Portfolio Company Update - Innovative Eyewear

Tekcapital plc

25 November 2024

 

      25th November 2024

Tekcapital Plc

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

Innovative Eyewear Launches Four New Lucyd Lyte Smart Glasses

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group notes that Innovative Eyewear, Inc. ("Innovative Eyewear") (NASDAQ: LUCY; LUCYW), the developer and retailer of ChatGPT enabled smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, has announced that it has officially launched the Lucyd Lyte 2024 Edition, bringing several improvements to the Company's core product line. Key enhancements over previous models include improved adjustability and durability, reduced weight, and upgraded lenses.

New Lucyd Lyte® 2024 Millennia style.

Photo courtesy of Innovative Eyewear, Inc.

Lucyd Lyte 2024 Upgrades include:

●          New TR90 Temple: A new flexible plastic composite is used in the frame temples and fronts, making Lucyd Lyte 2024 the Company's first smart eyewear that is fully optician-adjustable, from front to tip. This helps to ensure a proper fit on a much wider range of users than ever before. The additional flexibility also improves the overall durability of the frames. TR90 plastic is also lightweight, enabling the new glasses to be nearly 10% lighter than the previous edition of Lucyd Lyte, reducing the weight from 48 to 44 grams.

●          Improved Smart Features: The Lucyd app powers the new Lucyd Walkie experience, enabling users worldwide to connect with each other for free over the Company's VOIP-powered chat service. The ChatGPT integration has been upgraded to ChatGPT-4o. The frames' charging ports have been enhanced with higher power magnets to optimize the charging experience. Finally, a battery level feature can be used by long-pressing the button on either temple, to have the battery life remaining announced to the wearer. The wearer can also check the battery life of the frames by swiping down to view the control centre on a connected smartphone or watch.

●          Adaptive Lenses: The Darkside and Eclipse unisex wayfarer models include transitional lenses at no additional cost to the customer. The Millennia and Moonrise models include polarized gradient lenses for maximum sun protection.

●          New Health & Safety Info: An improved 5-language manual and a detailed health and safety guide provide comprehensive instruction on the products. 

Harrison Gross, CEO of Innovative Eyewear Inc., commented:

"Lucyd Lyte 2024 brings several significant improvements to our flagship frames, most notably the improved TR90 materials enhancing durability, fit and comfort for all-day wear. The addition of photochromic light-adaptive lenses as standard on some of the units, often seen as a $75-$100 upgrade, are included here at no additional cost, making these frames more versatile than ever and a tremendous value to the consumer.

Our team continues to raise the bar for smart eyewear, by providing a best-in-class connectivity solution for working professionals and active lifestyles. For consumers who want more out of their daily eyewear, Lucyd Lyte 2024 is the ideal solution. We anticipate these improvements, and additional sound and build quality improvements, to be introduced to our Reebok, Nautica and Eddie Bauer Powered by Lucyd product lines in 2025."

Lucyd Lyte 2024 is officially available for purchase on Innovative Eyewear's www.Lucyd.co

website.

About Innovative Eyewear, Inc.

Innovative Eyewear is a developer and retailer of ChatGPT smart eyewear, under the Lucyd^®, Nautica^®, Eddie Bauer^® and Reebok® brands. True to their mission to Upgrade Your Eyewear^®, their Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed discoveries that can enhance people's lives. 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

Tekcapital currently owns 259,455 shares of 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

Forward-Looking Statements

This press release contains certain forward-looking statements, including those relating to the anticipated introduction of new products and features, and timing of improvements and enhancements to our current products. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding the expected launch date for the new smart safety eyewear connection. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K under the caption "Risk Factors."

 

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