Vuzix Corp. (VUZI) Enters Three Year Supply Agreement with Toshiba for Custom M300 Smart Glasses Solution
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Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets, is pleased to announce that Vuzix entered into a Supply Agreement with Toshiba Information Equipment (Hangzhou) Co., Ltd. ("Toshiba"). The supply agreement set forth the general terms and conditions, including with respect to product quality, product changes, minimum order quantities and deliveries, and pricing pursuant to which the Company will sell to Toshiba and its affiliates the Company's smart glasses product that was developed pursuant to a development agreement between the Company and a Toshiba affiliate announced in February 2017. Any such sales will be made pursuant to purchase orders which Toshiba may submit in its discretion.
Pursuant to the supply agreement, the Company agreed to sell such product exclusively to Toshiba for a period of up to 12 months, subject to Toshiba's submitting a minimum of $5,000,000 of purchase orders. The product will be co-branded as a Toshiba product, powered by Vuzix and is expected to be sold on a global basis by Toshiba by their Toshiba Client Solutions group, which will bundle the smart glasses unit with a specially designed mobile edge computing system that they principally developed for this program. The supply agreement has a three year term, subject to earlier termination under certain conditions set forth therein. The Company expects production under the supply agreement to commence in the first quarter of 2018.
"'We are excited to expand our partnership with Toshiba into the volume manufacturing phase and believe that you will see this relationship transform even further as we continue to lead the way in smart glasses and Augmented Reality products," said Paul Travers, President and Chief Executive Officer at Vuzix. "Additionally, this agreement is one more step that demonstrates how Vuzix is leveraging and partnering our industry leading technology with top tier global partners. We trust that this will be the first of many ongoing collaborations to be announced."
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