Vuzix Awarded DARPA Development Contract for Next Generation Display Technology
05 April 2011 - 11:09PM
Marketwired
Vuzix Corporation (TSX-V: VZX) (OTCBB: VUZI) (FRANKFURT: V7X)
("Vuzix" or the "Company") announced today that it has been awarded
a research contract under the Defense Advanced Research Projects
Agency's (DARPA) Persistent Close Air Support (PCAS) Program. The
funding will go towards research and development of a next
generation holographic optical display system for use by Joint
Terminal Attack Controllers (JTAC). Vuzix has designed and recently
started production deliveries of similar but current generation
devices for the Battlefield Air Operations Kit (BAO). PCAS will
fund the development of a high definition (HD) micro display and a
see-through holographic optic. This technology is based on Vuzix'
patented Blade Optical system.
The award is for $1 million and will fund a one-year development
program, delivering prototype systems for integration into the
larger PCAS program. PCAS will significantly increase CAS
capabilities for both the JTAC and airborne platforms by developing
a system of technologies that provides continuous CAS availability
and lethality to the supported ground commander. PCAS will be a
'system-of-systems' approach demonstrating the ability to digitally
task a CAS platform from the ground. The system will also be
designed to reduce collateral damage and potential fratricide to
friendly forces. Enabling technologies are: manned/unmanned
airborne platforms, next generation graphical user interfaces, data
links, digital guidance and control, and advanced targeting and
visualization tools.
Paul Travers, Chief Executive Officer, commented, "We are very
pleased to have the opportunity to develop this next generation
system, which offers a competitive step-up for our military
personnel. Recent advancements in micro display quality, combined
with our patented Blade Optical system, are finally enabling the
delivery of the HD head mounted displays (HMD's) which will help
improve our ground forces' safety and effectiveness."
Distribution Statement "A" (Approved by DARPA for Public
Release, Distribution Unlimited).
About Vuzix Corporation
Vuzix is a leading supplier of Video Eyewear products in the
defense, consumer and media & entertainment markets. The
Company's products, personal display devices that offer users a
portable high quality viewing experience, provide solutions for
mobility, thermal sighting systems, tactical wearable displays and
virtual and augmented reality. With its origins in defense research
and development for next generation display solutions, Vuzix holds
over 51 patents in the Video Eyewear field. The company has won 9
Consumer Electronics Show Innovations Awards, the RetailVision Best
New Product and several wireless technology innovation awards,
among others. Founded in 1997, Vuzix is a public company (TSX-V:
VZX) (OTCBB: VUZI) (FRANKFURT: V7X) with offices in Rochester, NY,
Oxford, UK and Tokyo, Japan. For more information visit
www.vuzix.com.
Forward-Looking Statements Disclaimer
Certain statements contained in this 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, among other things, future product releases, new opportunities,
the Company's ability to capitalize on new opportunities and the
Company's leadership in the Video Eyewear industry. They are
generally identified by words such as "plans," "seeks," "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 from those projected in the
Company's forward-looking statements due to, among other things,
our ability to raise necessary capital; government regulation of
our technologies; our ability to enforce our intellectual property
rights and protect our proprietary technologies; the timing of new
product launches; delays in product development; and dependence on
third parties for certain key components. These risk factors and
others are 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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For further press and product information, please
contact: Vuzix Corporation 75 Town Centre Drive Rochester, NY
14623 USA Charlotte Walker VP Corporate Communications Email
Contact Tel: +1 (585) 359-5910 Stephen Glaser VP of Sales -
Tactical Display Group Email Contact Tel: +1 (585) 359-7563
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