ROCHESTER, N.Y., Feb. 5, 2013 /CNW/ - Vuzix Corporation (TSX-V:
VZX, OTC:BB: VUZI, FMB: V7X) (the "Company"), a leading supplier of
Video Eyewear and smart glasses products in the consumer,
commercial and entertainment markets, today announced that it
received all the necessary regulatory approvals, including the
approval of the TSX Venture Exchange (the "TSXV") and the Financial
Industry Regulatory Authority ("FINRA") to effectuate a reverse
split of its issued and outstanding common stock (the "Shares") on
a 1 to 75 basis (the "Split"). The Split was previously approved at
the special meeting of the shareholders of the Company, held on
November 30, 2012. The Shares will
begin trading on a split-adjusted basis on February 6, 2013. In accordance with FINRA's
procedures for reverse stock splits, Vuzix' ticker symbol on the
OTCBB will be "VUZID" for a period of 20 business days beginning
February 6, 2013, after which time,
the symbol will revert back to "VUZI". The Company's ticker symbol
will remain unchanged on the TSXV. Any fractional shares resulting
from the Split will be rounded up to the nearest whole post-split
share.
(Logo: http://photos.prnewswire.com/prnh/20110518/MM04932LOGO
)
Paul Travers, Chief Executive
Officer of Vuzix, said that, "We believe the higher split-adjusted
stock price will be in the best interest of our shareholders by
making it easier to effect transactions in our stock, broaden our
audience and shareholder base and ultimately enhance our valuation
as we move forward and grow the Company. While the Split did not
change the market capitalization of Vuzix, the higher share price
is designed to make it easier for shareholders to hold Vuzix stock
in their brokerage accounts and to appeal to major customers that
look at our share price when deciding to add us as a new
supplier."
Additional Information for Shareholders:
Vuzix shareholders who hold shares in brokerage accounts, also
known as holding the shares in "street name", will note that the
number of Vuzix shares are automatically adjusted to reflect the
number of shares as adjusted by the reverse stock split.
Shareholders of record who hold physical stock certificates will
receive letters of transmittal from the Vuzix' transfer agent,
Computershare, or they can call 781-575-2879 to get information on
exchanging their old stock certificates for new stock certificates
reflecting the adjusted number of shares as a result of the reverse
stock split.
About Vuzix Corporation
Vuzix is a leading supplier of Video Eyewear products in the
consumer, commercial and entertainment markets. The Company's
products, personal display devices that offer users a portable high
quality viewing experience; provide solutions for mobility,
wearable displays and virtual and augmented reality. Vuzix holds
over 47 patents and patents pending and numerous IP licenses in the
Video Eyewear field. The company has won 14 Consumer Electronics
Show Innovations Awards and several wireless technology innovation
awards, among others. Founded in 1997, Vuzix is a public company
(TSX-V:VZX - News, OTC:BB: VUZI, FMB: V7X) with offices in
Rochester, NY, Oxford, UK and Tokyo, Japan. For more information visit
www.vuzix.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this 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 impact of the reverse split on the price of the Company's
common shares and levels of investor interest in the Company,
relationships with vendors and our customers, among other things,
and the Company's leadership in the Video Eyewear 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further Investor Information, please contact:
Vuzix Corporation
75 Town Centre Drive
Rochester, NY 14623 USA
Investor Information – Grant
Russell
IR@Vuzix.com
Tel: +1 (585) 359-7562
Vuzix.com
SOURCE Vuzix Corporation