TIDMTEK
Tekcapital plc
29 September 2021
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
29 September 2021
Tekcapital Plc
("Tekcapital", the "Company" or the "Group")
Portfolio Company Update: Lucyd Ltd ("Lucyd")
Retail Distribution Growth
Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual
property investment group focused on transforming university
discoveries into valuable products to improve quality of life, is
pleased to announce that portfolio company Lucyd's U.S. operating
subsidiary, Innovative Eyewear, Inc., has added 21 retail optical
stores to its customer base as a result of its recent participation
at Vision Expo West.
As a result of its attendance at the Expo, the total retail
store count carrying Lucyd frames has grown to 85 direct retailers,
in addition to 31 indirect retailers in Canada via Lucyd's
distribution agreement with Marca Eyewear's 8 Points Inc.
subsidiary.
Lucyd's goal is to have its eyewear carried in stores across
North America and Europe by the end of 2022, and it is aggressively
expanding its footprint, by improving its optician-centric business
practices, and through the introduction of a co-op marketing
program.
Significant interest has been expressed by customers and optical
businesses for the six new styles of Lucyd Lyte launched this
month, and Lucyd is planning to expand brand awareness with the
introduction of virtual try-on kiosks in retail stores, to
facilitate customer education and product sell-through. These
kiosks will be remotely updated to reflect new style additions to
the Lucyd product line, and refreshed regularly with new video
content. The kiosk will allow for a sterile, touch-free shopping
experience, as it runs through an automatic cycle of superimposing
all Lucyd frames to the viewer's face in a virtual mirror, as
opposed to traditional eyewear shopping where a customer touches
and wears a number of different frames that have been handled by
the public.
Harrison Gross, Lucyd cofounder and CEO said, "We are very
excited to report the rapid growth of our optical store customers
and look forward to additional new product launches and other
developments in 2021. Not only are we offering groundbreaking smart
eyewear, we are offering innovative merchandising support through a
co-op marketing plan focused on the forthcoming try-on kiosk."
About Lucyd and Innovative Eyewear Inc.
Lucyd's mission is to Upgrade your Eyewear(R) with advanced
ergonomic frames that are easy to use, fun to wear, and help you
stay safely connected to your digital life. The Lucyd brand and IP
portfolio are exclusively licensed to and operated by Innovative
Eyewear, Inc. To learn more, or order Lucyd Lyte, please visit
https://lucyd.co .
Tekcapital currently owns 100% of the share capital of Lucyd Ltd
and approximately 81% of the share capital of its U.S. operating
subsidiary, Innovative Eyewear, Inc.
For further information, please contact:
Tekcapital Plc Via Flagstaff
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker) +44 (0) 20 3470 0470
Richard Morrison/Charlie Bouverat (Corporate
Finance)
Rob Rees (Corporate Broking)
Flagstaff Strategic and Investor Communications +44 (0) 20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon
About Tekcapital plc
Tekcapital creates value from investing in new,
university-developed discoveries that can enhance people's lives
and provides a range of technology transfer services to help
organisations evaluate and commercialise new technologies.
Tekcapital is quoted on the AIM market of the London Stock Exchange
(AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com .
LEI: 213800GOJTOV19FIFZ85
Forward-Looking Statements
This press release is for informational purposes only. The
information herein does not constitute investment advice nor an
offer to invest and may contain statements related to our future
business and financial performance and future events or
developments involving Lucyd or Tekcapital that may constitute
forward-looking statements. These statements may be identified by
words such as "expect," "look forward to," "anticipate" "intend,"
"plan," "believe," "seek," "estimate," "will," "project" or words
of similar meaning. We may also make forward-looking statements in
other reports, in presentations, in material delivered to
customers, stakeholders and in press releases. In addition, our
representatives may from time to time make oral forward-looking
statements. Such statements may be based on the current
expectations and certain assumptions of Tekcapital or Lucyd's
management. Please note that these are subject to a number of
risks, uncertainties and factors, including, but not limited to
those described in various disclosures. Should one or more of these
risks or uncertainties materialize, or should underlying
expectations not occur or assumptions prove incorrect, actual
results, performance or achievements of Lucyd and/or Tekcapital may
vary materially from those described explicitly or implicitly in
the relevant forward-looking statement. Neither Lucyd nor
Tekcapital intends, nor assumes any obligation, to update or revise
these forward-looking statements in light of developments which
differ from those anticipated.
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END
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