Lucyd Update

RNS Number : 1091K

Tekcapital plc

31 August 2021

 

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31 August 2021

Tekcapital Plc

("Tekcapital", the "Company" or the "Group")

Portfolio Company Update: Lucyd Ltd ("Lucyd")

Portfolio Company Update: Lucyd Lyte® 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^® 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)		[phone]
Richard Morrison/Charlie Bouverat (Corporate Finance) Abigail Wayne / Rob Rees (Corporate Broking)
Flagstaff Strategic and Investor Communications		[phone]
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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