TIDMTEK
Tekcapital plc
31 August 2021
.
31 August 2021
Tekcapital Plc
("Tekcapital", the "Company" or the "Group")
Portfolio Company Update: Lucyd Ltd ("Lucyd")
Portfolio Company Update: Lucyd Lyte(R) Testing for National
Rollout by Key Retailers
Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual
property investment group focused on transforming university
technologies into valuable products that can improve quality of
life, is pleased to announce that portfolio company Lucyd's
Innovative Eyewear subsidiary has provided a business update on its
activities.
Since the launch of Innovative Eyewear's wholesale business in
June 2021, the company has made significant strides towards its
goal of mainstream adoption of smart eyewear, making several
inroads in the brick-and-mortar optical industry. After launching
to the optical industry at the Vision Expo East event at the
beginning of June, the company has grown from no resellers to 50
confirmed locations, visible on the Lucyd store map . Many of the
company's resellers have already placed multiple orders in this
short window of time. Additionally, the company has gained valuable
feedback from several successful optical businesses to inform our
product development strategy and better meet the needs of the
sector. To view a brief summary of Innovative Eyewear click here
.
The following notable eyewear businesses have begun resellers
partnerships with us:
-- Marca Eyewear has signed on to be our national distributor in
Canada, and has already distributed hundreds of units to eyewear
stores across Canada. They have signed a multi-year exclusive
distribution deal with us, with a minimum purchase requirement of
over $4m in Lucyd Eyewear over 30 months to maintain retail
distribution exclusivity in Canada.
-- Metro Optics chain of eyewear stores in New York City has
signed as a reseller with a large 155-unit stocking order.
-- The EYE.QUITY eyewear chain in the Great Lakes area has had a
strong initial order and a commitment to work together to bring
smart eyewear to the region.
Additionally, two of the top ten optical resellers in the US are
testing Lucyd's products for potential inclusion in their stores
across the country. Furthermore, a key big box electronics
retailer, and one of the largest sporting goods retailers in North
America are evaluating our smart eyewear for inclusion in their
online stores.
In tandem with the aggressive expansion of Innovative Eyewear's
wholesale business, Lucyd is working towards significant additions
to its product lineup, including a larger selection of styles to
suit the full scope of eyeglass wearers. Lucyd plans to have 20
styles of Bluetooth eyewear available by the end of 2021.
Harrison Gross, CEO and cofounder of Innovative Eyewear, said
"We are pleased to share news of our rapid progress since the
launch of Lucyd Lyte to the optical trade this past June. In just a
few short months, we have built a robust network of resellers to
introduce Lucyd products to consumers where they are most
comfortable trying new glasses: at their local optician. We are
grateful to have the opportunity to expand our business from a
direct-to-consumer operation to one that also addresses the
established optical industry, and provide its customers with a
smart eyewear option that is attractive, ergonomic, useful and
affordable for the first time."
About Lucyd and Innovative Eyewear Inc.
Lucyd's mission is to Upgrade your Eyewear(R) with advanced
ergonomic frames that are easy to use, fun to wear, and help you
stay safely connected to your digital life. The Lucyd brand and IP
portfolio are exclusively licensed to and operated by Innovative
Eyewear, Inc. To learn more, or order Lucyd Lyte, please visit
https://lucyd.co .
Tekcapital currently owns 100% of the share capital of Lucyd Ltd
and approximately 80% of the share capital of its U.S. operating
subsidiary, Innovative Eyewear, Inc.
For further information, please contact:
Tekcapital Plc Via Flagstaff
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP
(Nominated Adviser and Broker) +44 (0) 20 3470 0470
Richard Morrison/Charlie Bouverat (Corporate
Finance)
Abigail Wayne / Rob Rees (Corporate Broking)
Flagstaff Strategic and Investor Communications +44 (0) 20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon
About Tekcapital plc
Tekcapital creates value from investing in new,
university-developed discoveries that can enhance people's lives
and provides a range of technology transfer services to help
organisations evaluate and commercialise new technologies.
Tekcapital is quoted on the AIM market of the London Stock Exchange
(AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com .
LEI: 213800GOJTOV19FIFZ85
Forward-Looking Statements
This press release is for informational purposes only. The
information herein does not constitute investment advice nor an
offer to invest and may contain statements related to our future
business and financial performance and future events or
developments involving Lucyd or Tekcapital that may constitute
forward-looking statements. These statements may be identified by
words such as "expect," "look forward to," "anticipate" "intend,"
"plan," "believe," "seek," "estimate," "will," "project" or words
of similar meaning. We may also make forward-looking statements in
other reports, in presentations, in material delivered to
customers, stakeholders and in press releases. In addition, our
representatives may from time to time make oral forward-looking
statements. Such statements may be based on the current
expectations and certain assumptions of Tekcapital or Lucyd's
management. Please note that these are subject to a number of
risks, uncertainties and factors, including, but not limited to
those described in various disclosures. Should one or more of these
risks or uncertainties materialize, or should underlying
expectations not occur or assumptions prove incorrect, actual
results, performance or achievements of Lucyd and/or Tekcapital may
vary materially from those described explicitly or implicitly in
the relevant forward-looking statement. Neither Lucyd nor
Tekcapital intends, nor assumes any obligation, to update or revise
these forward-looking statements in light of developments which
differ from those anticipated.
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END
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