ROCHESTER, N.Y., Jan. 14, 2014 /PRNewswire/ -- Vuzix® Corporation (OTCQB: VUZI), today announced that it has entered into a development agreement with a major consumer electronics brand to develop and incorporate Vuzix advanced see-through waveguide optics technology into a pair of next generation Smart Glasses. The agreement represents a first for Vuzix, offering a clear path toward a potential OEM partner to support commercialization of its next generation optics technology for Smart Glasses.
Under the contract, Vuzix and the Tier 1 brand will work together to develop advanced waveguide based Smart Glasses prototypes that include Vuzix see-through optics engines. It is anticipated that this first phase, expected to be completed in 2015, will be followed by a series of further programs that could result in the introduction of the resulting Smart Glasses into a commercial production solution. The final goal is to create a line of Smart Glasses that have the look and feel of designer sunglasses. At the request of the customer, both the name of the brand and details of the contract are being withheld.
ABI Research forecasts the wearable computing device market to grow to 485 million annual device shipments by 2018 with more than 75 million of these to be in the smart glasses category. Smart glasses and other wearable devices are expected to be worth over $1.5 billion by 2014 according to Juniper Research.
"As mentioned above, many analysts and industry executives are expecting this space to exhibit continued rapid growth. This was evident at CES last week. With the anticipated growth in this sector, those wearable products that address the real needs of the customer stand to garner the largest market share," commented Paul Travers, President of Vuzix. "Being able to develop Smart Glasses that look like designer eyewear is critical. The waveguide see-through optics we have developed here at Vuzix have the ability to achieve that design goal. The resources and commercial reach that may be brought to us from a relationship with a major electronics brand have the ability to create a winning combination."
About Vuzix Corporation
Vuzix is a leading supplier of Video Eyewear and Smart Glasses products in the consumer, commercial and entertainment 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 36 patents and 12 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 2014 and several wireless technology innovation awards, among others. Founded in 1997, Vuzix is a public company (VUZI:QB) 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 and include waveguide see-through optics, future development phases, possibility of commercialization product production, the value of the IP portfolio, among other things, and the Company's leadership in the Video Eyewear 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.
SOURCE Vuzix Corporation