ROCHESTER, NY, June 13, 2023 – Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, is pleased to announce the receipt of a follow-on OEM purchase order for engineering services and products from a US-based company that is a leader in technologically advanced and intelligent solutions for the global aerospace and defense industry. The company expects this order will be delivered over the next several months. This follow-on order brings the total contract value to Vuzix thus far closer to a mid-six-figure level.
This follow-on contract is for Phase 2 development of components for a lightweight heads-up display (HUD) for technologies previously supplied by a non-US company. This defense customer is a supplier of several existing programs and has turned to Vuzix as a US-based manufacturer of waveguide and display technologies.
“Our development efforts with some of the country’s largest defense contractors continue to progress at a steady pace,” said Paul Travers, President and Chief Executive Officer at Vuzix. “There is a significant need for advanced see-through display technologies that Vuzix remains in a unique position to deliver as a leading-edge US-based designer and manufacturer of waveguides and related technologies. We look forward to working with this customer and ultimately achieving a production award for a finalized solution.”
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 300 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’ business growth with this customer, future orders, including potential volume production and the ultimate success of their respective programs 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
Tel: (585) 359-5985
Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,