ROCHESTER, N.Y., Feb. 24, 2017 /PRNewswire/ -- Vuzix®
Corporation (NASDAQ: VUZI), ("Vuzix" or the "Company"), a leading
supplier of Smart Glasses, Augmented Reality (AR) and Virtual
Reality (VR) technologies and products for the consumer and
enterprise markets, is pleased to announce that the Company has
signed an agreement to build a customized pair of smart glasses,
for Toshiba Client Solutions Co. Ltd. (Toshiba), a wholly owned
subsidiary of Toshiba Corporation. Based in Tokyo, Toshiba Corporation is a world leader
and innovator in pioneering high technology, a diversified
manufacturer and marketer of advanced electronic and electrical
products covering consumer, enterprise, industrial and
infrastructure markets. Toshiba Corporation is one of the largest
electronics and technology companies in the world.
Under the terms of this agreement, Vuzix and Toshiba have
embarked on a rapid development program with milestone payments
totaling over one million US dollars.
With development efforts well under way, Toshiba, subject to a
final manufacturing agreement, expects to place additional purchase
orders from Vuzix for production deliveries in the 4th quarter of
2017. Further details on the new smart glasses product will be
released soon after public marketing of the product commences.
"We are excited to enter into this partnership with Toshiba and
believe it represents a strong vote of confidence in our
capabilities and recognition of our leading position within the
wearable technology space," said Paul
Travers, President and Chief Executive Officer at Vuzix.
"Additionally, the agreement demonstrates how we are leveraging and
partnering our industry leading technology with top tier global
partners. We trust that this will be the first of many
ongoing collaborations between the firms."
"We have selected Vuzix as our new smart glasses development and
manufacturing partner because we are very impressed with Vuzix'
current line of smart glasses and other technology that the Company
has in development. We believe that Toshiba can leapfrog other
wearable technology products with Vuzix' support and look forward
to a very successful collaboration between the companies," said
Carl Pinto, vice president of
marketing and product development for Toshiba Client Solutions
Division, Toshiba America Information Systems, Inc.
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 the new development project with Toshiba, its success and the
potential of ultimate volume production, 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:
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 Tel: (866) 976-4784
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