the company's successful market outreach in Asia, particularly Japan. The automation company aims to utilize Wearable Devices' technology for robot control applications, highlighting the versatility and advanced capabilities of the products. The purchase order was a result of the company's participation at the XR FAIR conference in Tokyo in June 2023.

The purchase order signifies Wearable Devices' successful market outreach in Asia, particularly Japan, marking a pivotal stride in expanding its technological influence

YOKNEAM ILLIT, ISRAEL, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (AI)-powered touchless sensing wearables, today announced the receipt of a purchase order for its evaluation kit samples and dedicated evaluation software from a prominent Japanese industrial automation company. This automation company, which is renowned for enhancing worldwide manufacturing productivity and efficiency through its cutting-edge sensing and control technology, is set to usher in a transformative phase for robot control applications using Wearable Devices' pioneering technology.

This purchase order is the result of Wearable Devices' intensive market initiatives in the Asian region, with a specific emphasis on the Japanese market. A pivotal factor driving this purchase order was Wearable Devices' impactful participation at the XR FAIR conference held in Tokyo in June 2023.

In the initial phase, the Japanese industrial automation company’s development team is geared up to utilize evaluation kit samples to showcase the versatility and advanced capabilities of Wearable Devices' technology to its management.

"This purchase order represents a validation of our technology's potential and underscores the global appeal and adaptability of our products. We're excited about the possibilities this purchase order from Japanese industrial automation company brings to the table," said Asher Dahan, Chief Executive Officer of Wearable Devices.

Wearable Devices remains committed to driving innovation and bridging technological gaps across industries. With this purchase order, the Company is poised to further cement its position as a key player in the global wearable technology landscape.

About Wearable Devices Ltd.

Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbol “WLDS” and “WLDSW”, respectively.

Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the versatility, global appeal, adaptability and advanced capabilities of our technology and products; our marketing initiatives and future collaboration with the Japanese industrial automation company and their expected use of our technology for their applications. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our use of proceeds from the offering; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Committee (the “SEC”), on March 22, 2023 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact

Walter Frank
IMS Investor Relations
203.972.9200
wearabledevices@imsinvestorrelations.com

FAQ

What is the company that placed the purchase order?

The purchase order was placed by a prominent Japanese industrial automation company.

What products did Wearable Devices receive the purchase order for?

Wearable Devices received the purchase order for its evaluation kit samples and dedicated evaluation software.

What market has Wearable Devices successfully reached through this purchase order?

Wearable Devices has successfully reached the Asian market, particularly Japan, through this purchase order.

What was the result of Wearable Devices' participation at the XR FAIR conference?

The result of Wearable Devices' participation at the XR FAIR conference was the purchase order from the Japanese industrial automation company.