December 7, 2017 – Vuzix Corporation has today announced that it has entered into a Supply Agreement with Toshiba Information Equipment (Hangzhou) Co., Ltd. The supply agreement set forth the general terms and conditions, including with respect to product quality, product changes, minimum order quantities and deliveries, and pricing. Vuzix will sell its smart glasses product to Toshiba and its affiliates, as per a development agreement between the Company and a Toshiba affiliate announced in February 2017.
In accordance with the supply agreement, Vuzix has agreed to sell its custom glasses product exclusively to Toshiba for a period of up to 12 months, subject to Toshiba submitting a minimum of USD $5,000,000 of purchase orders. The product will be co-branded as a Toshiba product, powered by Vuzix and is expected to be sold on a global basis by Toshiba, specifically by their Toshiba Client Solutions group, which will bundle the smart glasses unit with a specially designed mobile edge computing system that has been principally developed for this program.
According to today’s press release, the supply agreement has a three year term, subject to earlier termination under certain conditions. Vuzix expects production under the supply agreement to commence in the first quarter of 2018.
“‘We are excited to expand our partnership with Toshiba into the volume manufacturing phase and believe that you will see this relationship transform even further as we continue to lead the way in smart glasses and Augmented Reality products,” said Paul Travers, President and Chief Executive Officer at Vuzix. “Additionally, this agreement is one more step that demonstrates how Vuzix is leveraging and partnering our industry leading technology with top tier global partners. We trust that this will be the first of many ongoing collaborations to be announced.”
Image credit: Vuzix