ROCHESTER, N.Y., July 18, 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
completed the manufacturing transition of M300 volume production
from the Company's existing Tier-1 contract manufacturer in the
USA to their operations in
China. The Vuzix team has worked closely with our
manufacturing partner to overcome the initial production challenges
and we have now successfully scaled operations, improved yields and
lowered our cost profile of the M300.
The process of transitioning M300 production from the
USA into China began during mid-second quarter of 2017
and was completed recently. The new M300 production
units arriving from China have
gone through and passed rigorous testing in both our contract
manufacturer's plant and secondly in Rochester, NY. The manufacturing rates are now
quickly growing in-line with our planned production
volumes. With the completion of the M300
production transition off-shore the Company is now on track to also
realize approximately a 33% reduction in the product's cost.
Additionally, we have already seen production yield
improvements over the previous operation and expect further yield
increases as production levels ramp over the second half of 2017
and net costs decreasing even further.
"With the recent rollout of our OS 1.2 firmware update, the
introduction of our full M300 accessory line and a reliable and
steady flow of production arriving, Vuzix should be well positioned
to deliver in volume to our enterprise customers over the second
half of 2017", said Paul Travers,
President and Chief Executive Officer at Vuzix.
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 the new OS 1.2 software releases, the expected continued success
and improvements from the move of M300 production to China, as well as 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.
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
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