Vuzix Receives $1.9 Million Follow-on Display Engine Electronics Order for US Army
ROCHESTER, N.Y., June 28, 2011 /PRNewswire/ -- Vuzix Corporation (TSX-V: VZX, OTC:BB: VUZI, FMB: V7X) announced today that it has received a $1.9M follow-on production order for display engine electronics for the US Army's Thermal Weapon Sight (TWS) program. This order, to be fulfilled over the next 6 - 8 months, supports continued production of Vuzix' low power display electronics for the Light, Medium, and Heavy Thermal Weapon Sights.
"Vuzix is part of a three company subcontracting team to the US military delivering our proprietary, high reliability, low power electronics modules," said Paul Travers president of Vuzix Corporation. "We look forward to additional orders for our products used in thermal weapon sights, thermal night vision programs, and the upgrades to the low-light image intensifiers currently in the field."
Vuzix has a line of electronics and display engine modules used for both thermal night vision and image intensifier upgrades.
About Vuzix Corporation
Vuzix is a leading supplier of Video Eyewear products in the defense, consumer and media & entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, thermal sighting systems, tactical wearable displays and virtual and augmented reality. With its origins in defense research and development for next generation display solutions, Vuzix holds over 51 patents in the Video Eyewear field. The company has won 9 Consumer Electronics Show Innovations Awards, the RetailVision Best New Product and several wireless technology innovation awards, among others. Founded in 1997, Vuzix is a public company (TSX-V: VZX, OTC:BB: VUZI, FMB: V7X) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. For more information visit www.vuzix.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this 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, among other things, future follow-on and other orders, new opportunities, the Company's expectation that these display engine electronics will be delivered over the next 6 to 8 months and the Company's leadership in the Video Eyewear 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, including US Army's cancellation of the Thermal Weapon Sight program, 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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SOURCE Vuzix Corporation
Released June 28, 2011