ROCHESTER, N.Y., Dec. 27, 2017 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or, the “Company”), a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets, is pleased to announce that the company has expanded its sales footprint in the Biopharmaceutical industry by way of recent M300 Smart Glasses deliveries to a major Fortune-100 pharmaceutical company. This next stage represented revenues in the low six figures for Vuzix. These M300’s will be deployed across 4 continents through numerous use cases including research and development, manufacturing, and logistics. This is the latest in a series of pilots and production deployments in Biopharma and Life Sciences, as Vuzix continues to see an appetite from the top companies in these industries to expand the number and complexity of smart glasses deployments within a wide range of areas of their organizations.
During the first half of 2017, Vuzix worked closely with its VIP software partners as well as many of the Biopharma and Life Sciences companies themselves to seed proof of concept and pilot programs that are now taking root. These end customers have completed several pilot programs and are now placing follow-up orders in volume. This conversion to commercial volume deployments is also occurring across other market verticals for Vuzix products, as the sales team focuses on direct relationships with the end user clients while concurrently expanding the software application ecosystem.
“We continue to have success with proof-of-concept programs moving towards broader deployment across a variety of different industries,” said Paul Travers, President and Chief Executive Officer at Vuzix. “The successes of initial implementations of the M300 has resulted in a growing pipeline and follow-on orders paving the way for significant adoption within the pharma and life sciences industries as we move into 2018.”
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 virtual and augmented reality. Vuzix holds 59 patents and 42 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 2018 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 related to the growth of our M300 enterprise business in the Biopharma and Life Sciences and future business success in these sectors, 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.
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SOURCE Vuzix Corporation
Released December 27, 2017