Vuzix Receives $7.1 Million Order from "SWORD™" in Advance of Global Security Product Rollout
ROCHESTER, N.Y., Nov. 7, 2019 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announces that the Company has entered into a reseller agreement with SWORD and received a $7.1 million purchase order representing over 10,000 units of Vuzix Blade® Smart Glasses in advance of the global rollout of the SWORD™ Enterprise security product. Volume deliveries under the purchase order are currently expected to begin in Q3-2020 and ramp throughout the year into the first half of 2021 as SWORD's customer orders and product deployments are finalized. This purchase commitment from SWORD requires their payment to Vuzix in advance of Blade deliveries, and SWORD Enterprise orders are expected to be pre-funded by required customer deposits. In addition to the purchase order, SWORD also expects to purchase initial quantities of Blades in early 2020 for testing and customer evaluation.
The SWORD Enterprise solution is a mobile-based threat detection solution with multi-tier technologies for concealed weapons detection, facial recognition and gunshot detection. Vuzix Blade Smart Glasses will be included in each SWORD Enterprise system. The Blade's see-through display will allow security personnel to quickly and inconspicuously receive real time critical threat notifications through a hands-free scanning device while navigating various environments. Customers of the SWORD Enterprise solution include professional sporting arenas, public safety providers, security firms, banks, public schools, airports, Federal Agencies and telecommunications providers.
"Vuzix Blade Smart Glasses are the ideal wearable solution to pair with our SWORD Enterprise solution as the see-through smart glasses allow our customers to stay engaged with their environment, while also simultaneously receiving critical alerts related to safety threats from near or across the building from the SWORD detection system," said Barry Oberholzer, Founder and CEO of SWORD™. "We look forward to a long-term relationship with Vuzix as a smart glasses supplier and technology partner."
"The combination of technology offerings between Vuzix and SWORD has all the makings of a disruptive and game changing product offering for public safety and the security industry," said Paul Travers, President and Chief Executive Officer at Vuzix. "We have been working closely with SWORD over the last several months and are excited to support this solution combining our market leading technologies to deliver value across SWORD's customer base."
About SWORD (Royal Holdings Technology Corporation)
SWORD™ is the world's first mobile IoT security solution threat detection platform that combines the latest in state-of-the-art technologies to identify concealed threats and known threat actors. The SWORD mobile- based security solution is affordable, safe and non-invasive, allowing for greater security at schools, concert venues, airports, corporate buildings and much more. SWORD is a private entity and was founded in 2018; additional information about the company and its products can be found on the SWORD website.
About Vuzix Corporation
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 147 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 2019 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, and Tokyo, Japan. For more information, visit 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, SWORD™, the relationship between them, the timing of expected shipments, Vuzix' ability to volume manufacture the Vuzix Blade, SWORD's ability to secure required prepaid customer deposits or other sources of funding (SWORD is a start-up entity, and accordingly there is risk that they may not have the ability to fulfill its obligations as they become due, including its payment obligations under the purchase order announced in this press release), the overall dollar amount of actual business with SWORD, and Vuzix' leadership in the Smart Glasses and AR display industry, among other things. 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 but not limited to risks associated with early-stage emerging technologies, working capital funding, timing of required regulatory approvals and execution of the global rollout of the SWORD™ Enterprise security product, as well as other items described in more detail in the Company's Annual Reports and other filings with the United States Securities and Exchange Commission (including, without limitation, those described in the "Risk Factors" and "Management's Discussion and Analysis" sections in such filings), 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.
Media and Investor Relations Contact:
Ed McGregor, Director of Investor Relations, Vuzix Corporation email@example.com Tel: (585) 359-5985
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SOURCE Vuzix Corporation
Released November 7, 2019