Date Announced: 20 Oct 2020
ROCHESTER, NY, USA -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced it has received a follow-on order from a major US defense contractor to further develop a customized waveguide-based head worn AR Display Engine.
This order represents the second phase of this development effort, which was first announced in March 2020. Phase 2 will generate additional non-recurring engineering (NRE) revenue in the lower six figure range for Vuzix over the coming months. with potentially further NREs in subsequent phases before a possible customer acceptance of a final product design that could lead to an eventual production program.
"We are very pleased with the progress we continue to make with this major US defense contractor as we pursue a production opportunity with them," said Paul Travers, President and CEO of Vuzix. "OEM custom waveguide-based projects such as this represent a profitable vehicle for leveraging our extensive optical expertise and IP and we look forward to announcing further developments with this firm as this project proceeds."
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 179 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 2020 and several wireless technology innovation awards among others.
Web Site: www.vuzix.com