Exhibit
99.1
VUZIX COMPLETES INITIAL PUBLIC OFFERING
December 24, 2009
Vuzix Corporation (“Vuzix”) announced today the closing of its initial public offering of
31,558,500 units (“Units”) at a price of Cdn$0.20 per Unit resulting in gross proceeds of
Cdn$6,311,700 (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 3,944,812 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 2,613,687 shares of common stock of Vuzix in connection with certain fiscal advisory
services provided to Vuzix.
Vuzix has
applied to list the common shares and warrants comprising the Units
on the TSX-V. The TSX-V has conditionally approved the listing of the
common shares under
the symbol “VZX” and the warrants under the symbol
“VZX.WT”. Listing of the common shares 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 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
US Registration Statement 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 create mobile products that can enrich both the personal and work
lives of its customers. Founded in 1997, Vuzix has offices in Rochester, NY, London, UK and Tokyo,
Japan. For more information, please visit www.vuzix.com.
For further information, please contact:
Grant Russell
Exec VP & CFO
Phone: 585 359-7562
Email: IR@vuzix.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.