ROCHESTER, N.Y., July 30, 2013 /PRNewswire/ -- Vuzix
Corporation (TSX-V: VZX, OTC:BB: VUZI, FMB: V7X), a leading
developer and supplier of smart glasses, today announced the
pricing of its public offering of 3,500,000 shares of common stock,
and warrants to purchase up to an aggregate of 3,500,000 shares of
common stock, at a public offering price of $2.00 per share and $0.0001 per warrant. The warrants have a per
share exercise price of $2.25, are
exercisable immediately, and expire 5 years from the date of
issuance.
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The gross proceeds to Vuzix from the offering are expected to be
approximately $7,000,000 before
underwriting discounts and commissions and other offering expenses.
All of the shares and warrants in the offering are being sold by
the Company.
The Company intends to use the net proceeds received from the
offering to complete commercialization of the M100 Smart Glasses,
winner of the Best of Innovations and Engineering award at the 2013
Consumer Electronics Show (CES), and the VFX720 video head phone
products, and waveguide technologies, repayment of certain of debt
(consisting of principal and interest on outstanding notes,
convertible debentures and bank loans) in the amount of
approximately $2,025,000, and for
working capital and general corporate purposes.
The Company has granted the representative of the underwriters a
45-day option to purchase up to 525,000 additional common shares
from Vuzix and/or 525,000 additional warrants to cover
over-allotments, if any. The offering is expected to close on
August 5, 2013, subject to customary
closing conditions.
Aegis Capital Corp. is acting as sole book-running manager for
the offering.
Chardan Capital Markets is acting as a financial advisor for the
offering.
In connection with the closing of the offering, the Company
anticipates that its common stock may be suspended from trading on
the TSX Venture Exchange, and that it may be delisted thereafter,
as a result of the common stock being sold at a greater than 20%
discount to the current market price.
Registration statement on Form S-1 relating to the shares and
warrants have been filed with the Securities and Exchange
Commission and are effective. A preliminary prospectus
relating to the offering has been filed with the SEC and is
available on the SEC's web site at http://www.sec.gov. Copies
of the final prospectus relating to the offering, when available,
may be obtained from the offices of Aegis Capital Corp., Prospectus
Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010
or email:prospectus@aegiscap.com., or from the above-mentioned SEC
website.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Vuzix Corporation
Vuzix is a leading supplier of Video Eyewear products in the
consumer, commercial and entertainment markets. The Company's
products, personal display devices that offer users a portable high
quality viewing experience, provide solutions for mobility,
wearable displays and virtual and augmented reality. Vuzix holds 33
patents and 15 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 2013 and several wireless technology innovation awards, among
others. Founded in 1997, Vuzix is a public company (TSX-V: VZX,
OTC:BB: VUZI, FMB: 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 the closing of the private placement financing, the completion
of the M100 Smart Glasses, among other things, and the Company's
leadership in the Video Eyewear 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.
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.
For further Investor Information, please contact:
Vuzix Corporation
75 Town Centre Drive
Rochester, NY 14623 USA
Investor Information – Grant
Russell
IR@Vuzix.com
Tel: +1 (585) 359-7562
For further information:
http://www.vuzix.com
SOURCE Vuzix Corporation