Business
Vuzix Leases New Manufacturing Space to Support the Expansion of Its Waveguide Production Capacity
Vuzix is eligible for up to $1 million from Empire State Development to support regional job creation through the Excelsior Jobs Tax Credit Program WEST
About this update from Vuzix Corporation
[{"type":"text","content":"Vuzix is eligible for up to $1 million from Empire State Development to support regional job creation through the Excelsior Jobs Tax Credit Program\nWEST HENRIETTA, N.Y., Nov. 3, 2022 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), (\"Vuzix\" or, the \"Company\"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, is pleased to announce that the Company has signed a new lease for floor space in a building adjacent to its West Henrietta headquarters for the express purpose of expanding its waveguide production capacity.\n\n \n \n \n \n \n \n\n \nThe lease is for partial occupancy of the building with an option to lease the entire building as needed for future phase expansion. Waveguide production equipment has already been purchased and will be installed and prepped for volume output over the next six months in this new ISO 9001 facility. The expanded facility will feature a Class 1000 cleanroom in addition to housing the optics and manufacturing equipment needed to support Vuzix' propriety waveguide development process. This action is expected to increase the Company's annual production capacity to well over one million units during the first half of 2023. \nRelated to this expansion, Vuzix is eligible for up to $1 million through Empire State Development's (ESD) Excelsior Jobs Tax Credit program in exchange for job creation commitments. ESD is New York's State's chief economic development agency and has approved this level of support for Vuzix subject to its program rules.\n\"The optical, weight and power advantages offered by Vuzix waveguides are well appreciated by our partners in enterprise, defense, consumer and other markets. With the growing demand for custom configured waveguides emerging for us, it is an opportune time for Vuzix to be ramping its waveguide production capacity,\" said Paul Travers, President and CEO of Vuzix. \"All Vuzix OEM solutions are designed and manufactured in-house here in New York State, protected by a deep IP portfolio, and supported by facilities equipped to supply at scale and at a cost competitive price for key customers.\"\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 comput...