ROCHESTER, N.Y., Oct. 10, 2016 /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, is pleased to announce that the M300 Smart Glasses has won Compass Intelligence's Enterprise Wearable Device of the Year award. Compass Intelligence is a market analytics and consulting firm that specializes in metrics-driven market intelligence, advisory, marketing support, and insights for the mobile, IoT, and high-tech industries. Vuzix was selected from a list of nominees that included other best in class technology firms, with the winner determined by an expert panel of judges from the industry. Another product that won was the Samsung Gear S2, for the Consumer Wearable Device of the year.
The Vuzix M300 represents the next generation of smart glasses, designed to address customer feedback from more than two years of productive use of the earlier M100 Smart Glasses. The advanced ergonomic design and features of the new Vuzix M300 enables enterprise users to operate in an increasing number of situations and accomplish even more complex use cases. According to Compass Intelligence, LLC (www.compassintelligence.com), the U.S. Enterprise Wearables market reached $405 million by the end of 2015 and will reach $10.4 billion by 2020, with an estimated 84.5% compound annual growth rate from 2015 to 2020. Market research firm Gartner, Inc. expects global unit sales of head-mounted wearable display devices to more than quadruple in 2017.
"We are honored that the M300 has been designated as top Enterprise Wearable Device of the Year. It validates the years of work we have spent developing and perfecting our smart glasses to enhance productivity for the enterprise customer," said Paul Travers, President and Chief Executive Officer of Vuzix. "We are proud of the strides we have made and believe users in a broad variety of sectors will obtain even greater gains with the M300."
"We are pleased to recognize Vuzix as a leader in the field of wearable technology," stated Stephanie Atkinson, CEO and Founder of Compass Intelligence. "The company has been an innovator in an emerging space that we believe will become one of the most important areas of technology for the workplace."
About Compass Intelligence
Compass Intelligence, a market analytics and consulting firm, specializes in metrics-driven market intelligence, advisory, marketing support, and insights for the mobile, IoT, and high-tech industries. Compass Intelligence provides executive insights, market sizing/modeling, competitive analysis, strategic consulting, and expert recommendations on multiple markets. Visit us at http://www.compassintelligence.com.
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 43 patents and 23 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 2016 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 Company's leadership in the Smart Glasses, VR and AR 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.
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