ROCHESTER, N.Y., Oct. 16,
2023 /PRNewswire/ -- Vuzix®
Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a
leading supplier of smart glasses and Augmented Reality (AR)
technology and products, announced it has recently received and
partially delivered against additional follow-on and new design
orders from three Tier-1 aerospace and defense contractors with
which it has been working. The revenue associated with these OEM
orders is in the mid six-figure range. The Company expects to
receive additional NRE (non-recurring engineering) orders for
subsequent phases from some of these contractors. Once final
customer-accepted product designs have been achieved, they could
ultimately lead to production program orders. In at least one case,
these deliveries are pre-production components.
For the first customer, Vuzix is delivering a customized
waveguide-based optics engine that is intended to be used in head
borne systems designed for military applications. This initial
development is part of a phased effort that would ultimately
address a broad market for US and allied military personnel.
These customized waveguide-based display engine prototypes offer a
high brightness, high index waveguide design with a wide FOV
(field-of-view) for a variety of field operational conditions.
For the second customer, a global Tier-1 aerospace and defense
firm, Vuzix has received a follow-on order for additional
pre-production units for their customized avionics waveguide-based
head mounted display (HMD) system, as well as a new design order
for a different waveguide-based display. The customized HMD
waveguide and HD display engine development program with this
customer continues to move toward production. Vuzix has completed
multiple stages of product development and refinement with this
partner, and we feel deliverables are getting very close to meeting
the customer's requirements for production
roll-out.
For the third customer, a US-based leader in technologically
advanced and intelligent solutions for the global aerospace and
defense industry, Vuzix is continuing to deliver assets for the
Phase 2 development of a cost efficient, lightweight heads-up
display (HUD) for a unique HMD based application This firm is the
incumbent supplier for several existing programs and has turned to
Vuzix as a US-based manufacturer of waveguide and display
technologies to help it upgrades their offerings.
"We are working closely with many of the world's leading
aerospace and defense firms on projects that could ultimately
provide significant deployment and thus revenue opportunities for
Vuzix," said Paul Travers, President and CEO of Vuzix. "We
will continue to develop and refine the waveguide and display
engine technologies that these contractors need for their
next-generation solutions as they move closer to final production
rollouts."
About Vuzix Corporation
Vuzix is a leading designer, manufacturer and marketer of 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 325 patents
and patents pending and numerous IP licenses in the fields of
optics, head-mounted displays, and augmented reality 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; Munich,
Germany; and Kyoto 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 relationship with the referenced
defense contractors, potential for further development phases with
these entities, ultimate volume production programs that could
occur in the future, 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 Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com
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SOURCE Vuzix Corporation
