ROCHESTER, N.Y., Dec. 2, 2016 /PRNewswire/ -- Vuzix®
Corporation (VUZI), a supplier of Video Eyewear and Smart Glasses
products in the consumer, enterprise, and entertainment markets,
today announced the closing of the sale of 2,000,000 shares of its
common stock at an offering price of $7.25 per share. The gross proceeds from the
offering were $14,500,000 before
deducting commissions and estimated offering expenses. The shares
of common stock were sold to two new and two existing institutional
investors of the Company. Chardan Capital Markets, LLC acted as the
sole placement agent for this transaction.
The Company intends to use the net proceeds of approximately
$13.6 million from the offering for
general corporate purposes, including expanding its products,
supporting the international rollout of its new M300 and M3000
Smart Glasses, development and launch of its proprietary waveguide
technology planned to hit the market in 2017 with the launch of its
B3000 binocular waveguide, and for general working capital
purposes.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities described herein,
nor will there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Vuzix Corporation
Vuzix is a leading supplier of Smart-Glasses, Augmented Reality
(AR) and Virtual Reality (VR) 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 virtual and augmented reality.
Vuzix holds 49 patents and 40 additional 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 2016 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.
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 the new Blade 3000 Smart Sunglasses, our latest waveguide and
projection optics, their technological advancements and proposed
features, use of proceeds, capital needs to 2018, and among other
things, the Company's leadership in the Video Eyewear, VR 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.
For further information:
Media and Investor Relations Contact:
Andrew Haag
Managing Partner
IRTH Communications
vuzi@irthcommunications.com
Tel: (866) 976-4784
Vuzix Corporation
25 Hendrix Road, Suite A
West Henrietta, NY 14586 USA
Investor Information – Grant
Russell
IR@Vuzix.com
Tel: (585) 359-7562
www.vuzix.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/vuzix-announces-closing-of-14500000-common-stock-offering-300372149.html
SOURCE Vuzix Corporation