WEST HENRIETTA, NY, November 3, 2022
Vuzix is eligible up to $1 million from Empire State Development to support regional job creation through the Excelsior Employment Tax Credit Program
HENRIETTA WEST, NY, November 3, 2022 /PRNewswire/ — Vuzix® Corporation (NASDAQ: VUZI), (“Vuzix” or the “Company”), a leading provider of smart eyewear and augmented reality (AR) technologies and products, is pleased to announce that the company has signed a new lease for space in a building adjacent to its West Henrietta headquarters for the express purpose of increasing its waveguide production capacity.
The 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 prepared for volume production over the next six months at this new ISO 9001 facility. The expanded facility will include a Class 1000 clean room in addition to house the optics and manufacturing equipment needed to support the development process of Vuzix’s proprietary waveguide. This action is expected to increase the Company’s annual production capacity to more than one million units in the first half of 2023.
In connection with this expansion, Vuzix is eligible up to $1 million through Empire State Development’s (ESD) Excelsior Jobs Tax Credit program in exchange for job creation commitments. ESD is the New York one the state’s main economic development agency and has approved this level of support for Vuzix subject to its program rules.
“The optical, weight and power advantages offered by Vuzix waveguides are well appreciated by our partners in the enterprise, defense, consumer and other markets. With the growing demand for custom configured waveguides that are emerging for us, this is an opportune time for Vuzix to ramp up our waveguide production capability,” said Paul Travers, President and CEO of Vuzix. “All Vuzix OEM solutions are designed and manufactured in-house here New York Stateprotected by an extensive IP portfolio and supported by facilities equipped to deliver at scale and at a competitive price to key customers.”
About Vuzix Corporation
Vuzix is a leading provider of smart eyewear and augmented reality (AR) technologies and products for the consumer and enterprise markets. The Company’s products include personal displays and portable computing devices that provide users with a high-quality portable viewing experience, provide solutions for mobility, portable displays and augmented reality. Moviynt®, an SAP-certified SaaS ERP logistics solutions provider, is a 100% subsidiary of Vuzix. Vuzix holds 259 patents and patents pending and numerous IP licenses in the field of video eyewear. The company has won innovation awards at the Consumer Electronics Show (or CES) for the years 2005 to 2022 and several wireless technology innovation awards, among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in West Henrietta, NY, Oxford, United Kingdomand Tokyo, Japan. For more information, visit the Vuzix website, Twitter and Facebook pages.
Disclaimer of Forward-Looking Statements
Certain statements contained in this press release are “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. The forward-looking statements contained in this release relate to the capabilities and capabilities of its new expanded waveguide manufacturing, and the company’s leadership in the smart glasses and AR display industry. They are usually identified by words such as “believes”, “may”, “expects”, “anticipates”, “should” and similar expressions. Readers should not place undue reliance on these forward-looking statements, which are based on 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 matters described in more detail in the “Risk Factors” section of the Company’s annual reports and MD&A filed with the Securities and Exchange. United States Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com Where 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 changes in events or circumstances after the date of this release, except as required by applicable law.
Vuzix Media Contact and Investor Relations:
Ed McGregorDirector of Investor Relations,
Tel: (585) 359-5985
Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 United States,
Investor information – [email protected]www.vuzix.com
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