Vuzix Signs Distribution Agreement with Japan-based ASK Corporation and Receives Initial Volume Smart Glasses Order
ROCHESTER, N.Y., June 14, 2023 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today announced that it has entered into a distribution agreement with ASK Corporation ("ASK"), a Tokyo-based leading distributor providing products, services and solutions to consumer, commercial, and professional users of IT equipment. Vuzix has received and is now shipping against a large volume purchase order from ASK, who will distribute Vuzix products to its customers across Japan. The agreement marks a significant milestone in the advancement of AR technology and its widespread adoption in Japan.
The distribution partnership aims to capitalize on the increasing demand for innovative AR solutions across various industries, such as healthcare, manufacturing, retail, and more in Japan. ASK will leverage its extensive industry expertise and market reach to grow Vuzix business in Japan by:
Collaborating with Existing Vuzix Partners: ASK will work closely with Vuzix' current channel and technology partners in Japan to strengthen relationships and enhance the distribution network. By leveraging these established connections, ASK will maximize the availability and accessibility of Vuzix' cutting-edge AR glasses technology to customers across the country.
Enhancing Brand Presence and Market Salience: ASK will focus on strengthening the brand presence of Vuzix AR solutions in Japan. Through strategic marketing initiatives, ASK will raise awareness of the immense value and practical applications of AR technology. By showcasing the potential of AR, both companies aim to inspire industries and consumers to embrace this transformative technology.
Uncovering Untapped Business Opportunities: ASK will actively pursue untapped business opportunities to generate revenue and drive market expansion for Vuzix in Japan. Through thorough market research and a deep understanding of customer needs, ASK will identify unexplored sectors and develop tailored AR solutions that provide significant business benefits.
Kazuhiko Muto, CEO of ASK Corporation, expressed his enthusiasm for the partnership, stating, "We believe that the innovative and practical use of AR technologies in Japan will greatly contribute to Vuzix' position as the market leader. ASK Corporation is fully committed to promoting Vuzix' cutting-edge AR glasses technology, fostering its adoption, and unlocking its immense potential across various industries."
"We are thrilled to be partnering with ASK, a leading distributor that is well positioned to provide us with new and diverse distribution opportunities in a high demand region," said Paul Travers, President and CEO of Vuzix. "By combining Vuzix' world-class AR glasses technology with ASK's market expertise and distribution capabilities, this agreement will help revolutionize the way people interact with technology in Japan."
About ASK Corporation
ASK Corporation, headquartered in Tokyo, Japan, is a leading distributor providing products, services, and solutions to consumer, commercial, and professional users of IT peripherals, mobile electronics, high-end audio, enterprise computing solutions, and professional videography equipment. Providing real solutions to real market needs as a trusted "full-service" partner, ASK Corporation, since its inception in 1997, differentiates itself with an unwavering commitment and dedication to providing end-to-end services to vendor suppliers, channel resellers, and end-users - from the pre-sales market research to customer-centric technical support - to establish and grow vendor brands with years of industry segment market knowledge, an exceptional array of accessible channel partners, productive and relationship-minded sales force, and innovative marketing strategies. ASK Corporation partners with a multitude of top-tier technology vendors, primarily based in North America, Europe, and Taiwan.
About Vuzix Corporation
Vuzix is a leading designer, manufacturer and marketer of Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 300 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and augmented reality Video Eyewear field. Moviynt, an SAP Certified ERP SaaS logistics solution provider, is a Vuzix wholly owned subsidiary. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2023 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; Munich, Germany; and Kyoto and Tokyo, Japan. For more information, visit the Vuzix website, Twitter and Facebook pages.
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 Smart Glasses, our business relationship and future opportunities with ASK Corporation and its customers, 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.
Vuzix Media and Investor Relations Contact:
Ed McGregor, Director of Investor Relations,
Tel: (585) 359-5985
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SOURCE Vuzix Corporation
Released June 14, 2023