Exhibit 99.1
VUZIX COMPLETES INITIAL PUBLIC OFFERING
December 29, 2009
Vuzix Corporation (“Vuzix”) announced today the closing on December 24, 2009 of its initial public
offering of 31,180,157 units (“Units”) at a price of Cdn$0.20 per Unit resulting in gross proceeds
of Cdn$6,236,031.40 (the “Offering”). Each Unit consists of one share of common stock of Vuzix and
one-half of one common stock purchase warrant. Each whole warrant is exercisable to acquire one
share of common stock of Vuzix at a price of Cdn$0.30 at any time up to 36 months following the
closing of the Offering.
The Offering was made: (i) in Canada through a syndicate of agents led by Canaccord Financial Ltd.
and Bolder Investment Partners, Ltd.; and (ii) in the United States with Canaccord Adams Inc., as
agent, and selling group participation by Lighthouse Financial Group LLC.
For their services in connection with the Offering, the agents received a cash commission equal to
8% of the gross proceeds of the Offering and an aggregate of 3,897,519 compensation options (each,
a “Compensation Option”). Each Compensation Option is exercisable to acquire one Unit at a price
of Cdn$0.20 for a period of 12 months following the closing of the Offering. In addition, upon
closing of the Offering, Canaccord Financial Ltd. and Bolder Investment Partners, Ltd. received an
aggregate of 2,609,903 shares of common stock of Vuzix in connection with certain fiscal advisory
services provided to Vuzix and reimbursement of expenses incurred in the Offering.
Vuzix has applied to list the common stock and warrants comprising the Units on the TSX Venture
Exchange (the “TSX-V”). The TSX-V has conditionally approved the listing of the common stock under
the symbol “VZX” and the warrants under the symbol “VZX.WT”. Listing of the common stock and
warrants will be subject to Vuzix fulfilling all of the listing requirements of the TSX-V and, in
the case of the warrants, distribution to a minimum number of public security holders. Listing
will only occur upon issuance by the TSX-V of its final bulletin.
The Offering was conducted in the United States pursuant to a Registration Statement filed with the
U.S Securities and Exchange Commission on Form S-1 and in Canada pursuant to a final base PREP
prospectus and prospectus supplement which were filed with the securities regulatory authorities in
each of the provinces of Canada, excluding Québec. A copy of the final U.S. prospectus is
available at www.sec.gov/edgar and copies of the final Canadian base PREP prospectus and the
supplemented PREP prospectus are available at www.sedar.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the
securities referred to herein, nor shall there be any sale of the securities in any state, province
or any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Vuzix Corporation
Vuzix Corporation manufactures and sells video eyewear for the entertainment, defense, industrial
and low vision medical markets. Vuzix products provide users with a portable and private big
screen experience that can be used practically anywhere, anytime. Currently Vuzix produces the
broadest range of video eyewear solutions in each of its various markets, including 3D video,
virtual and augmented reality solutions. The company is revolutionizing the personal display
industry and aims to continue to