ROCHESTER, N.Y., March 23, 2017 /PRNewswire/ -- Vuzix®
Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses,
Augmented Reality (AR) and Virtual Reality (VR) technologies and
products for the consumer and enterprise markets, announced today
the company's outlook for 2017.
We believe 2017 is already proving to be a pivotal year for
Vuzix and the entire Smart Glasses industry. We have a strong
focus on the Enterprise markets as the M300 ramps up in production
and we continue to ship growing levels of smart glasses into the
field. Vuzix has already begun the process to transition our M300
manufacturing line to Asia to
expand our margin profile and provide additional flexibility to
respond to customer orders. We have over 250 enterprise VARs (value
added resellers) and we continue to pursue additional distribution
channels to increase our global reach to end customers.
The M300 recently received TELEC approval in Japan and we expect to begin shipping product
into this region beginning in Q2. Our M300 is being showcased this
week at CeBIT in Hanover, Germany
at the KDDI booth located in Hall 4 – A38 (17) until Friday, March 24th. A demonstration video of KDDI
Vist@Finder field service application through the eyes of Vuzix
M300 filmed at CeBIT can be viewed through the following
link.
Link to video: https://youtu.be/a0TNDV9Uc9s
We recently announced $1.1 million
development agreement with Toshiba for a customized Smart Glasses
device is another confirmation of Vuzix' solution strengths. This
project is progressing quickly through the design phase gates and
we look forward to seeing the new product enter volume production
this fall. At the same time, we expect to continue previous
relationships and bring on additional major OEM partners which
should represent significant opportunities for us.
Vuzix' patent portfolio now totals 90 patents and patents
pending, which includes the addition of 11 patents and 16 patents
pending over the last year. Vuzix will continue to focus on
broadening the company's intellectual property in 2017, especially
in the optics and display engine areas.
The deployment of our automated waveguide replication equipment
is in the qualification phase and should be released to the plant
floor for full manufacturing operation in the second quarter. This
will allow us to not only produce in volume but with improved
precision and performance. When our new waveguide based
products are released, we should be at the forefront of helping to
evolve the world of mobile computing and AR with technology that
connects the digital world to the real world through fashionable AR
smart glasses. We believe Vuzix is now positioned well on the
capital front to execute on our plans in 2017 and grow our
business.
Management has outlined the following priorities for 2017:
- Increase M300 production with a goal of achieving 1,500 units a
month in Q2, while completing our planned transition of
manufacturing to Asia to lower
costs and further increase our production capacity
- Broaden our enterprise distribution channels through additional
VARs (value added resellers) and other strategic agreements
- Deploy automated waveguide replication equipment that will
allow for volume production along with improved precision and
performance
- Broaden intellectual properties including the filing of
numerous new patent applications
- Prioritize, support and actively engage new interests received
from select OEMs
- Manage the growth in operating costs, so that along with our
expected increase in revenues we can minimize the funds required
for operations as we move towards profitability
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 51 patents and 39
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 timing of new product releases, R&D
project successes, future operating results, future intellectual
property developments and applications, new OEM customers and their
related product needs, and 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" and MD&A sections of the Company's Annual
Reports and Quarterly Reports 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 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
Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com Tel: (585)
359-7562
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SOURCE Vuzix Corporation