Tekcapital plc Lucyd Signs Canadian Distribution Agreement (0845E)
05 Julio 2021 - 1:00AM
UK Regulatory
TIDMTEK
RNS Number : 0845E
Tekcapital plc
05 July 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.
5 July 2021
Tekcapital Plc
("Tekcapital", the "Company" or the "Group")
Portfolio Company Update: Lucyd Ltd ("Lucyd")
Lucyd Signs Purchase & Distribution Agreement
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 Ltd's U.S.
operating company, Innovative Eyewear, Inc. has signed an exclusive
purchase and distribution agreement with 8 Points Inc, a subsidiary
of Marca Eyewear Group Inc . a leading Canadian distributor that
provides high-end spectacles for optical stores and eye care
professionals.
This agreement sets out a minimum purchase requirement of
US$4.6m worth of Lucyd(R) Lyte(R) e-glasses over 30 months, to
maintain retail distribution exclusivity in Canada. Monthly minimum
committed purchases increase incrementally over the term of the
agreement. In the event that 8 Points Inc does not meet the minimum
monthly purchase requirements, Lucyd may convert 8 Points Inc's
exclusive rights to non-exclusive rights for the remainder of the
term or terminate the agreement.
8 Points Inc will provide Canadian warehousing and dual language
customer support. Lucyd believes this agreement will likely result
in significant market penetration of its Lyte glasses throughout
all provinces and territories in Canada.
Harrison Gross, Lucyd cofounder and CEO said, "We are excited to
sign this agreement with a leading Canadian eyewear distributor.
The Marca Eyewear Group have represented numerous renowned eyewear
brands over the past 24 years. As a result, we believe this
agreement will enhance Lucyd's first-mover advantage as a
technology, style and price leader in the emerging smart eyewear
market in Canada."
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 80% 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)
Abigail Wayne / 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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