- Partnership and strategic $20
million investment by Quanta Computer with the first
$10 million received; focused on
manufacturing waveguides at scale and developing AI smart
glasses for the broad markets.
- Vuzix waveguide technology continues to lead and is the
core of AI smart glasses.
- Expanding OEM/ODM opportunities and recent partnerships
with Quanta, Garmin and others.
- Implemented key initiatives to enhance operational
efficiency, including reducing capital expenditures and
headcount.
ROCHESTER, N.Y., Oct. 2, 2024
/PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix"
or, the "Company"), a leading supplier of AI smart glasses and
Augmented Reality (AR) technology and products, today announced the
release of its October 2024
Shareholder Letter, which provides an update on recent milestones,
operational improvements, and the company's positive outlook for
the future.
"We are committed to transparency and keeping our shareholders
informed of the exciting developments at Vuzix," said Paul Travers, CEO and President of Vuzix. "This
letter showcases our recent successes and strategic partnerships
that position us for growth in an evolving industry. With over a
decade of R&D, Vuzix has pioneered AI smart glasses across
multiple industries, achieving breakthroughs in form factors and
waveguide technology at scale. Despite recent market pressures, the
fundamentals of our business have never been stronger. We remain
focused on executing our strategy and believe that those who invest
alongside us for the long term will realize the full value of
Vuzix' future growth."
Highlights from the Shareholder Letter:
- Partnership and strategic investment by Quanta Computer with
the first of $10 million received and
another $10 million to follow focused
on manufacture waveguides at scale and jointly developing new AI
smart glasses and for the broader markets.
- Vuzix waveguide technology continues to lead and is the core of
AI smart glasses.
- Expanding OEM/ODM opportunities and recent partnerships with
Quanta, Garmin and Avegant.
- Exploring enterprise market opportunities with Vuzix AI smart
glasses including Vuzix Z100™.
- In 2024, Vuzix has implemented key initiatives to enhance
operational efficiency, including reducing capital expenditures and
headcount.
For more details on Vuzix' latest developments and future plans,
please read the full Shareholder Letter at Vuzix' investor
relations website.
About Vuzix Corporation
Vuzix is a leading designer, manufacturer and marketer of AI
driven 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 Okayama, 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 OEM solutions and waveguides, its new manufacturing
processes, future partnerships and revenue growth 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 lean 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