Vuzix® Corporation, a leading supplier of Smart Glasses, Augmented Reality (AR) technology and products for the consumer and enterprise markets, is pleased to announce that the Company has signed an agreement with a new major US defense contractor to build a customized waveguide-based optics engine. Under the terms of the first phase of the agreement, Vuzix and our new customer have agreed upon an upfront payment and phase-gated development milestones and payments.
Phase 1 is expected to generate initial non-recurring engineering (NRE) revenue over the next 6 months for Vuzix with potentially greater NREs in subsequent phases before an accepted final product design is expected to lead to a volume production order.
“We are excited to enter into this partnership and believe it represents a strong vote of confidence in our capabilities and recognition of our leading position within the waveguide optics technology space,” said Paul Travers, President and Chief Executive Officer at Vuzix. “Additionally, the agreement demonstrates how Vuzix is able to leverage our industry leading optics technology and partner with top US Defense contractors across a variety of vertical markets.”
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 150 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 2020 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.
