Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Vuzix Corp | v187147_8k.htm |
| EX-4.1 - EX-4.1 - Vuzix Corp | v187147_ex4-1.htm |
| EX-10.2 - EX-10.2 - Vuzix Corp | v187147_ex10-2.htm |
| EX-10.1 - EX-10.1 - Vuzix Corp | v187147_ex10-1.htm |
Vuzix
Receives Expanded Trade Credit From Key Supplier
ROCHESTER,
NEW YORK - 05/21/10 - Vuzix Corporation (TSX VENTURE: VZX) announced today that
it had entered into an agreement with one of its key suppliers, Kopin
Corporation, to provide Vuzix with a US$250,000 revolving line of credit. The
line of credit will be used to purchase from Kopin micro-displays used in the
Company's products. The line of credit matures on May 21, 2011. Advances are
required to be paid 75 days after delivery of products by Kopin. Advances not
paid within 30 days will carry interest from the due date at an annual rate of
12%. Kopin will receive warrants to purchase 555,555 common shares of Vuzix,
with an exercise price of Cdn $0.12 share. The Warrants are exercisable until
the earlier of the expiration of the line of credit and repayment of all
advances made thereunder or May 21, 2015.
The
Warrants and the common shares issuable upon exercise thereof will be subject to
resale restrictions under the policies of the TSX Venture Exchange for a period
of 4 months following the date hereof. The Warrants and the common shares can be
resold in the United States only if they are registered or sold pursuant to Rule
144 promulgated by the US Securities and Exchange Commission, in the case of the
warrants after 6 months from the date of issue and, in the case of shares
purchased by exercising the Warrants, after 6 months from the date of
exercise.
The
transactions referred to herein remain subject to receipt of regulatory
approval, including final approval of the TSX Venture Exchange.
About
Vuzix Corporation
Vuzix is
a leading manufacturer of Video Eyewear; personal display devices that provide
users with portable high quality viewing experiences. Vuzix started in the
defense sector with a focus on R&D of next generation display solutions for
the US DoD and the Special Operations community, and today is a leading supplier
of display products for thermal sighting systems, tactical wearable displays,
consumer products. Vuzix has 51 patents in the Video Eyewear field and provides
solutions for mobile computing, tactical information display, video, virtual and
augmented reality, and 3D entertainment. The Company addresses the defense,
industrial, consumer and medical markets and has shipped well over 200,000
display solutions since its inception. Vuzix has won multiple CES Innovations
Awards, the RetailVision Best New Product award, several wireless technology
innovation awards, among others. Founded in 1997, Vuzix recently became a public
company listed on the TSX Venture Exchange (TSX VENTURE: VZX) with offices in
Rochester, NY, London, UK and Tokyo, Japan.
Forward-Looking
Statements Disclaimer
Certain
statements contained in this 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 may relate
to, among other things, future products, product features and applications. They
are generally identified by words such as "plans," "seeks," "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 from those projected in the
Company's forward-looking statements due to, among other things, our ability to
raise necessary capital; government regulation of our technologies; our ability
to enforce our intellectual property rights and protect our proprietary
technologies; the timing of new product launches; delays in product development;
and dependence on third parties for certain key components. These risk factors
and others are described in the Company's reports filed with the United States
Securities and Exchange Commission and applicable Canadian securities
regulators. 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.
Neither
TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Contacts:
Press
Contact:
Vuzix
Corporation
Steve
Glaser
585-359-7563
Stephen_glaser@vuzix.com
Investor
Relations Contact:
Vuzix
Corporation
Grant
Russell
CFO
585
359-7562
IR@vuzix.com