- Quanta investment part of a total $20
million strategic investment agreement to support the
expansion of Vuzix' leading-edge waveguide production capabilities
and joint development of new AR/AI smart glasses
technologies
ROCHESTER, N.Y., Sept. 16,
2024 /PRNewswire/ -- 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 it has completed the closing of the first
investment tranche, for the sale of $10
million in common stock at $1.30 per share, under its previously announced
September 3, 2024 purchase agreement
with Quanta Computer Inc.
"Feedback thus far from both our investors and potential
industry partners and customers since our prior September 3rd announcement has been
very positive," said Paul Travers, President and CEO of Vuzix.
"Again, we look forward expanding our customer relationship and
partnership with such a leading product manufacturer as Quanta, as
well as ultimately realizing the significant new revenue potential
for Vuzix with its waveguides for AI smart glasses in the upcoming
years with both parties' successes."
The foregoing description of Quanta's investment is qualified in
its entirety by reference to the Current Report on Form 8-K, filed
with the Securities and Exchange Commission on September 3, 2024.
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 400 patents
and patents pending and numerous IP licenses in the fields of
optics, head-mounted displays, and the augmented reality wearables
field. The Company has won Consumer Electronics Show (or CES)
awards for innovation for the years 2005 to 2024 and several
wireless technology innovation awards among others. Founded in
1997, Vuzix is a public company (NASDAQ: VUZI) with offices in:
Rochester, NY; 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, among other things, potential impact of investments, the
completion of the second and third investment tranches, Vuzix Smart
Glasses, our business relationship and future business
opportunities with Quanta Computer and their customers and 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,
Vuzix Corporation
ed_mcgregor@vuzix.com
Tel: (585) 359-5985
Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com
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SOURCE Vuzix Corporation