Rochester, NY /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 entered into an Joint Development Agreement ("Agreement") with power management company Eaton to develop an ATEX intrinsically safe smart glasses solution. Vuzix is partnering with Eaton for this joint product development because of Eaton's innovation and expertise in intrinsically safe certifications and solutions for harsh and hazardous areas through its Crouse-Hinds series solutions.
The new ATEX smart glasses will be on display in Eaton's booth #4838 at the 2019 Offshore Technology Conference (OTC) from May 6 to 9 at NRG Park in Houston. Utilizing an interactive experience, visitors will learn about this unique, hands-free solution for efficient and accurate access to information, data collection, and communication.
Vuzix today is currently a leader in enterprise smart glasses and this expansion into a new market segment will further the Company's position as a leader in wearable enterprise solutions. The ATEX intrinsically safe smart glasses market represents a significant new addressable market for Vuzix that is ripe for innovation and disruption. Eaton is a leading provider of electrical and instrumentation products for harsh and hazardous environments. Eaton's Crouse-Hinds series solutions are designed to perform to the highest standard of safety and reliability, keep people safe and keep plants running.
Hazardous atmospheres in the workplace can be caused by flammable gases, mists or vapors or by combustible dusts. These new ATEX certified smart glasses are being designed to work in these challenging environments. At the same time, they will be fully software and accessory compatible with all existing M-series products, which will make for easy deployment of standard M-Series products right alongside their ATEX certified versions within the corporate infrastructure from IT to HR to the worksite.
"Eaton's expertise in intrinsically safe certifications and solutions for harsh and hazardous locations bring immediate value to the table towards the creation and rapid development of a Vuzix ATEX certified smart glasses platform," said Paul Travers, President and Chief Executive Officer at Vuzix. "The joint development between Vuzix and Eaton will leverage the expertise of both organizations to manufacture, market and sell industry leading ATEX certified smart glasses."
Further details on the M-Series ATEX model should be available by mid-summer with shipments expected to commence in fall 2019.
For more information on Eaton, visit www.Eaton.com
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 153 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 2019 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, Barcelona, Spain and Tokyo, Japan. For more information, visit Vuzix website, Twitter and Facebook pages.
Forward-Looking Statements Disclaimer
Certain statements contained in this news 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 our business relationship with Eaton, the ultimate success and date of availability of Vuzix ATEX products jointly developed with Eaton, and among other things the Company's leadership in the Smart Glasses and AR display industry. 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 upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items 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.
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