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SOURCE Vuzix Corporation
Delivery follows U.S. DARPA's ~$1.3 million funding of Vuzix' technology development program
ROCHESTER, N.Y., Oct. 23, 2013 /PRNewswire/ -- Vuzix Corporation (OTC QB: VUZI), a leading supplier of Video Eyewear and Smart Glasses products in the consumer, commercial and entertainment markets, announced today that it has developed, manufactured and completed the shipment its first high-definition see-thru holographic optical display systems to the U.S. Military's Defense Advanced Research Projects Agency (DARPA) for use in the Persistent Close Air Support (PCAS) program in the battlefield arena. The systems are designed for use by Joint Terminal Attack Controllers (JTAC).
Although Vuzix sold its Tactical Display Group which served the military and defense market in June of 2012, the Company continues certain select R&D programs with the U.S. Department of Defense to create next-generation optical waveguide technologies that can provide battlefield and intelligence advantages for U.S. Soldiers. Vuzix' technologies are also designed to reduce collateral damage and potential fratricide to friendly forces. Military technologies created under these Department of Defense programs, funded the by government, have strong crossover potential into the consumer markets.
These high-definition see-thru holographic optical display systems shipped by Vuzix offer soldiers access to critical data which is displayed in the 720p optical see thru waveguide display. The helmet-mounted display is overlaid with an electronic shutter which allows the operator to adjust the tint of the lens for increased performance in high brightness or outdoor settings. Enabling technologies for the system include manned/unmanned airborne platforms, next generation graphical user interfaces, data links, digital guidance and control, and advanced targeting and visualization tools.
Vuzix President and CEO Paul Travers commented, "We are very pleased to deliver this next-generation system, which offers a competitive step-up for our military personnel to improve our ground forces' safety and effectiveness. We intend to continue the advancement of our waveguide technology through R&D programs in conjunction with various agencies within the U.S. Department of Defense. Vuzix benefits by receiving non-dilutive funding to develop the advanced optical systems which can translate into commercial applications, while contributing our Company's expertise towards the safety and success of our military forces and our nation's security."
About Vuzix Corporation
Vuzix is a leading supplier of Video Eyewear products in the consumer, commercial and entertainment markets. The Company's products include personal displays and wearable computing devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 33 patents and 15 additional 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 2013 and several wireless technology innovation awards, among others. Founded in 1997, Vuzix is a public company (VUZI) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan.
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 and include the completion of the high-definition see-thru holographic optical waveguide display system, future R&D programs and development work with U.S. Government, the application and sale of such technologies outside the defense sector, the value of the IP portfolio, among other things, and the Company's leadership in the Video Eyewear 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.
For further investor and media information contact:
or IR@Vuzix.com or 585-359-7562
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