Vuzix Signs Distribution Agreement with Evantek and Receives Initial Smart Glasses Stocking Order

Rhea-AI Summary

Vuzix (NASDAQ: VUZI) has signed a distribution agreement with Evantek Pte , a system integrator operating in the Asia Pacific region since 1995. The agreement includes an initial stocking order for Vuzix M400 smart glasses, which has already been shipped.

Evantek will distribute Vuzix products across Asia Pacific, targeting key industries including healthcare, field services, and manufacturing. The company has established itself as a premier solutions provider, specializing in industrial product design, commercial display systems, transportation solutions, and telecommunication systems.

The partnership aims to leverage Evantek's regional presence and expertise to expand Vuzix's market penetration in Asia Pacific, particularly focusing on enterprise clients seeking AR-based solutions to enhance productivity and reduce carbon footprint.

Positive

• Secured new distribution partnership expanding presence in Asia Pacific market
• Received and fulfilled initial stocking order for M400 smart glasses
• Gained access to established distribution network targeting key industries (healthcare, field services, manufacturing)

Negative

• None.

Insights

Market Research Analyst

This distribution agreement with Evantek marks a strategic expansion into the Asia Pacific market, particularly significant given Evantek's 28-year presence in the region since 1995. The partnership targets three important verticals: healthcare, field services and manufacturing - sectors experiencing rapid digital transformation in Asia.

The Asia Pacific AR market shows substantial growth potential, with manufacturing and healthcare leading adoption. Evantek's established relationships with commercial and public institution clients provide Vuzix with valuable inroads to enterprise customers. While the initial stocking order's size isn't disclosed, the deal's importance lies in establishing a distribution channel in a region where AR adoption is accelerating.

For context, the APAC enterprise AR market is projected to grow at a CAGR of over 45% through 2028, outpacing other regions. Evantek's expertise in industrial product design and man-machine interactivity aligns well with Vuzix's technology, potentially accelerating adoption in key verticals. However, the immediate revenue impact may be modest until deployment scales up.

Tech Industry Expert

The selection of the Vuzix M400 model for this distribution partnership is strategic. This enterprise-grade device features important capabilities needed in industrial settings: a rugged IP67 design, voice control and compatibility with major enterprise software platforms. The focus on enterprise clients rather than consumer markets aligns with current AR market dynamics, where B2B applications show stronger ROI and adoption rates.

Evantek's experience in lifecycle management maintenance programs is particularly relevant, as it addresses a critical concern in enterprise AR deployments - long-term support and maintenance. Their background in transportation system solutions and telecommunication infrastructure suggests they have the technical capability to handle complex AR implementations and integrations.

The timing coincides with increasing AI integration in enterprise AR solutions, potentially leveraging the current AI boom to drive adoption. However, success will depend on Evantek's ability to develop industry-specific use cases and overcome typical enterprise AR adoption challenges like integration with legacy systems and user training.

ROCHESTER, N.Y., Jan. 21, 2025 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of smart glasses, waveguides, and Augmented Reality (AR) technology, today announced that it has entered into a distribution agreement with Evantek Pte Ltd ("Evantek"), a diversified system integrator providing state-of-the-art solutions and technology. Vuzix has received and shipped against an initial stocking order for its Vuzix M400® smart glasses from Evantek, who will distribute Vuzix products to its customers across the Asia Pacific region.

Since 1995, Evantek has built a strong reputation as a premier solutions provider deploying advanced and cutting-edge technology solutions to support its commercial and public institution clients in the Asia Pacific region. Its extensive involvement in several types of business span industrial product design and development, commercial display systems, transportation system solution development and engineering, telecommunication solutions focusing on man-machine interactivity and lifecycle management maintenance programs to ensure equipment lasts. Industry verticals that Evantek with target with Vuzix M400 smart glasses include healthcare, field services and manufacturing.

"We are very pleased to partner with Vuzix, a leader in smart glasses and optical technology, and offer the new emerging smart glasses technology to our enterprise clients and help them gain a competitive edge in their digital transformation journey," said SJ Ngiam, Managing Director at Evantek. "As an appointed partner and distributor for Vuzix in the Asia region, Evantek is confident to ride the emerging AI and AR technology wave and grow the business successfully together with Vuzix and our enterprise customers and partners."

"We are excited to be working with Evantek, who has built a strong reputation as a premier solutions provider in its marketplace," said Paul Travers, President and CEO of Vuzix. "Our two firms target many of the same market verticals and this distribution partnership will facilitate increased market penetration for customers ready to embrace AR-based solutions to increase their productivity and reduce their carbon footprint among other things."  

About Vuzix Corporation

Vuzix is a leading designer, manufacturer and marketer of AI driven 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 425 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. 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; and Kyoto and Okayama, Japan. For more information, visit the 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 Vuzix Smart Glasses, our business relationship and future opportunities with Evantek and its customers, 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 are the target industries for Vuzix (VUZI) smart glasses in the Evantek distribution agreement?

The target industries for Vuzix smart glasses through the Evantek distribution agreement include healthcare, field services, and manufacturing in the Asia Pacific region.

What type of smart glasses did Evantek order from Vuzix (VUZI)?

Evantek placed an initial stocking order for Vuzix M400 smart glasses.

How will the Evantek distribution agreement benefit Vuzix (VUZI)?

The agreement will facilitate increased market penetration in the Asia Pacific region through Evantek's established network and expertise in deploying advanced technology solutions.

What geographical regions will be covered by the Vuzix (VUZI) and Evantek distribution agreement?

The distribution agreement covers the Asia Pacific region, where Evantek has been operating as a solutions provider since 1995.