Vuzix Expands its Logistics Operations in Europe to Support its Growing European Business
ROCHESTER, NY, February 9, 2022 – 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 that the Company has contracted Base Logistics, a Netherlands-based global asset-light provider of integrated transport and warehouse management services, to provide third-party logistics support for the expansion of the Company’s European operations and business needs.
Over the last several quarters, Vuzix has invested in the expansion of its sales team in Europe and enabled several new distribution partners and channels in Europe. The number of higher-volume orders that are being shipped on a recurring basis to the Company’s European customers has increased significantly over the last 12 months, and coupled with the combination of COVID and Brexit, has created logistical challenges for Vuzix to move goods between its UK-based logistics hub and Europe on a consistent basis. Working with Base Logistics will help ease the logistical challenges of moving product across Europe, as well as provide European customers and partners with faster turnaround times and improved reliability related to shipping and receiving smart glasses from Vuzix across the region going forward.
“We are seeing significant order and deployment opportunities emerge across Europe in warehousing and logistics, healthcare and field service and it is important that we provide our customers with timely first-class execution. Base Logistics will provide critical support to facilitate our growth in Europe and will help drive improved turnaround times and significantly reduce unexpected interruptions and day-to-day operational challenges,” said Paul Travers, President and CEO of Vuzix.
About Vuzix Corporation
Vuzix is a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality. Vuzix holds 244 patents and patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2022 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, 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 our relationship with Base Logistics, our operational expansion in Europe 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.
Vuzix 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,Investor Information – IR@vuzix.com www.vuzix.com