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Vuzix Delivers Customized Waveguide-Based HMD System to a Global Aerospace Firm to Complete Phase IV of this Product Development Program
ROCHESTER, N.Y., July 16, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and
About this update from Vuzix Corporation
[{"type":"text","content":"ROCHESTER, N.Y., July 16, 2020 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), (\"Vuzix\" or, the \"Company\"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced it has delivered a customized commercial and defense avionics waveguide-based head mounted display (HMD) system to a global Tier-1 Aerospace firm as part of the work effort associated with the fourth phase of product development for this customer. \n\n \n \n \n \n \n \n\n \nThe customized HMD development program with this Tier-1 Aerospace firm that is targeting their commercial and defense customer base has continued to expand and move towards volume production orders since it was first announced in 2018. Phase IV of this program was originally announced by Vuzix on April 20, 2020. To date, the Company has now received approximately $1,300,000 in non-recurring engineering services revenues on this program. As part of the next steps, the customer and the Company are now negotiating a supply agreement for volume production of this customized HMD waveguide and HD display engine product, with deliveries commencing as early as fall 2020. Contemplated quantities should represent a significant revenue opportunity for Vuzix, with ongoing deliveries over several years depending on end customer demand. \n\"We are very pleased with the progress we continue to make with this major aerospace/defense customer as we pursue a significant production opportunity in the avionics space,\" said Paul Travers, President and CEO of Vuzix. \"OEM custom waveguide-based projects such as this should represent a profitable vehicle for leveraging our extensive optical expertise and IP and we look forward to announcing further developments with this firm, as well as numerous others, going forward.\" \nAbout Vuzix Corporation \nVuzix 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 166 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...