Wearable Devices Successfully Delivers Second Production Batch of Mudra Bands
02 November 2023 - 1:20PM
Wearable Devices Ltd. (the “Company” or “Wearable Devices”)
(Nasdaq: WLDS, WLDSW), a technology growth company specializing in
AI-powered touchless sensing wearables, today announced the
completed shipment of the second manufacturing batch of the Mudra
Band for Apple Watch. This second shipment becomes as the Company
continues to fulfill preorders for this product.
The Company plans to gradually ramp up production through the
balance of 2023 and into 2024 to both fulfill preorder demand and
support its go-to-market strategy for the holiday season and 2024.
The Company now has thousands of Mudra Band units in advanced
manufacturing and production phases.
As manufacturing scales, Wearable Devices is in active
discussions with prospective retail distribution partners around
the world. The Company’s goal is to enter partnerships with
distributors across a variety of regions to maximize the presence
and accessibility to potential customers.
Asher Dahan, Chief Executive Officer of Wearable Devices,
commented, “We’re pleased to have completed shipment of the second
manufacturing batch of the Mudra Band for Apple Watch to preorder
customers. We’ve received positive initial feedback on the band,
and our focus is on continuing to assure the highest production
quality while we scale our manufacturing.
“With over 100 million Apple Watch devices sold to date, the
addressable market for our product is immense and growing. We are
actively engaging with multiple prospective retail distribution
partners as part of our go-to-market strategy. We’re seeing
encouraging interest in the product from consumers and potential
retail partners alike, and look forward to completing our preorder
fulfillment, further scaling manufacturing and executing a
strategic product roll out to capitalize on the market opportunity
in front of us,” Mr. Dahan concluded.
About Wearable Devices Ltd.Wearable Devices
Ltd. is a growth company developing AI-based neural input interface
technology for the B2C and B2B markets. The Company’s flagship
product, the Mudra Band for Apple Watch, integrates innovative
AI-based technology and algorithms into a functional, stylish
wristband that utilizes proprietary sensors to identify subtle
finger and wrist movements allowing the user to “touchlessly”
interact with connected devices. The Company also markets a B2B
product, which utilizes the same technology and functions as the
Mudra Band and is available to businesses on a licensing basis.
Wearable Devices is committed to creating disruptive, industry
leading technology that leverages AI and proprietary algorithms,
software, and hardware to set the input standard for the Extended
Reality, one of the most rapidly expanding landscapes in the tech
industry. The Company’s ordinary shares trade on the Nasdaq market
under the symbols “WLDS” and “WLDSW”, respectively.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the “safe harbor”
created by those sections. Forward-looking statements, which are
based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as “believe,” “expect,” “may,”
“should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,”
“anticipate” or other comparable terms. For example, we are using
forward-looking statements when we discuss ramping up of production
of our Mudra Band, prospective retail distribution partners,
interest in our product, timing of fulfilment of preorders,
supporting our go-to-market strategy, scaling manufacturing,
execution of a strategic product roll out, capitalizing on market
opportunities and the addressable market for our product. All
statements other than statements of historical facts included in
this press release regarding our strategies, prospects, financial
condition, operations, costs, plans and objectives are
forward-looking statements. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our use of proceeds from the
offering; the trading of our ordinary shares or warrants and the
development of a liquid trading market; our ability to successfully
market our products and services; the acceptance of our products
and services by customers; our continued ability to pay operating
costs and ability to meet demand for our products and services; the
amount and nature of competition from other security and telecom
products and services; the effects of changes in the cybersecurity
and telecom markets; our ability to successfully develop new
products and services; our success establishing and maintaining
collaborative, strategic alliance agreements, licensing and
supplier arrangements; our ability to comply with applicable
regulations; and the other risks and uncertainties described in our
annual report on Form 20-F for the year ended December 31, 2022,
filed on March 22, 2023 and our other filings with the SEC. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Investor Relations Contact
Walter FrankIMS Investor
Relations203.972.9200wearabledevices@imsinvestorrelations.com
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