Exciting times! And with one of my favourite companies as well.
Vuzix has signed an agreement to build a customised pair of smart glasses, for Toshiba, a wholly owned subsidiary of Toshiba Corporation.
Under the terms of this agreement, Vuzix and Toshiba have embarked on a rapid development program with milestone payments totaling over one million US dollars
With development efforts well under way, Toshiba, subject to a final manufacturing agreement, expects to place additional purchase orders from Vuzix for production deliveries in the 4th quarter of 2017. Further details on the new smart glasses product will be released soon after public marketing of the product commences.
“We are excited to enter into this partnership with Toshiba and believe it represents a strong vote of confidence in our capabilities and recognition of our leading position within the wearable technology space,” said Paul Travers, President and Chief Executive Officer at Vuzix. “Additionally, the agreement demonstrates how we are leveraging and partnering our industry leading technology with top tier global partners. We trust that this will be the first of many ongoing collaborations between the firms.”
“We have selected Vuzix as our new smart glasses development and manufacturing partner because we are very impressed with Vuzix’ current line of smart glasses and other technology that the Company has in development. We believe that Toshiba can leapfrog other wearable technology products with Vuzix’ support and look forward to a very successful collaboration between the companies,” said Carl Pinto, vice president of marketing and product development for Toshiba Client Solutions Division, Toshiba America Information Systems, Inc.