Vuzix Enters into an Agreement with L3Harris Technologies to Develop a New Customized Waveguide-based HMD System
ROCHESTER, NY, August 2, 2022 – 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 that the Company has signed an agreement with L3Harris Technologies (“L3Harris”) to develop a customized waveguide-based optics engine that is intended to be used in headborne systems designed for military applications.
This initial development is part of a phased effort that will ultimately address a broad market for U.S. and allied military personnel. Under the terms of this new agreement, the customized waveguide-based engine prototypes Vuzix will develop and deliver in 2022 will offer a high brightness, high index waveguide design with a wide FOV (field-of-view) that will provide warfighters with a lightweight see-through display solution that will be clear and viewable under all types of field and battle conditions.
“L3Harris continues to engage with small-business partners with our focus as an agile technology disruptor. The unique technologies Vuzix has developed are well matched for our defense applications and will enable expansion of our current product offerings,” said Matthew Renzi, Sr. Director of Engineering at L3Harris Integrated Vision Solutions. “This phased development will enhance the daytime augmented reality capabilities of existing L3Harris products. Partnering with Vuzix ensures manufacturing of components critical to the growth and advancement of our technology remains firmly rooted in the United States.”
“We are excited to enter into this agreement with an industry leader such as L3Harris and believe it represents yet another strong vote of confidence in our capabilities and recognition of our leading position within the waveguide optics technology space,” said Paul Travers, President and Chief Executive Officer at Vuzix. “Additionally, the agreement continues to demonstrate how effectively Vuzix has been able to leverage our industry-leading smart glasses technologies that we have long had in development for the enterprise market.”
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 augmented reality. Vuzix holds 247 patents and 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 2022 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. For more information, visit the Vuzix website, Twitter and Facebook pages.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has more than $17 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com
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 Vuzix’ business growth with the defense partner, future orders, including potential volume production and the ultimate success of this program 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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