Wearable Devices Engaging Leading OEMs for Potential Licensing of Mudra Gesture Technology
24 August 2023 - 10:30PM
Wearable Devices Ltd. (the “Company” or “Wearable Devices”)
(Nasdaq: WLDS, WLDSW), a technology growth company specializing in
AI-powered touchless sensing wearables, today announced that it is
engaging with several leading original equipment manufacturers
("OEMs”) for the evaluation and potential licensing of the
Company’s innovative Mudra gesture technology. Upon entering into
agreements with OEMs, Wearable Devices will provide the OEMs with a
comprehensive suite of applications and functions that can be
seamlessly controlled by gestures, allowing OEMs to experience the
transformative potential of Mudra technology in real-world
scenarios.
Building on the momentum of its recent licensing program launch,
the Company aims to expand its market footprint by engaging with
industry leaders, providing them with innovative capabilities to
design and develop customizable touchless control products.
“Our focused outreach to top-tier OEMs is a key driver in
achieving our B2B goals. When companies experience our technology,
they are evaluating the many ways it can be incorporated into their
own products and devices. These engagements are a crucial first
step towards creating connections and raising market awareness that
can lead to customizable product developments and commercial
licensing agreements," commented Asher Dahan, Chief Executive
Officer of Wearable Devices. “We recognize the immense potential
and demand for customizable touchless gesture controls in today's
rapidly evolving tech landscape, and we remain committed to
providing advanced solutions that enhance the way that people
interact with technology.”
The licensing program provides a royalty-based license agreement
where OEMs will have the ability to customize a reference design
version of the Company’s award-winning Mudra gesture technology to
meet the specific needs of their business.
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, the Mudra Inspire, 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 common
stock trades on the Nasdaq market under the symbol “WLDS”.
Forward-Looking Statement DisclaimerThis 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 the benefits and
advantages of our Mudra gesture technology, potential agreements
with OEMs and the potential and demand for customizable touchless
gesture controls in today's rapidly evolving tech landscape. 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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