Company Highlights 2020 Business Activities and Expectations
Vuzix Corporation, a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced that the Company has issued a June 2020 Letter to Shareholders to provide an update on recent events and highlight its future outlook for the upcoming quarters.
2020 has proven to be a year that will go down in history with the COVID-19 pandemic and how it is changing the way enterprise and the world will work going forward. Remote support and business continuity through hands-free access to connected information is becoming key. The Vuzix shareholder letter explains some of the impact of these changes at Vuzix including the significant growth of inbound interest and sales for the Company’s enterprise and medical smart glasses solutions.
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Looking ahead for the balance of 2020, the letter also discusses:
- The commencement of volume production of Vuzix’ new M4000 smart glasses this summer, which utilize the Company’s next generation see-through waveguides
- Ongoing improvements in waveguide manufacturing, resulting in higher yields and expanded production capacities
- The further expansion in contracts for engineering services program engagements, with others in the pipeline as well as OEM component and product programs
- Highlights regarding plans for the development of Vuzix’ next-generation waveguide optics for use with MicroLEDs that allow the creation of very small high performing display technologies
- Vuzix’ intellectual property portfolio, now consisting of 157 patents and patents pending, as part of the Company’s further expansion of its leadership position and in-depth knowledge of near-eye display technologies
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“This letter provides our investors and shareholders with a recap on how we’ve been able to adapt and remain flexible with our operations despite the impact of COVID-19. We discuss our recent capital raise, the emergence of tele-medicine opportunities, interest-generating webinars, and other achievements during the first half of 2020. We look forward to providing further updates on the advancements we are making in the smart glasses industry over the balance of this year,” said Paul Travers, CEO and president, Vuzix.
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