ROCHESTER, N.Y., Feb. 4, 2021 /PRNewswire/ -- Vuzix®
Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a
leading supplier of Smart Glasses and Augmented Reality (AR)
technology and products, is pleased to announce that the Company
has completed the first phase of development with a medical partner
located in the USA, to build a
customized head mounted display system for assisted medical cancer
surgery. This program was first announced on October 6, 2020.
A second phase of development is currently being contemplated by
the customer and could result in potentially greater non-recurring
engineering (NRE) revenues, if awarded by the customer, in
subsequent phases before an accepted final product design could be
expected to lead to a volume OEM production order.
"We are excited to complete phase 1 of development for this
medical partner and continue to make progress towards obtaining
approval for the second phase of the planned development agreement.
Ultimately this work is expected to lead to a production
opportunity with them," said Paul
Travers, President and Chief Executive Officer at Vuzix.
About Vuzix Corporation
Vuzix is a leading supplier of Smart-Glasses and Augmented
Reality (AR) 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 augmented reality. Vuzix holds 184 patents
and 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 2021 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. For more information,
visit
Vuzix website, Twitter and Facebook pages.
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 our relationship with the referenced medical customer, the
expected success of Phase 1, probability of future phases and
eventual volume production of this solution, and among other things
the Company's leadership in the Smart Glasses 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:
Ed McGregor, Director of Investor
Relations, Vuzix Corporation ed_mcgregor@vuzix.com Tel: (585)
359-5985
Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com
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SOURCE Vuzix Corporation