Vuzix Corporation (TSX-V: VZX) (OTCBB: VUZI) (FRANKFURT: V7X) is a leading supplier of Video Eyewear products. Vuzix has offices in Rochester, New York, Oxford, United Kingdom, and Tokyo, Japan.
The Video Eyewear Market is broad and includes:
- Defense and Industrial
- Consumer
- Media & Entertainment
The Company’s products, personal display devices, offer users a portable large screen viewing experience.
Vuzix solutions are designed for:
- Mobility
- Thermal Sighting Systems
- Tactical Wearable Displays
- Virtual and Augmented Reality
- Games & Video Viewing
Patents
With its origins in defense research and development for next generation display solutions, Vuzix holds over fifty-one patents in the Video Eyewear field and was founded in 1997.
Awards
The Company has won nine Consumer Electronics Show Innovations Awards, the Retail Vision Best New Product and several wireless technology innovation awards, among others.
Successful Fund Raising
Recent capital raising activities, included $4 million raised just prior to the close of the 2010 fiscal year and the recently announced $2 million revolving credit facility, positions the company on a firmer basis for the year occurring in the first half of 2011.
Shipments of Tac-Eye LT(R) Displays to the U.S. Air Force’s Battlefield Air Operations Kit Program
The award is expected to represent approximately $3 million of new business to Vuzix if all options of the contract are exercised, with these first deliveries representing over $1 million.
The Tac-Eye LT is a next generation wearable display solution for viewing computer data or video from a variety of video sensors. The system was developed over the last five years with funding support from various U.S. military commands including the Air Force Research Laboratory, Air Force Special Operations Command and the U.S. Special Operations Command.
Tac-Eye is a lightweight, ruggedized head mounted display built for military applications. The display mounts to any standard issue ballistic eyewear or helmet and connects to any laptop or computer system. It also has the ability to stream video from tactical cameras, unmanned aircraft and robots, unattended sensor systems, and some radio devices. Designed and tested to the 810G and IP67 environmental standards, the Tac-Eye LT is becoming the first choice for many Warfighter video applications.
Vuzix support for Battlefield Airmen provides instrumental input to the successful design and development of the Tac-Eye LT.
The combat reviews and comments from the Battlefield Airmen community allowed the Company to customize product to their specific needs and ultimately made Tac-Eye a better product. The Tac-Eye will help to increase the Airmen’s situational awareness, decrease their carried combat load, and increase their safety while on the battlefield.
Multiple Marketing and Development Partnerships
Nippon Steel Solutions Corporation Develop an Augmented Reality Solution based on Vuzix’ See-through Augmented Reality Glasses
Nippon Steel Solutions Corporation will develop an Augmented Reality solution based on Vuzix’ see-through Augmented Reality glasses. The solution uses Augmented Reality to refine and systematize the transfer of knowledge about manufacturing tasks so that these skills can be easily passed-on to the next generation of manufacturing worker.
The two organizations will commence commercial production of the solution, which combines Nippon Steel’s knowledgebase of manufacturing tasks and Vuzix’ see-through Augmented Reality glasses, the same glasses, code named ‘Raptyr,’ that recently earned an innovation award at the 2011 Consumer Electronics Show.
According to industry analysts, Japan’s manufacturing industry faces increasing labor shortages as their skilled baby-boomer work force retires. As a result Nippon Steel Solutions has developed Augmented Reality software solutions that helps transfer knowledge in a consistent way, anywhere and anytime. Vuzix’ advanced Augmented Reality see-through glasses provide a mobile, hands-free deployable platform that enables such a transfer. With the combined solution new manufacturing workers are able to view images, instructions and information that are super-imposed onto the real world, without consulting a manual or contacting a supervisor. This provides a learning context that would take hundreds of hours to duplicate in the classroom. It ensures NS Solutions’ ability to maintain a high standard amongst its work force and a high level of quality control at a lower cost.
Nippon Steel Solutions tested a number of Augmented Reality projection system alternatives and found that, except for Vuzix’ see-through glasses, they were inadequate for actual use in the field. The alternatives did not provide sufficient brightness or resolution, and they were too heavy and difficult to use.
This application brings tangible results and savings to organizations helping to drive growth of the Augmented Reality marketplace. This solution will be enabled through Vuzix software developer kit and Augmented Reality see-through Video Eyewear. The Company believes this has wide spread application among a broad range of industries around the world.
Vuzix and metaio Marketing and Development Partnership
Vuzix has developed a marketing and developing partnership for software systems with metaio Inc. GmbH combining its Augmented Reality software capability and Vuzix’s line of Augmented Reality-enabled Video Eyewear.
The two companies will work together to identify and deliver customer solutions that require both metaio’s Augmented Reality software capability and Vuzix’s line of Augmented Reality-enabled Video Eyewear to deliver head mounted display solutions for their customers.
Both metaio and Vuzix are leaders in and at the forefront of Augmented Reality markets with highly complementary offerings.
On a non-exclusive basis, the two companies will work with each other to assist customers in developing and delivering such solutions. The goal is together better address this rapidly emerging market need.
- Vuzix will provide its award winning Video Eyewear products and engineering services
- metaio will provide its leading software platforms and software engineering capability
Vuzix and metaio have identified a number of common customers that require integrated hands-free Head Mounted Display Solutions.
Head Mounted Display Solutions are employed in:
- Marketing and advertising
- Assembly
- Maintenance
- On-site and on the factory floor problem solving
- Training and education
- Entertainment
metaio Inc. GmbH has provided software for over eight years and Vuzix is the first company to deliver a complete line of Augmented Reality-enabled Video Eyewear, which includes both digital and optical see-through glasses that are high resolution and easy to wear.
As part of the new relationship each will become members of the respective company’s Premier Developer Partner network.
metaio’s Unifeye(R) software suite is compatible with Vuzix’ most recent software development kit.
Being a part of each other’s partner network will entitle each company to previews and advance release product to ensure seamless integration on future releases.
Vuzix will also attend metaio’s Inside AR 2011 Fair to be held September 26 to 27, 2011 in Munich, Germany.
‘Limited Edition’ Wrap 920 VR Bundle for PC Gamers
‘Limited Edition’ Wrap 920 VR bundle for PC gamers provides gamers a ‘virtual’ in game experience and a significant advantage over their opponents.
The bundle offers the ability to experience stereo 3D PC gaming on a new level thanks to the inclusion of the latest Vuzix accessory, the Wrap Tracker 6TC for head tracking and the Virtual Reality software manager.
The Wrap 920 video eyewear enables users to enjoy the ‘cinema in your pocket’ experience of viewing movies and music videos on a big screen when connected to an iPod Touch, iPhone or mobile device.
The VR Manager software is digitally downloaded from Vuzix and enables calibration of the head tracker, provides the 3D experience and also offers assistance with technical issues should they arise.
The success of the previous virtual reality iWear from Vuzix encouraged Vuzix to produce a product that could offer PC gamers a 3D experience as well as the head tracking facility.
Vuzix $1M Research Contract – Defense Advanced Research Projects Agency
Vuzix was awarded a research contract under the Defense Advanced Research Projects Agency’s (DARPA) Persistent Close Air Support Program.
Augmented Reality You Tube Video.
The award is for $1 million and will fund a one-year development program,of a next generation holographic optical display system for use by Joint Terminal Attack Controller.
Vuzix has designed and recently started production deliveries of similar but current generation devices for the Battlefield Air Operations Kit. The Persistent Close Air Support Program will help fund the development of a high definition micro display and a see-through holographic optic. This technology is based on Vuzix’ patented Blade Optical system.
Persistent Close Air Support will significantly increase Close Air Support capabilities for both the Joint Terminal Attack Controllers and airborne platforms by developing a system of technologies that provides continuous Close Air Support availability and lethality to the supported ground commander.
This next generation system offers a competitive step-up for military personnel. Recent advancements in micro display quality, combined with Vizux’ patented Blade Optical system, are enabling the delivery of the high definition head mounted displays which will help improve the ground forces’ safety and effectiveness.
Financial Foundation
Q4 YOY 40% Increase: Fourth quarter revenues of $55M compared to revenues of $3.9M for the same period last year, represents an increase of 40%.
Full Year 2010 Revenue, 3.1% Rise: For the twelve-month period ending December 31, 2010 revenues were $12.2M versus $11.9M, a rise of 3.1% that was constrained by previous working capital constraints.
Backlog of Defense Related Products
The Company ended the 2010 year with an order backlog of primarily Defense related products and expects revenues for Q1 to be up approximately 90% over the same period of 2010.
Innovation Award at the 2011 Consumer Electronics Show for Vuzix’ See-through AR-enabled Eyewear
Vuzix won an Innovation Award at the 2011 Consumer Electronics Show (CES) for its revolutionary see-through Augmented Reality eyewear. Code named “Raptyr”, the glasses look and wear like a conventional pair of glasses. However, through a holographic optics engine, the wearer can simultaneously view the real world around them and
computer-generated content.
Raptyr includes a 6-megapixel camera, industry standard VGA and USB interfaces and it utilizes Vuzix patented tracking and connectivity technology. These features enable a wide variety of mobile augmented reality applications, advanced information access and gaming capabilities to be brought to the wearer’s experience. Similar to watching a 70-inch flat panel television from a distance of 10-feet Raptyr is expected to be the most advanced video eyewear ever delivered.
Raptyr is the world’s first sunglass style Video Eyewear that is designed specifically for the wide variety of Augmented Reality applications that are in development for consumer, commercial,
medical, educational, gaming and defense markets. It provides a natural and easy to use interface to applications and it is a very powerful platform that offers a personalized and mobile home-theatre
experience that enables digital content to be mixed into a real worldview. Today Raptyr is compatible only with devices with VGA and USB interfaces. Future enhancements to the product will include
HDMI compatibility and connectivity for mobile devices such as the iPhone and Android phones.
Initial markets for Raptyr will be commercial and research applications. As enhancements are made to Raptyr and as sales volumes increase, the company expects consumer applications to become
available. At present, the company has not announced a release date for the product.
Raptyr has the potential to be an important enabling technology and a standard for mobile entertainment, games and applications.
Contact:
Vuzix Corporation
75 Town Centre Dr.
Rochester, New York
Tel: +1 (585) 359-5910
Charlotte Walker
VP Corporation Communications
IR@Vuzix.com
Web: 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, new opportunities from the partnership, the Company’s ability to capitalize on new opportunities and the Company’s leadership in the Video Eyewear industry. They are generally identified by words such as “plans,” “seeks,” “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 the timing of new product launches; delays in both hardware and software product development; and dependence on third parties for certain key components and other software deliverables. These risk factors and others are 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.
VUZI Disclosure: Pentony Enterprises LLC entered into an investor relations consulting and market awareness contract with Vuzix Corporation. We hold not shares and will not be receiving any shares. To avoid all potential conflicts of interest, we never sell shares into the open market during an active market awareness or investor relations program. This means that as we release new information about a particular client company either on our site or otherwise authored by us, you can be confident we are not selling shares at the same time. Pentony Enterprises is not a registered investment adviser or a broker/dealer. Pentony Enterprises LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. The Company has compensated eight thousand dollars for coverage. We have taken no shares. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk. Pentony Enterprises LLC – 1601 Berwick Drive – McKinney, Texas 75070 – (469) 252-3031.
