U.S. Air Force Agency Awards Vuzix (NASDAQ:VUZI) Development Contract for Augmented Reality Head Mounted Displays

Rhea-AI Summary

Vuzix (NASDAQ: VUZI), a leading supplier of smart glasses and AR technology, has been awarded a Smart Business Innovative Research (SBIR) Phase I contract by AFWERX, a U.S. Air Force agency. This contract aims to develop augmented reality head mounted displays (HMDs) using Vuzix's waveguide technologies to tackle key challenges within the Department of the Air Force (DAF). Vuzix will leverage its waveguide and projector technologies, produced in New York, to enhance defense capabilities for various U.S. Department of Defense (DOD) applications. According to Paul Travers, CEO of Vuzix, this initiative promises new levels of functionality and performance for DOD aircraft, vehicles, and personnel use cases.

Positive

• Vuzix awarded SBIR Phase I contract by U.S. Air Force agency AFWERX.
• Development of AR HMDs using advanced waveguide technologies.
• Potential applications across multiple U.S. DOD branches.
• Enhanced defense capabilities for DOD aircraft, vehicles, and personnel.
• Project funded by the Department of the Air Force.
• Vuzix technologies designed and manufactured in the U.S., supporting domestic production.

Negative

• Contract is only in Phase I, indicating early-stage development with potential risks.
• No specific financial details or contract value disclosed, leading to uncertainty about financial impact.

News Market Reaction

+7.09%

1 alert

+7.09% News Effect

On the day this news was published, VUZI gained 7.09%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

• Development of augmented reality head mounted displays using Vuzix waveguide technologies to address pressing challenges

ROCHESTER, N.Y., June 3, 2024 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses and Augmented Reality (AR) technology and products, is pleased to announce that it has been selected by AFWERX for a Smart Business Innovative Research (SBIR) Phase I contract focused on the development of augmented reality head mounted displays (HMDs) using waveguide technologies to address the most pressing challenges in the Department of the Air Force (DAF). Under this DAF funded program, Vuzix will begin developing and supplying innovative waveguide and HMD capabilities that will strengthen the national defense of the United States of America.

"We are thrilled to directly engage with the U.S. Government via this Department of the Air Force development contract award," said Paul Travers, President and Chief Executive Officer at Vuzix. "Our waveguides, which are proudly designed and manufactured in our New York State facility, can be paired with our leading-edge projector technologies typically used by DOD. This innovative combination of our optical solutions promises a new level of functionality and performance to what may ultimately become part of a broad range of solutions for DOD aircraft, vehicles, and personnel use cases across various military US DOD branches."  

The views expressed are those of the author and do not necessarily reflect the official policy or position of the Department of the Air Force, the Department of Defense, or the U.S. government.

About Vuzix Corporation

Vuzix is a leading designer, manufacturer and marketer of Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 375 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and augmented reality Video Eyewear field. Moviynt, an SAP Certified ERP SaaS logistics solution provider, is a Vuzix wholly owned subsidiary. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2024 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; Munich, Germany; and Kyoto and Tokyo, Japan.  For more information, visit the Vuzix website, Twitter and Facebook pages.

About Air Force Research Laboratory (AFRL)

The Air Force Research Laboratory is the primary scientific research and development center for the Department of the Air Force. AFRL plays an integral role in leading the discovery, development, and integration of affordable warfighting technologies for our air, space and cyberspace force. With a workforce of more than 12,500 across nine technology areas and 40 other operations across the globe, AFRL provides a diverse portfolio of science and technology ranging from fundamental to advanced research and technology development. For more information, visit www.afresearchlab.com.

The Air Force Research Laboratory and AFWERX have partnered to streamline the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) process by accelerating the small business experience through faster proposal to award timelines, changing the pool of potential applicants by expanding opportunities to small business and eliminating bureaucratic overhead by continually implementing process improvement changes in contract execution. The DAF began offering the Open Topic SBIR/STTR program in 2018 which expanded the range of innovations the DAF funded.

About AFWERX

As the innovation arm of the DAF and a directorate within the Air Force Research Laboratory, AFWERX brings cutting-edge American ingenuity from small businesses and start-ups to address the most pressing challenges of the DAF. AFWERX employs approximately 325 military, civilian and contractor personnel at six hubs and sites executing an annual $1.4 billion budget. Since 2019, AFWERX has executed 4,697 contracts worth more than $2.6 billion to strengthen the U.S. defense industrial base and drive faster technology transition to operational capability. For more information, visit: www.afwerx.com.

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 Vuzix Smart Glasses, our new engagement with the U.S. Air Force Research Laboratory and DAF, potential of future SBIR awards and follow-on work on this program and future possible adoption and deployment of our technologies and solutions and its timing, 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.

Vuzix Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations,
Vuzix Corporation
ed_mcgregor@vuzix.com  
Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com  www.vuzix.com

 

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SOURCE Vuzix Corporation

FAQ

What recent contract has Vuzix (NASDAQ: VUZI) been awarded?

Vuzix has been awarded a Smart Business Innovative Research (SBIR) Phase I contract by the U.S. Air Force agency AFWERX.

What is the focus of Vuzix's new contract with the U.S. Air Force?

The contract focuses on developing augmented reality head mounted displays (HMDs) using Vuzix's waveguide technologies.

What technologies will Vuzix use for the new U.S. Air Force contract?

Vuzix will use its advanced waveguide and projector technologies.

What is the potential application of Vuzix's new AR HMDs?

The AR HMDs could be used in DOD aircraft, vehicles, and personnel use cases across various U.S. DOD branches.

Where are Vuzix's waveguide technologies designed and manufactured?

Vuzix's waveguide technologies are designed and manufactured in New York State.