Innovative Eyewear, Inc. Announces Notice of Patent Allowance on Modular Smart Eyewear Technology
Rhea-AI Summary
Innovative Eyewear (NASDAQ: LUCY) has received a notice of allowance for its utility patent application on modular smart eyewear technology. The patent covers smartglasses with quick-disconnect hinges allowing users to customize their eyewear with different lens types and frontplate styles after purchase. The technology aims to provide versatility for various lens functionalities including sunglasses, reading glasses, and prescription lenses, while reducing electronic waste. The company, which develops smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, has not yet announced a product featuring this technology.
Positive
- Patent allowance strengthens intellectual property portfolio
- Technology could create new revenue streams through modular components
- Potential for reduced electronic waste could appeal to environmentally conscious consumers
Negative
- No product currently available with this technology
- Uncertain timeline for commercialization
News Market Reaction
On the day this news was published, LUCY declined 5.40%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
"User-interchangeable parts are a longstanding feature of popular consumer goods, and the value of this in eyewear is even greater than most products," said Harrison Gross, CEO of Innovative Eyewear. "This is due to the variety of lens functionalities sought by many consumers, such as sunglasses, reading glasses and all-day wear prescription lenses; not to mention the preference for some to have a variety of glasses for fashion purposes. Interchangeable hinges are a feature we have developed for future Lucyd eyewear products, to enable easier and more affordable customization, and less electronic waste, and this new patent protection will help us secure this feature for the smart eyewear market."
Innovative Eyewear has yet to announce a product with this feature. The Company believes that with the success of a separate interchangeable front technology seen in other product lines, modular eyewear represents a new category of products that will also benefit from the addition of Lucyd smart features.
About Innovative Eyewear, Inc.
Innovative Eyewear is a developer of cutting-edge ChatGPT enabled smart eyewear, under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands. True to our mission to Upgrade Your Eyewear®, our Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.
Forward Looking Statements
This press release contains certain forward-looking statements, including those relating to the anticipated introduction of new products and features, and timing of improvements and enhancements to our current products. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding the expected launch date for the new smart safety eyewear connection. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K under the caption "Risk Factors."
Investor Relations Contact:
Scott Powell
Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com
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SOURCE Innovative Eyewear, Inc.
FAQ
What patent did Innovative Eyewear (LUCY) receive allowance for?
What is the key feature of Innovative Eyewear's (LUCY) new patented technology?
When will Innovative Eyewear (LUCY) launch products with the modular technology?
