Wearable Devices Entered an MOU with a Leading XR Smart Glasses OEM for its Mudra Licensing Program
02 Outubro 2023 - 9:30AM
Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or
the “Company”), a technology growth company specializing in
AI-powered touchless sensing wearables, today announced the signing
of a non-binding Memorandum of Understanding (“MOU”) under its
newly launched Mudra licensing program. The MOU has been signed
with a leading Chinese original equipment manufacturer (“OEM”) of
extended reality (“XR”) smart glasses.
Under the terms of the MOU, the XR smart glasses OEM will
explore deploying Wearable Devices' touchless technology into its
own product suite. As defined in the MOU, upon successful
evaluation, the parties would enter into a commercial license
agreement.
This MOU is a testament to Wearable Devices' commitment to
expanding its cutting-edge technology through strategic
partnerships, and it marks a significant milestone in the Company's
journey toward defining the future of human-device interaction.
Wearable Devices recently announced its new licensing program
for the B2B market, the ‘Mudra Licensing’. With the new program,
the Company will provide a royalty-based license agreement, where
OEMs =will have the right to manufacture by themselves a custom
reference design version combined with the Company’s touchless
control technology.
“We're thrilled to partner with one of the major players in the
XR market," said Asher Dahan, Chief Executive Officer of Wearable
Devices. This collaboration could significantly advance the
capabilities of XR smart glasses and headsets as well, offering
users a more intuitive and immersive experience.”
About Wearable
Devices Ltd. Wearable Devices Ltd. is a growth
company developing AI-based neural input interface technology for
the B2C and B2B markets. The Company’s flagship product, the Mudra
Band for Apple Watch, integrates innovative AI-based technology and
algorithms into a functional, stylish wristband that utilizes
proprietary sensors to identify subtle finger and wrist movements
allowing the user to “touchlessly” interact with connected devices.
The Company also markets a B2B product, the Mudra Inspire, which
utilizes the same technology and functions as the Mudra Band and is
available to businesses on a licensing basis. Wearable Devices is
committed to creating disruptive, industry leading technology that
leverages AI and proprietary algorithms, software, and hardware to
set the input standard for the Extended Reality, one of the most
rapidly expanding landscapes in the tech industry. The Company’s
common stock and warrants trade on the Nasdaq Capital Market under
the symbols “WLDS” and “WLDSW,” respectively.
Forward-Looking Statement DisclaimerThis press
release contains “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are
intended to be covered by the “safe harbor” created by those
sections. Forward-looking statements, which are based on certain
assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as “believe,” “expect,” “may,” “should,”
“could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate”
or other comparable terms. For example, we are using
forward-looking statements when we discuss the entry into a
definitive commercial license agreement, future expansion of our
technology through strategic partnerships and the potential
benefits of the collaboration with the leading XR smart glasses
OEM. All statements other than statements of historical facts
included in this press release regarding our strategies, prospects,
financial condition, operations, costs, plans and objectives are
forward-looking statements. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our use of proceeds from the
offering; the trading of our ordinary shares or warrants and the
development of a liquid trading market; our ability to successfully
market our products and services; the acceptance of our products
and services by customers; our continued ability to pay operating
costs and ability to meet demand for our products and services; the
amount and nature of competition from other security and telecom
products and services; the effects of changes in the cybersecurity
and telecom markets; our ability to successfully develop new
products and services; our success establishing and maintaining
collaborative, strategic alliance agreements, licensing and
supplier arrangements; our ability to comply with applicable
regulations; and the other risks and uncertainties described in our
annual report on Form 20-F for the year ended December 31, 2022,
filed on March 22, 2023 and our other filings with the SEC. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Investor Relations Contact
Walter FrankIMS Investor
Relations203.972.9200wearabledevices@imsinvestorrelations.com
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