- Vuzix to receive a $20 million
dollar investment in 3 tranches from Quanta Computer, one of
the world's largest ODMs
- Quanta investment to support the expansion of Vuzix'
leading-edge waveguide production capabilities and joint
development of new AR/AI smart glasses technologies
ROCHESTER, N.Y., Sept. 3,
2024 /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 Quanta Computer Inc. (TWSE:
2382.TW), ("Quanta"), a global Fortune 500 company and
worldwide leading Original Design Manufacturer (ODM), has entered
into a $20 million three-tranche
strategic investment in Vuzix consisting of common and preferred
stock of Vuzix.
Quanta's investment commitment of $20
million consists of three investment tranches. The
first investment tranche will consist of $10
million of Vuzix common stock. The second and third tranches
of the total planned investment are $5
million each, are tied to specific milestones, and will
consist of the purchase of Vuzix Series B Preferred Stock.
"We plan to work closely with Vuzix to support the AR smart
glasses industry and today's investment in Vuzix represents a
strong endorsement of our partnership," said Frank Chuang, Vice President of Quanta
Computer.
"Quanta's investment today represents another important step in
our partnership, which has steadily deepened since we first
disclosed it last November," said Paul Travers, President and
CEO of Vuzix. "This investment, and the ones to follow, will
significantly strengthen our balance sheet and assure that we can
implement whatever steps needed to ramp production of waveguides,
as well as the co-development of new smart glasses and related
technologies. We look forward expanding our customer relationship
and partnership with such a leading product manufacturer as Quanta,
as well as realizing the significant revenue potential it stands to
generate for Vuzix in the upcoming years with both parties'
successes."
The foregoing description of Quanta's investment is qualified in
its entirety by reference to the Current Report on Form 8-K, filed
with the Securities and Exchange Commission on September 3rd, 2024 and the agreements
attached as exhibits thereto.
About Quanta Computer
Quanta Computer Inc. is a Fortune Global 500 Company and a
leader in worldwide notebook manufacturing, as well as a leading
solution provider in cloud computing. Quanta provides innovative
products with superior technology in information and
communications, consumer electronics, cloud computing, smart home
solutions, smart automobile solutions, smart healthcare, and AIoT,
etc. Founded in 1988 and listed in TWSE since 1999, Quanta Computer
is headquartered in Taiwan with
manufacturing and service locations across Asia, Americas, and Europe, etc. FY2023 consolidated revenues for
Quanta Computer amounted to US$35
billion with a workforce of approximately 62,000 employees
worldwide. For further information, please visit Quanta Computer's
Website at http://www.quantatw.com/
About Vuzix Corporation
Vuzix is a leading designer, manufacturer and marketer of Smart
Glasses and Augmented Reality (AR) technologies and products for
the enterprise, medical, defense and consumer markets. The
Company's products include head-mounted smart personal display and
wearable computing devices that offer users a portable high-quality
viewing experience, provide solutions for mobility, wearable
displays and augmented reality, as well OEM waveguide optical
components and display engines. Vuzix holds more than 375 patents
and patents pending and numerous IP licenses in the fields of
optics, head-mounted displays, and augmented reality Video Eyewear
field. Moviynt, an SAP Certified ERP SaaS logistics solution
provider, is a Vuzix wholly owned subsidiary. The Company has won
Consumer Electronics Show (or CES) awards for innovation for the
years 2005 to 2024 and several wireless technology innovation
awards among others. Founded in 1997, Vuzix is a public company
(NASDAQ: VUZI) with offices in: Rochester, NY; and Kyoto and Tokyo, Japan. For more information,
visit the 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 potential impact of investments, the completion of tranche the
second and third investment tranches, Vuzix Smart Glasses, our
business relationship and future business opportunities with Quanta
Computer and their customers 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.
Vuzix 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, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com
www.vuzix.com
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SOURCE Vuzix Corporation