Vuzix's shareholder letter highlights key developments that position the company for significant market success

– Partnership and strategic 20 million dollars Investment from Quanta Computer with the first 10 million dollars receive; focused on large-scale manufacturing of waveguides and developing AI smart glasses for the broad markets.

– Vuzix waveguide technology continues to be at the forefront and at the heart of AI smart glasses.

– Expanding OEM/ODM capabilities and recent partnerships with Quanta, Garmin and others.

– Implement key initiatives to improve operational efficiency, including reducing capital expenditures and headcount.

ROCHESTER, N.Y, Oct 2, 2024 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or the “Company”), a leading provider of AI smart glasses and augmented reality (AR) technology and products, today announced the release of its October 2024 Letter to shareholders providing information about current milestones, operational improvements and the company's positive future prospects.

“We are committed to transparency and keeping our shareholders informed of exciting developments at Vuzix,” he said Paul TraversCEO and President of Vuzix. “This letter highlights our recent successes and strategic partnerships that position us for growth in an evolving industry. With over a decade of research and development, Vuzix has pioneered AI smart glasses across multiple industries, achieving breakthroughs in form factors and waveguide technology at scale. Despite recent advances due to market pressures, the fundamentals of our business have never been stronger. We remain focused on executing our strategy and believe that those who invest with us for the long term will realize the full value of Vuzix's future growth.

Highlights from the shareholder letter:

• Quanta Computer's partnership and strategic investment with the first of 10 million dollars received and another 10 million dollars The focus is on large-scale waveguide manufacturing and joint development of new AI smart glasses for broader markets.

• Vuzix waveguide technology continues to be at the forefront and at the heart of AI smart glasses.

• Expanding OEM/ODM capabilities and current partnerships with Quanta, Garmin and Avegant.

• Exploring market opportunities for companies with Vuzix AI smart glasses, including Vuzix Z100™.

• In 2024, Vuzix implemented key initiatives to increase operational efficiency, including reducing capital expenditures and headcount.

For more details on Vuzix's latest developments and future plans, read the full shareholder letter on Vuzix's investor relations website.

About Vuzix Corporation

Vuzix is ​​a leading developer, manufacturer and marketer of AI-powered smart glasses and augmented reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted intelligent personal displays and wearable computing devices, providing users with a wearable, high-quality viewing experience, providing solutions for mobility, wearable displays and augmented reality, as well as OEM optical waveguide components and display engines. Vuzix holds more than 400 patents and pending patents as well as numerous IP licenses in the areas of optics, head-mounted displays and augmented reality wearables. The company has won Consumer Electronics Show (or CES) innovation awards from 2005 to 2024 and multiple wireless technology innovation awards, among others. Founded in 1997, Vuzix is ​​a publicly traded company (NASDAQ: VUZI) with offices in: Rochester, NY; And Kyoto and Okayama, Japan. For more information, see Vuzix website, Twitter And Facebook pages.

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Disclaimer for Forward-Looking Statements

Certain statements contained in this press release constitute “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 press release relate to Vuzix's OEM solutions and waveguides, its new manufacturing processes, future partnerships and revenue growth, and, among other things, the Company's leadership position in the smart glasses and AR display industries. 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 on the Company's beliefs and assumptions as of the date of this press release. The Company's actual results may be described in more detail due to risk factors and other items set forth in the “Risk Factors” section of the Company's annual reports and MD&A filed with the U.S. Securities and Exchange Commission and applicable Canadian securities regulatory authorities ( Copies of available at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company expressly disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances occurring after the date of this press release, except as required by law.

Vuzix Contact for Media and Investor Relations:

Ed McGregorDirector of Investor Relations,
Vuzix Corporation
[email protected]
Phone: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor information – [email protected] www.vuzix.com

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SOURCE Vuzix Corporation