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Vuzix Corp. reported Thursday it has entered into an agreement with Lenovo Group Ltd. to launch the company’s M100 Smart Glasses into China’s markets.
The video eyewear company’s joining with the world’s second-largest PC company will allow both companies to co-brand the product as part of a new business development brand of Lenovo, officials said. The agreement establishes that Vuzix will be the exclusive third-party provider of smart glasses for Lenovo for China’s industrial and commercial markets.
The product has been customized for China’s consumers with features such as voice recognition of the Chinese language and mapping capabilities. Vuzix’s M100s are the first official smart glasses product to have direct access into China through the partnership, officials said.
Lenovo will be marketing the glasses. Sales shipments are slated to start in September with broad-based sales activities in China through the fall, Vuzix officials said.
"China is a significant milestone for us and for the wearable industry,” said Paul Travers, CEO of Vuzix in a statement. “Lenovo is world renowned for its high quality products and exceptional engineering, making them the most ideal partner with which to bring our M100 Smart Glasses to China.
“We hope the M100 is just the first in a line of future products the companies may introduce together incorporating Vuzix' video eyewear technology for sale in China and perhaps elsewhere."
The wearable technology market is expected to reach $20.6 billion in the United States by 2018. The wearable technology market in China is predicted to reach 40 million in sales volume and $1.9 billion market scale in 2015. By next year, according to the Industrial Economics and Knowledge under the Chinese-government-sponsored Industrial Technology Research Institute.
"Lenovo is always seeking new and innovative products that merge and integrate technology into products that offer our customers a high degree of functionality and convenience," said Yuli Bai, vice president of Lenovo Group and general manager of new business development, in a statement.
"The advent of wearable technologies and specifically smart glasses, exceeds that goal and provides a new level of mobility in computing and communications systems. As an established and leading supplier of smart glasses technology, Vuzix was an obvious choice for this strategic partnership.”
Vuzix Corp. (OTC: VUZI) was trading at $2.94 a share Thursday afternoon, up more than 12 percent from Wednesday’s close of $2.62.
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