Attached files
file | filename |
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EX-4.1 - Vuzix Corp | v200039_ex4-1.htm |
EX-10.1 - Vuzix Corp | v200039_ex10-1.htm |
8-K - Vuzix Corp | v200039_8k.htm |
Press
Release
|
Vuzix
Receives Expanded Trade Credit From Key Supplier
Rochester, NY (October 25, 2010)
– Vuzix Corporation (TSX-V: VZX, OTC:BB: VUZI) announced today
that it had entered into an agreement with one of its key suppliers, increasing
its existing revolving line of credit from US$250,000 to US$500,000. As
originally announced in connection with the original line of credit, the line
will be used to purchase micro-displays used in the Company’s
products. All terms and conditions of the revolving line of credit
agreement remain the same.
The line
of credit matures on May 21, 2011. Advances are required to be paid
75 days after delivery of products by the supplier. Advances not paid
within 30 days will carry interest from the due date at an annual rate of
12%. For the $250,000 line increase the supplier will receive
additional 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 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,
and 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 is a public
company listed on the TSX Venture Exchange (TSX-V:VZX - News) and in the U.S.
(OTC:BB: VUZI). The
company has offices in Rochester, NY; Oxford, 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.
For
further information, please contact:
Charlotte
J. Walker, VP Corporate Communications
75 Town
Centre Dr
Rochester,
NY 14623
IR@vuzix.com
Tel: 585
359-5910
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