Portfolio Company Lucyd Update

RNS Number : 2240U

Tekcapital plc

01 April 2021

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

1 April 2021

Portfolio Company Update: Lucyd Ltd.

Lucyd Ltd Crowdfund Fully Subscribed with 3,800 Investors

Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on investing in new, university-developed discoveries that can enhance people's lives, is pleased to announce that portfolio company Lucyd Ltd has closed its fully-subscribed Regulation Crowdfund. The crowdfund, conducted by Lucyd's U.S. subsidiary Innovative Eyewear, Inc., attracted 3,800 investors who contributed $1,070,000. This was the maximum allowable amount for this type of equity offering.

The crowdfunding round was beneficial to Lucyd, by introducing the Lucyd brand to thousands of new individuals, funding Lucyd Lyte™ e-glasses and Vyrb™ app development, and providing Lucyd with a large community for beta testing of its new products.

In addition, Lucyd has just been granted a utility patent from the United States Patent and Trademark Office, for a software system designed to manage multiple wearables and IOT devices. This technology, combined with Lucyd's patent-pending e-glasses, enhances the company's intellectual property position in the emerging wearables market.

Harrison Gross, Lucyd co-founder and CEO said, "We are very pleased to report that our crowdfund was successful. The results clearly demonstrate a strong investor appetite for the Lucyd brand and confidence in the growth of our market position. This effort provided us with a strong contingent of brand advocates, customers and affiliates who support Lucyd on an ongoing basis. With 3,800+ new shareholders, we are better positioned than ever to bring smart eyewear mainstream."

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 75% of the share capital of its operating subsidiary, Innovative Eyewear, Inc. Post-money valuation of Innovative Eyewear of U$4.82m results in valuation of shares held by Lucyd Ltd at US$3.62m. 

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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