ROCHESTER, N.Y., Dec. 28, 2017 /PRNewswire/ -- Vuzix® Corporation
(NASDAQ: VUZI), ("Vuzix"), a leading supplier of Smart Glasses and
Augmented Reality (AR) technologies for the consumer and enterprise
markets, is pleased to announce a strategic partnership with
Powershelf to deliver a comprehensive wearable Internet of Things
(IoT) smart glasses solution for stocking retail store shelves. The
"Powershelf Stock-to-Sight and Pick-to-Sight, powered by Vuzix"
solution uses AR technology and artificial intelligence to provide
a hands-free option for store personnel to scan and overlay
product-specific images directly into Powershelf through Vuzix
smart glasses to reduce errors, save money and improve employee
efficiency.
"Restocking consumes enormous amounts of resources as every item
sold needs to be restocked by hand," said John White, Co-CEO of Powershelf. "Through our
Powershelf Network, which includes GE, SAP, Qualcomm, Microsoft and
now Vuzix, we will integrate Powershelf's machine learning and
artificial intelligence technologies with Vuzix' augmented reality
technology to remove significant costs from retailers. Together we
will give retailers powerful new tools to further improve their
operational efficiency as well as optimize their supply chains and
help them better serve their customers."
Retailers adopting the "Powershelf Stock-to-Sight and
Pick-to-Sight, powered by Vuzix" solution will see significant
benefits. In a recent study conducted with a major global shipping
company, AR smart glasses technology delivered:
- Up to a 15 percent increase in picking accuracy; and,
- A 50 percent decrease in employee training time.
In another study with a major global healthcare company there
was a, 46% increase in pick and pack productivity using AR
glasses.
The Powershelf® platform combines their battery-free
smart shelving hardware devices with proprietary software to
transform stores into smart and connected environments. The
platform gives retailers an edge in today's omni-channel retail
environment by harnessing live on-shelf availability data, improved
pricing accuracy and reduced out-of-stock incidents, while
providing the ability to interact with shoppers' mobile devices in
real time. The Powershelf platform is a green technology: It
requires no batteries and it significantly reduces the need for
paper tags and signage, which can help retailers meet their
environmental sustainability goals.
"Partnering with Powershelf provides a tremendous opportunity
for Vuzix to establish a footprint inside the day-to-day operations
at retail stores with some of our next generation smart
glasses. More importantly, it allows us to leverage the
existing Powershelf network, exposing new and valuable use cases
for this comprehensive solution set combining Machine Learning, IoT
and the use of our award winning Augmented Reality
technology. Anyone familiar with this space can see how this
will change the game in retail," said Paul Travers, CEO and
President, Vuzix.
About Powershelf
Powershelf is a leading provider of
retail technology solutions. The Powershelf platform includes
Microsoft, Qualcomm, SAP and GE integrated solutions to provide
constant power and two-way communication to software-enabled
applications and devices. The platform enables retailers and
manufacturers to improve their operational efficiency, reduce
out-of-stock incidents, improve demand forecasting, reduce waste
and, ultimately, lower prices. For more information, please visit
www.IoTSmartRetail.com.
About Vuzix Corporation
Vuzix is a leading supplier
of Smart-Glasses and Augmented Reality (AR) technologies and
products for the consumer and enterprise markets. The Company's
products include personal display and wearable computing devices
that offer users a portable high-quality viewing experience,
provide solutions for mobility, wearable displays and virtual and
augmented reality. Vuzix holds 59 patents and 42 additional patents
pending and numerous IP licenses in the Video Eyewear field. The
Company has won Consumer Electronics Show (or CES) awards for
innovation for the years 2005 to 2018 and several wireless
technology innovation awards among others. Founded in 1997, Vuzix
is a public company (NASDAQ: VUZI) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan.
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 the business
success of our relationship with Powershelf, the efficiencies from
their solutions coupled with Vuzix products, 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.
Media and Investor Relations Contact:
Matt Margolis, Director of
Corporate Communications and Investor Relations, Vuzix
Corporation
matt_margolis@vuzix.com Tel: (585) 359-5952
Andrew Haag, Managing Partner,
IRTH Communications
vuzi@irthcommunications.com Tel: (866) 976-4784
Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com
For further sales, and product information, please
visit:
North America:
http://www.vuzix.com/contact/
Europe/UK:
https://www.vuzix.eu/contact/
Asia:
http://www.vuzix.jp/contact.html
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SOURCE Vuzix Corporation