Wearable Devices Strengthens its Presence in the Defense Sector with New Sale to a Global Defense Company
07 Agosto 2024 - 7:40AM
Wearable Devices Ltd. (the “Company” or “Wearable Devices”)
(Nasdaq: WLDS, WLDSW), a technology growth company specializing in
artificial intelligence (“AI")-powered touchless sensing wearables,
previously announced that a global defense company has purchased
its state-of-the-art Mudra Development Kit (“MDK”) to evaluate
certain deep-level capabilities. This purchase, announced on July
24, 2024, marks additional opportunities for Wearable Devices in
the defense market, following its previous agreement with another
defense sector leader.
The MDK enables developers to integrate advanced
gesture control functionalities into their systems, utilizing
Wearable Devices' innovative Mudra technology. This powerful
toolset will support the defense company's efforts to enhance user
experience and operational efficiency through intuitive, touchless
interaction.
Asher Dahan, Chief Executive Officer of Wearable
Devices, commented: "We are excited to deepen our engagement in the
defense sector. The MDK offers unparalleled capabilities that align
perfectly with the high standards and innovative requirements of
the defense industry. The interest coming from this specific sector
signifies the growing recognition of our technology's potential to
revolutionize user interfaces in critical applications."
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 benefits
and advantages of the MDK and that interest coming from defense
sector signifies the growing recognition of our technology's
potential to revolutionize user interfaces in critical
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, 2023, filed on March 15, 2024 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
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