Vuzix Leases New Manufacturing Space to Support the Expansion of Its Waveguide Production Capacity - GuruFocus.com

Vuzix is eligible for up to $1 million from Empire State Development to enactment determination occupation instauration done the Excelsior Jobs Tax Credit Program

, /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a starring supplier of Smart Glasses and Augmented Reality (AR) exertion and products, is pleased to denote that the Company has signed a caller lease for level abstraction successful a gathering adjacent to its West Henrietta office for the explicit intent of expanding its waveguide accumulation capacity.

The lease is for partial occupancy of the gathering with an enactment to lease the full gathering arsenic needed for aboriginal signifier expansion. Waveguide accumulation instrumentality has already been purchased and volition beryllium installed and prepped for measurement output implicit the adjacent six months successful this caller ISO 9001 facility. The expanded installation volition diagnostic a Class 1000 cleanroom successful summation to lodging the optics and manufacturing instrumentality needed to enactment Vuzix' propriety waveguide improvement process. This enactment is expected to summation the Company's yearly accumulation capableness to good implicit 1 cardinal units during the archetypal fractional of 2023.

Related to this expansion, Vuzix is eligible for up to $1 million done Empire State Development's (ESD) Excelsior Jobs Tax Credit programme successful speech for occupation instauration commitments. ESD is New York's State's main economical improvement bureau and has approved this level of enactment for Vuzix taxable to its programme rules.

"The optical, value and powerfulness advantages offered by Vuzix waveguides are good appreciated by our partners successful enterprise, defense, user and different markets. With the increasing request for customized configured waveguides emerging for us, it is an opportune clip for Vuzix to beryllium ramping its waveguide accumulation capacity," said Paul Travers, President and CEO of Vuzix. "All Vuzix OEM solutions are designed and manufactured in-house present successful New York State, protected by a heavy IP portfolio, and supported by facilities equipped to proviso astatine standard and astatine a outgo competitory terms for cardinal customers."

About Vuzix Corporation

Vuzix is simply a starring supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the user and endeavor markets. The Company's products see idiosyncratic show and wearable computing devices that connection users a portable high-quality viewing experience, supply solutions for mobility, wearable displays and augmented reality. Moviynt®, an SAP Certified ERP SaaS logistics solution provider, is simply a Vuzix wholly owned subsidiary. Vuzix holds 259 patents and patents pending and galore IP licenses successful the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2022 and respective wireless exertion innovation awards among others. Founded successful 1997, Vuzix is simply a nationalist institution (NASDAQ: VUZI) with offices successful West Henrietta, NY, Oxford, UK, and Tokyo, Japan. For much information, sojourn the Vuzix website, Twitter and Facebook pages.

Forward-Looking Statements Disclaimer

Certain statements contained successful this quality merchandise are "forward-looking statements" wrong the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements contained successful this merchandise subordinate to the capabilities and capacities of its caller expanded waveguide manufacturing, and the Company's enactment successful the Smart Glasses and AR show industry. They are mostly identified by words specified arsenic "believes," "may," "expects," "anticipates," "should" and akin expressions. Readers should not spot undue reliance connected specified forward-looking statements, which are based upon the Company's beliefs and assumptions arsenic of the day of this release. The Company's existent results could disagree materially owed to hazard factors and different items described successful much item successful the "Risk Factors" conception 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 whitethorn beryllium obtained astatine www.sedar.com oregon www.sec.gov). Subsequent events and developments whitethorn origin these forward-looking statements to change. The Company specifically disclaims immoderate work oregon volition to update oregon revise these forward-looking statements arsenic a effect of changed events oregon circumstances that hap aft the day of this release, but arsenic required by applicable law.

Vuzix Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations,
Vuzix Corporation
[email protected]
Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – [email protected]www.vuzix.com

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SOURCE Vuzix Corporation