$VUZI | Virtual Reality Wearables Leader Vuzix Announces Collaboration Agreement

Home » Video Press Releases » $VUZI | Virtual Reality Wearables Leader Vuzix Announces Collaboration Agreement

VUZIX has just announced they’ve entered into a collaboration agreement to explore waveguide technologies for the production of augmented reality, or AR, smart glasses with an undisclosed global leader in the consumer electronics and mobile communications fields.

This marks the first official major collaboration agreement regarding Vuzix’s see through smart glasses technology since the company received its $24.8 million investment from Intel Corporation.

Read the full press release here:

https://www.vuzix.com/Content/Upload/PDFs/06_07_2016_Collaboration_Agreement_v5_CLEAN.pdf

According to the agreement, the parties will use their best commercial efforts to collaborate jointly on near-eye displays, smart glasses, and wearable computing products and technologies. In particular, Vuzix will work to produce custom solutions of its optic technology for near-eye displays, including flat passive waveguides and related projection optics. The agreement calls for the development of functioning prototypes leading to potential commercialization for volume production by the customer for mid-2017. Under the agreement, Vuzix will be making deliveries of its new and custom developed waveguides and display engines to the customer and will work with the customer towards a successful integration of the Vuzix technology with the customer’s proposed smart glasses solution. For the provision of these services, samples, custom waveguides and projector engines, Vuzix will receive a minimum of $500,000. Production is part of a follow on effort and the parties have agreed to negotiate amicably in the future for the possible volume production of Vuzix waveguides and display engines. There are no technology transfers or licenses being granted between the parties at this stage.
Based on the explosive growth in the AR and VR wearables market and the fact that the company’s superior AR headsets are already being widely used by some of the world’s leading manufacturing companies, we believe VUZIX is definitely worth keeping on your radar.

This has been a Video News Release featuring Vuzix Corp., a leading supplier of video eyewear and smart glasses products in the consumer, enterprise and entertainment markets.

Vuzix trades under ticker VUZI and you can find out more about them by visiting www.vuzix.com.

Forward Looking Statements

This CEOLIVE.TV video interview contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include failure to meet schedule or performance requirements of the Company’s contracts, the Company’s ability to raise sufficient development and working capital, the Company’s liquidity position, the Company’s ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur as planned or at all.

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Mike Elliott
newsdesk@ceolive.tv

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Author: Mike Elliott

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