ROCHESTER, N.Y., Feb. 13,
2017 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), a
leading supplier of Video Eyewear and Smart Glasses products in the
consumer, enterprise, and entertainment markets, announced today an
update on its M300 Smart Glasses rollout to Enterprise clients and
certain aspects of its general business.
The M300 is now certified to ship into Europe, the USA, Canada,
Australia, India and New
Zealand with certifications in all our global target markets
expected by the end of the quarter. The M300 software now shipping
with production units incorporates new features including advanced
voice control, updated sound support with speech recognition from
Sensory and improved barcode scanning. Over the air software
updates are also now fully enabled along with advanced power and
thermal management features not available in previous
versions. The M300 Smart Glasses, after having gone through
over 6 months of in-market testing with customers and developers,
is now officially in volume production at our sub-contractor's
California plant. In addition to
software improvements, we have made a series of mechanical and
electrical improvements including tougher ruggedization
performance; improved thermal management and more robust cabling
for greater in field reliability. Finally, we continue to grow, the
line of accessories for the M300 with available battery packs from
GO-Puck, mounting options for 3rd party safety glasses
and hardhat support becoming available within the current
quarter.
With all these advances, in this quarter we have begun ramping
production of the M300 Smart Glasses towards targeted production
yields and rates. We are expecting to build and ship at least 1,000
of the M300 units to customers in the current fiscal quarter.
Existing paid back-orders and the fulfilment of our prior M300
migration pack sales are being shipped first along with units to
our VIP partners who have been pre-allocated units for immediate
deployment to their existing client base. The needs of our VIP
partners are strong and they are expected to consume the majority
of this quarter's initial output. With the ramping of production we
will also be able to start focusing on the needs of our general
Enterprise customers addressing the significant in-bound requests
we have for the M300. We are also experiencing a continuing and
growing demand for our M100 Smart Glasses as customers expand their
deployments. As existing customer purchase orders will
consume all of our current M100 inventories, our M100 Smart Glasses
are now on back-order and as a result the Company has decided to
move forward with another production build of the M100 this
spring.
With the continued demand for the M100 and the ramping of the
M300's in production, we are expecting to achieve record revenues
from our Smart Glasses product lines during the current fiscal
quarter. It is now clear as we rollout our M300 Smart Glasses in
volume that our M100 and M300 offer distinct and differentiated
features as well as pricing that will allow the two models to
co-exist in the marketplace longer than originally
contemplated.
"CES 2017 proved to be a great opportunity to begin 2017 for
Vuzix and showcase our new industry leading wearable display
technology. We were the talk of the show with many attendees
and journalists offering that our product line was the most
comprehensive and clearly leading in the wearable display
industry. Our business is near a major inflection point
thanks to our new products and technologies and we are focusing on
execution to ride our growing wave of momentum in 2017," said
Paul J. Travers, President and Chief
Executive Officer of Vuzix. "Interest and demand indications for
our Blade 3000 Smart Sunglasses has been near overwhelming from our
existing and new customers as well as from potential OEM partners.
Accordingly, Vuzix intends to re-focus some its resources to
bringing a version to market as early as practical."
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 43 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 2017 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, among other
things, the future prospects and features of the M100 and M300
Smart Glasses, adoption by our customers and its volume production
ramp, and the Company's leadership in the Video Eyewear, VR and AR
display industry the VIP program and its ability to accelerate M300
business activities. 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 Inquiries:
Andrew
Felix
Max Borges Agency for Vuzix
andrewfelix@maxborgesagency.com
305-374-4404 ext. 136
Website: www.vuzix.com
Facebook: facebook.com/vuzix
Investor and Media Relations Contact:
Matt Margolis
Director of Corporate Communications and Investor Relations
Vuzix Corporation
matt_margolis@vuzix.com
Tel: (585) 359-5952
Andrew
Haag
Managing Partner
IRTH
Communications
vuzi@irthcommunications.com
1-866-976-4784
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
For further sales, and product information, please
visit:
North America:
http://www.vuzix.com/contact/
Europe/UK:
https://www.vuzix.eu/contact/
Asia:
http://www.vuzix.jp/contact.html
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SOURCE Vuzix Corporation