noch unentdeckt - VUZIX (Seite 3584)

[DrEmmettBrown]

Antwort auf Beitrag Nr.: 48.414.999 von Mark333 am 26.11.14 07:58:21

Danke!

Das ist m. E. der bisher "beste" Report über Vuzix.
Er gibt ein umfangreiches Bild üver Vuzix und das Marktumfeld ab.

Das Kursziel hört sich gut, wenn wir in einem Jahr dort stehen würden, wäre ich happy!

[bulleundbaer_1]

Antwort auf Beitrag Nr.: 48.414.999 von Mark333 am 26.11.14 07:58:21

Guten Morgen,

vielen Dank für den Bericht

Das Interesse für Vuzix scheint langsam zuzunehmen. Uns soll dies Recht sein. Erst mit Hardfacts, wie Verkaufszahlen etc. werden sich die Stimmen und Analysen zunehmen. Und vor allem die Zahl der Aktionäre, die nicht nur kurzfristig zocken möchten.

Schönen Tag ....

Gruß bub

[Mark333]

Antwort auf Beitrag Nr.: 48.414.843 von DrEmmettBrown am 26.11.14 06:51:18

Hi,
der Text in dem Dokument ist leider so formatiert das er sich lesbar nur aufwendig übertragen lässt.

Ich habe jetzt einfach alles markiert und füge es hier ein,
Bilder, Formatierungen etc. fallen dann allerdings weg.

Von http://www.vistapglobal.com/wp-content/uploads/2014/11/VUZI_…
(Nur nach (kostenloser) Anmeldung aufrufbar)

Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

1
Vista Partners, LLC www.vistapglobal.com

• A Leading Supplier of Wearable display technology
• Strategic partnerships with Lenovo & other Fortune
500 companies including SAP, AT&T and NTT
Docomo
• 96% Year-over-Year Annual Revenue Growth
• According to ABI Research, 485 million wearable
computing devices are expected to sell annually by
2018 with the smart glasses expected to account for
75 million of that total.
• Led by experienced management team that founded
and owns approximately 20% of the Company on a
fully diluted basis.
Business Description ……….…….….. 2
Outlook & Conclusion ……….…….….. 2
Market & Growth Strategy ……….…….….. 9
Risks & Competition ……….…….….. 13
Officers & Directors ……….…….….. 17
Legal Notes & Disclosures ……….…….….. 20
Analyst: Ross Silver
Email: [e-mail]
Phone: [phone]
Overview:
Vuzix Corporation (ticker: VUZI), headquartered in Rochester,
NY, with offices in Oxford, UK and Tokyo, Japan, was founded
in 1997. The Company is a leading supplier of Video Eyewear
and Smart Glasses products in the consumer, commercial
and entertainment markets. The Company's products include
personal display and wearable computing devices that offer
users a portable high quality viewing experience, provide
solutions for mobility, wearable displays and virtual and
augmented reality. Vuzix holds 39 patents and 10 additional
patents pending and numerous IP licenses in the Video
Eyewear field. The Company has strategic partnerships with
Lenovo & other Fortune 500 companies including SAP, AT&T
and NTT Docomo.
The Company has won Consumer Electronics Show (or CES)
awards for innovation every year starting from 2005 to 2014
and has announced 4 more to be received at CES 2105 along
with several wireless technology innovation awards among
others.
Website: www.vuzix.com
Industry: Hardware & Devices Price Target: $8.50
Market Cap 11/21/214: $37.91M Avg. Volume (3 month): 61,246
Cash & STI (mrq): $564K Float: 8.40M
52 Week Range: $2.02 – $4.58 Shares Outstanding: 10.56M
Revenue (ttm): $2.47M Enterprise Value: $36.49
Highlights Table of Contents
Stock Data
Price in USD (as of report): $3.47 Corporate InformationInitiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

Vuzix Corporation (ticker:
VUZI), headquartered in
Rochester, NY, with
offices in Oxford, UK and
Tokyo, Japan, was
founded in 1997. The
Company is a leading
supplier of Video Eyewear
and Smart Glasses
products in the
consumer, commercial and entertainment markets. The Company's
products include personal display and wearable computing devices that
offer users a portable high quality viewing experience, provide solutions
for mobility, wearable displays and virtual and augmented reality. Vuzix
holds 39 patents and 10 additional patents pending and numerous IP
licenses in the Video Eyewear field. The Company has Strategic
partnerships with Lenovo &
other Fortune 500
companies including SAP,
AT&T and NTT Docomo.
The Company has won
Consumer Electronics Show
(or CES) awards for
innovation every year
starting from 2005 to 2014
and has announced 4 more
to be received at the 2015
CES 2105 for its new video headphones for mobile gaming the V720;
along with several wireless technology innovation awards among
others.
Outlook
There has been a tremendous amount of media interest and coverage
of the wearable display/phone industry including Vuzix. Vuzix products
have been written up in USA Today, Forbes, Fortune, CNET, Wired,
Scientific American, and numerous technology publications, as well as,
featured on television and radio. Vuzix management has been invited to
speak and present at several wearable tech and augmented reality
conferences around the world. The interest likely comes as a result of
Business Description
Outlook & Conclusion
M100 Smart Glasses
V720 Video HeadphonesInitiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

the growing interest in wearable computers and displays, which IMS
Research projects will generate $6 Billion in sales by 2016. According
to ABI Research, 485 million wearable computing devices are expected
to sell annually by 2018 with the smart glasses expected to account for
75 million of that total. The potential for significant cost savings and
improvements in efficiency are two of the main reasons driving
wearable computing.
Vuzix is one of the leading supply companies in Video Eyewear & Smart
Glasses. The Company is one of the first to enter and participate in the
Augmented Reality (AR) device market. According to the Company,
Vuzix is a world leader in the new generation of AR products. These
include see-through optical AR systems with HDMI interfaces that are
compatible with virtually all sources of media including Blu-Ray. The
commercial use for the Company’s technology is already significant, and
the potential number of industries that could utilize the Company’s
products is expanding rapidly. As the world becomes more and more
digitally integrated and connected to cloud base information; the
number of possible commercial applications for the Company’s
products grows.
The Company’s Smart Glasses and rugged AR glasses (M100 and
M2000AR respectively) are currently focused on the enterprise,
industrial and medical markets. They are being used for field service to
warehouse pick and pack applications. The Company’s Smart Glasses
run native Android applications within the glasses that allow them to
stream video in real-time which is very useful for many currently
utilized, and new applications in development. The Company’s M100
product to date has been being used for many applications including
remote camera viewfinder displays and wearable computer displays,
viewing of wireless sensor data, providing hands-free access to manuals
and other information and for on-site, in-the-field maintenance,
servicing, training and education purposes. The focus for the M100 has
been in the Enterprise space. According to Vuzix the M100 is designed
for enterprise applications and generally performs much better than
competing products like Google Glass that were not designed for
enterprise use cases but rather the average consumer.
Personal AR devices are also predicted to be a huge market, and Vuzix is
seeking to take full advantage of this. To that end the Company created
a “PROsumer” (professional consumer) version their current M100
Smart Glasses in order to address the early adopters in this emerging
market and competes with Google’s Google Glasses. The company has
unique IP that is focused on creating next generation glasses that it Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

believes will “Look and feel” like conventional fashion glasses. These
next generation glasses are in development now and should appeal to
the much broader mass market.
The Company hopes to attract individuals searching for the convenience
and fashion of regular sunglasses, while still offering their cutting edge
AR technology. Many consumers were originally turned away from the
original HDM’s or Head Mounted Displays that were bulky and
unfashionable and somewhat unappealing. To address this, Vuzix is now
attempting to create a practical and appealing optically see thru AR
product.
The Company anticipates applications will include the following areas:
• Field service, warehousing, and maintenance;
• Task support for industrial, manufacturing and medical
applications;
• Navigation;
• Sightseeing;
• Social networking
• Location and scene based entertainment and education
applications;
• Mobile commerce and visual search applications; and
• Real time language translation.
Waveguide based Fashion Smart Glasses
Applications for Smart GlassesInitiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

The Company is set to start selling their “PROsumer” M100 Smart
Glasses to consumers on Amazon.com (Nasdaq: AMZN) on November
27th, with an exclusive distribution deal. With the Company’s
“PROsumer” M100 becoming available to consumers on Amazon this
month, this makes Vuzix the first on the market with a fully-functional
smart glasses product offering. The M100 Smart Glasses is a cuttingedge
hands-free wearable computing device that pairs with a user's
smartphone or available WiFi connection, offering text, video, email,
mapping, and augmented reality through its personal display and
computing system. The Vuzix M100 contains a virtual display with
integrated camera for videos and snapshots. Running the Android OS
the voice and hand gesture controlled M100 is designed to run
applications in standalone operation or when connected to the internet,
and works with thousands of existing applications with many more
native applications in development.
Conclusion
A recent report by AugmentedReality.Org, entitled "Smart Glasses
Market 2014", is predicting that the Smart Glasses market will soar
towards 1 billion shipments near the end of the decade. Below is a
chart from the report illustrating the competitive landscape and stage of
development:
With over 10 new Smart Glasses launched in 2014 - this is a banner year
for Smart Glasses. AugmentedReality.Org expects shipments to reach 1
million by fall 2015 - mostly for enterprises, followed by an increase to Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

10 million by 2016, 50-100 million shipments by 2018, and eventually
capture the mainstream consumer space and cross 1 billion shipments
at the turn of the decade. AugmentedReality.Org predicts that as the
market matures and early winners emerge, by the end of 2016 the
market will experience a “shakeup” with mergers, acquisitions, and
significant investments. It argues that consumer electronics giants,
and other players in the ecosystem have no more than a 12 months
window to position their companies in the space (build, buy, partner) -
or risk missing the opportunity.
Enterprises Will Lead, Consumers Will Follow
AugmentedReality.Org states, “Driven by the need of Fortune 500
companies to become more competitive, the largest investments in
Smart Glasses and related software in the next few years will come
mostly from the enterprise space. AR Glasses targeting niches (Bicycle
helmets, competitive sports, entertainment) could also thrive. Once
enterprise usage irons out the kinks of Smart Glasses and pushes their
prices further down - the consumer market will take the lead - with the
goal to ship a pair of Smart Glasses to every consumer.” Vuzix is well
positioned to capitalize from this potential wave of adoption and
represents a potentially attractive acquisition candidate given it has a
product on the market, customers, the know-how on how to
commercialize and IP that should allow them to build fashion styled
glasses - a key to mass market adoption.Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

A recent article in Fortune mentions that smart glasses “are happening”
and it’s just a matter of “how fast.” The article states adoption may
accelerate when companies such as Microsoft, SAP, Oracle, and
Salesforce extend their enterprise resource planning software to
wearables. It’s interesting the article mentioned SAP as Vuzix is
partnered with SAP as well as AT&T and NTT Docomo. In the 4th quarter
of 2013 Vuzix began selling their first monocular pair of Smart Glasses
the M100. Designed for the industrial and commercial markets, Vuzix’
initial focus has been on the developer community in enterprise and the
medical markets. Vuzix has been attempting to create an eco-system
around the M100 developer community. Major corporate partners like
SAP, AT&T, NTT Docomo and others have been particularly active. Vuzix
is also creating an M100 app store with a growing list of applications
and tools to enable application development. Vuzix is also building
partnerships with the major suppliers of augmented reality software like
wikitude and Metaio, each of which have developed custom versions of
their software that support our M100 smart glasses.
As mentioned above, the M100 has attracted the attention of one of
the largest global software companies, a global leader of protective
eyewear, and one of the largest telecom carriers in the world. The
Company's proprietary Waveguide optics technology, which was codeveloped
with Nokia, is attracting the attention of the U.S. Military's
Defense Advanced Research Projects Agency, the U.S. Office of Naval
Research, and a leading global consumer electronics company. A full list
of Vuzix partners can be found by visiting:
http://www.vuzix.com/partners/." target="_blank" rel="nofollow ugc noopener">http://www.vuzix.com/partners/.
Also, in July of this year, Vuzix announced it signed a major deal with
Lenovo, the world's largest PC company to launch the award-winning
M100 Smart Glasses into China.Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

The wearable product offering will be co-branded as a Vuzix/Lenovo
solution and will be marketed across China as part of Lenovo's New
Business Development (NBD) brand. The "Vuzix 100 Smart Glasses
powered by Lenovo NBD" will be marketed exclusively by Lenovo. The
agreement between the companies calls for Vuzix to be the exclusive
third party provider of smart glasses to Lenovo for the industrial and
commercial markets in China and allows for the expansion into other
geographical markets and products. Vuzix has worked closely with
Lenovo and their development teams to create a new M100 Smart
Glasses product offering specifically tailored for the Chinese
marketplace with features which include Chinese language, voice
recognition, mapping and numerous other domestic cloud based
services. This agreement is a major step for Vuzix and through Lenovo
will bring it distinction as the first official Smart Glasses product to have
direct access into China.
As part of the partnership, Lenovo will begin immediate marketing of
the co-branded Vuzix M100 Smart Glasses and Vuzix has begun shipping
to Lenovo. Early in the 4th quarter Vuzix received CQC/CCC certification,
the first smart glasses to achieve this in China and as a result Lenovo can
being shipping the M100 into the Chinese market.
In summary, there is no shortage of opportunity for Vuzix and the risk as
we see it is in execution and focus. Vusix has recently funded
development, etc. via their institutional holders as they have continued
recent warrant conversions that has infused capital into the Company.
Vuzix management has been a first mover and has successfully
commercialized their products historically. The management team is
experienced in the industry. Management has stated they remain hyper
focused on executing on the enterprise level and growing revenues with
the anticipation of quarterly sequential revenue growth throughout
2015.
We should lastly note that Paul Travers (CEO) & Grant Russell (CFO)
collectively own approximately 20% of the Company on a fully diluted
basis.
Valuation
We employed a discounted cash-flow model to arrive at a fair value
estimate for Vuzix of $8.50 per share, a little more than double where
Vuzix is currently trading. We assumed annual average top-line growth
may average 100% over the next five years.
In March of this year Oculus AR was acquired by Facebook for $2B
despite Oculus being focused solely on Virtual Reality (VR); has Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

reportedly filed just one patent with the USPTO; and has no commercial
products for sale yet. Vuzix is focused on both Augmented Reality (AR)
& VR, has close to 49 patents filed and has products commercially
available. For fun, we will assume Vuzix is worth as much as Oculus AR’s
purchase by Facebook, should that be the case, Vuzix’ share price would
be $2B/11.6M shares out or $174, like I stated, for fun but worth noting.
Current mobile display technology is almost universally based on direct
view screens. These displays are designed to be small and make
portability easy. At the same time, it is difficult for these displays to
produce human readable high resolution content without magnification
or large character fonts due to their small size. Vuzix’ products are
aimed at solving these problems by creating large screens that fit in tiny
packages (eyeglasses).
The wireless and entertainment industry has evolved considerably, and
continues to do so. The mobile phone, once simply a means to
communicate by voice while “on-the-go,” has evolved into a ubiquitous,
location-aware, smart mobile computing device. Mobile products such
as smartphones and pad/tablet computers are becoming the leading
computing platforms with an installed base surpassing that of PCs.
Mobile technology is redefining the way people interact with their
world and has become an essential lifestyle management and
entertainment tool personalized to users’ unique needs. Vuzix believes
mobile devices and mobile internet access will have a more profound
impact than the Wired Internet and that interactive AR content is
expected to significantly change the way mobile products are used. As a
result, Vuzix believes that there is growing demand for mobile access to
high-resolution content in several major markets and that demand will
grow for Smart Glasses that have smartphone capabilities in most
markets in which smartphones are currently used. Vuzix believes
wearable near-eye displays that can provide the equivalent of a high
resolution wired internet at home or office experience will be a key
component in advanced wearable wireless devices as these systems
move to providing high resolution images without compromising the
portability of the product.
Vuzix’ business focuses on the mobile consumer entertainment and
gaming markets and the mobile commercial and industrial markets. The
demand for wearable displays in these markets is being driven by such
factors as:
Market & Growth
StrategyInitiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

• Increasing use of the Internet in many aspects of society and
business, which is increasing demand for Internet access
“anywhere, anytime”.
• An increasing number of hands-free industrial and commercial
applications, such as on-site training and display of information
on the factory floor or retail store, for which Vuzix’ products are
well suited.
• Video gaming around the world continues to grow even as more
users migrate a greater portion of their game time to mobile
devices. Vuzix believes that their high resolution Virtual Display
technologies will significantly increase user satisfaction with
gaming applications by engaging the user with a large high
resolution mobile screen that also enables stereoscopic imagery
and interactive head tracking.
• Vuzix believes the growing use of augmented reality
applications on smartphones that connect cloud information to
the real world will drive the need for a wearable display solution
to replace the need to hold up the smartphones to use the
application. At the same time smart glasses will provide a much
more natural, interactive, and intimate connection of the cloud
information to the real world.
• The new user-friendly 3D connectivity standards like HDMI 1.4a,
3D console gaming and other 3D content is creating a need for
methods to play this content. Vuzix believes that Video
Eyewear, with its dual display design, is well suited for the
playback of 3D content and avoids many of the drawbacks such
as flicker, image cross talk and color separation, commonly
encountered by shutter or color anaglyph glasses.
• Many 3D viewing solutions require the user to purchase new
computer or television equipment. Video Eyewear users do not
need a separate display or shutter glasses to view 3D content.
Video Eyewear can also be used to view 3D through mobile
devices allowing 3D content to be delivered any time anywhere
To maintain and enhance Vuzix’ position as a leading provider of neareye
virtual display solutions, the Company intends to:
• improve brand name recognition;
• provide excellent products and service;
• develop products based on the Company’s unique technology
for both specialized and large consumer markets;
• broaden and develop strategic relationships and partnerships;
• offer to sell the Company’s products or license their technology
to third party companies that would incorporate and sell as a Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

new product with their the Company’s brand name (OEM
partners);
• promote and enhance development of third party software that
can take advantage of the Company’s products;
• expand market awareness for Video Eyewear, including
applications for mobility (with our Smart Glasses) and Virtual
Reality (VR) and Augmented Reality (AR) for which Video
Eyewear is well suited. (VR allows a user to interact with a
computer-simulated environment, whether that environment is
a simulation of the real world or an imaginary world and AR
combines real-world and computer-generated data in real time
to augment the real world view);
• build upon and maintain the Company’s market leadership and
expand Vuzix customer base;
• reduce production costs while moving to higher margin product
offerings;
• extend the Company’s proprietary technology leadership;
• enhance and protect the Company’s intellectual property
portfolio;
• establish multiple revenue sources;
• invest in highly qualified personnel;
• build and maintain strong product design capabilities; and
• Leverage further outsourcing as the Company’s manufacturing
volumes increase to reduce costs.
Target Markets
Commercial and Industrial
Vuzix’ Smart Glasses products are currently focused on the enterprise,
industrial and medical markets. They are being used for field service to
warehouse pick and pack applications. The smart glasses run native
Android applications within the glasses that allow them to stream video
in real-time, which is very useful for many applications. Within the short
period of time, almost a year, Vuzix has been selling the M100 it is being
used for many applications including warehouse picking, remote camera
viewfinder displays and wearable computer displays, viewing of wireless
sensor data, providing hands-free access to manuals and other
information and for on-site, in-the-field maintenance, servicing, training
and education.Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

12
Vista Partners, LLC www.vistapglobal.com

Consumer
• Media and Entertainment. Vuzix believes that there is an
increasing demand for convenient, high-resolution, 3D displays
to view content such as movies, entertainment and the Internet
in mobile environments and as a secondary display in the home.
• Gaming. Vuzix believes that there is a need for highresolution,
interactive, stereoscopic 3D display devices for use
with desktop computers, consoles, tablets and other gaming
products. Vuzix believes that gaming on mobile devices that
have graphics and processing capabilities closely equivalent to
laptop computers and consoles but with small, direct view
screens is not a satisfactory experience for many consumers.
Vuzix’ Video Eyewear products are designed to significantly
enhance a consumer’s experience by providing largerappearing,
high-resolution images with stereoscopic 3D
capabilities and at the same time being interactive with sensors
that track where the user might be looking inside the game.
Vuzix believes that there is a growing demand for display
devices that use these sensors to simulate and experience
movement within a three-dimensional environment on all
platforms including gaming consoles, the PS and mobile devices.
Vuzix anticipates that VR and AR will become increasingly
popular entertainment applications. Both VR and AR are difficult
to implement using traditional desktop computer monitors and
televisions but can be successfully implemented with Video
Eyewear. Vuzix’ technologies and products enable a user to use
those applications.
Augmented Reality for all Markets
Vuzix offers smart wearable display products that enable development
and deployment of AR applications. AR Smart Glasses enable its wearer
to see computer-generated information, graphics or images projected
into the real world environment or upon an object that the user is
observing. Thus, whether in the warehouse, on the factory floor, or inthe-field,
users may access a manual, tutorial, or image that will assist
them in completing a task or locating an item, while also viewing their
current surroundings and nearby objects.
Vuzix anticipates applications will include the following areas:
• Field service, warehousing, and maintenance;
• Task support for industrial, manufacturing and medical
applications;Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

13
Vista Partners, LLC www.vistapglobal.com

• Navigation;
• Sightseeing;
• Social networking
• Location and scene based entertainment and education
applications;
• Mobile commerce and visual search applications; and
• Real time language translation.
Additional possible applications of AR-enabled M100 Smart Glasses
include hands free alerts, messaging, location and context sensitive
information and social interaction.
Risks
For a comprehensive list of risk factors, we encourage readers to review
the Company’s Annual Report on Form 10-K available at www.sec.gov.
Competition
The personal display industry in which Vuzix operates is highly
competitive. Vuzix competes against both direct view display
technology and near-eye display technology. Vuzix believes that the
principal competitive factors in the personal display industry include
image size, image quality, image resolution, power efficiency,
manufacturing cost, weight and dimension, feature implementation,
ergonomics and, finally, the interactive capabilities of the overall display
system.
Most of Vuzix’ competitors’ products for mobile use are based on direct
view display systems in which the user views the display device, or
screen, directly without magnification. These products have several
disadvantages compared to near-eye virtual displays and Vuzix’
wearable Video Eyewear products. If the screens are large enough to
read a full conventional internet page or HD video without external
magnification or image zooming, the products must be large and bulky,
such as laptops, tablets, personal computers. If the displays are small,
such as those incorporated in smartphones and smart watches, the
screens can be difficult to read when displaying higher resolution
content. Despite the limitations of direct view personal displays,
advanced multi-media enabled smartphones and now smart watches
are being produced in ever increasing volumes by a number of
manufacturers, including Motorola, Inc., Nokia Corporation, Sony
Ericsson Mobile Communications AB, Blackberry, Samsung Electronics
Co., Ltd., LG Electronics and Apple Inc. (Apple), Google, Pebble,
Risks & CompetitionInitiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

Qualcomm and others. Vuzix expects that these large and well-funded
companies, as well as newer entrants into the marketplace, will make
products that are competitive with theirs based on improvements to
their existing direct view display technologies or on new technologies.
Examples of new display technology include foldable displays, e-ink and
Qualcomm’s mirasol reflective technology called IMOD. The “retinal”
displays on the latest Apple iPads and iPhones provide very high
resolution and are proving effective as mobile direct view personal
displays for a variety of applications, including many that were once
considered applications where Video Eyewear was superior.
Aside from direct view displays, Vuzix also has competitors who produce
near eye personal displays, or Video Eyewear. For the past decade most
of such products were mainly low-resolution, bulky in size, poor
ergonomically, costly, and heavy in their power requirements. Vuzix
believes that most of their competitors’ near eye products have had
inferior optics, marginal electronics and poor industrial design and that,
as a result, Vuzix’ Video Eyewear products are superior to many of their
competitors’ in both visual performance and ergonomics.
Binocular Video Eyewear Products
Today, there are few companies that compete with Vuzix in the
binocular Video Eyewear space; they include Carl Zeiss, Seiko Epson,
Sony, and Acupix. Carl Zeiss introduced its first model called the
Cinemizer several years ago and has updated to Oled displays but has
restricted its sales primarily to Germany thus far. Epson and Sony are
both selling products that look like the larger head mounted displays
from 10 to 15 years ago. Epson ships their “Moverio” HMD and Sony
introduced their “HMZ” HMD late in 2011 for home or fixed location
use. Sony announced earlier this year, a third version of their HMZ with
several claimed improvements designed to solve some of its many user
comfort problems. Vuzix believes neither of these competitive products
have been received well in the market place due to their bulky and nonuser-friendly
designs. Brother International also began marketing a seethrough
HMD on a limited basis in Japan in late 2011. In the fall of 2012,
Acupix of Korea introduced a WVGA video eyewear model with HDMI
inputs, but it lacks support for legacy video devices and user optical
adjustments. In early January 2013, TDG Acquisition Company, LLC (the
purchaser of our TDG Assets, now operating as Six15 Technologies)
announced its new Tac-Eye AR line of see-through AR products for its
target marketplaces. A new entity, Oculus has been shipping developer
kits for its large field of view VR goggle HMD called the Oculus Rift and
has announced that a new model will be available in 2014. VuzixInitiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

believes that although the Rift has a very large field of view and
provides a tracked VR solution, the unit is very bulky relative to the
wearer’s head and offers only limited resolution to each eye. Vuzix
expects that, as the market grows and matures and as the technology
becomes more refined, more companies may compete with us.
There are a number of smaller companies that have products that
compete with Vuzix’ Video Eyewear products. They generally use
binocular display module (BDM) produced by Kopin Corporation
(Nasdaq: KOPN). Kopin offers binocular display modules of varying
resolutions to original equipment manufacturers (or OEMs). Those
modules are designed for easy customization by OEMs and include
microdisplays, backlights, optics and optional drive electronics. The
availability of those BDMs has greatly reduced the investment required
for new competitors to enter the business. Currently, Kopin BDMs are
primarily used by Asian-based Video Eyewear manufacturers. There are
also several Chinese companies offering what Vuzix believes are inferior
solutions in this market, but Vuzix believes their distribution in North
America and Europe is limited. Other microdisplay manufacturers may
also introduce BDM modules built around their products. Vuzix believes
that the products produced by those manufacturers have one or more
of the deficiencies described above. Kopin does not currently compete
with Vuzix at the retail level. Kopin is also Vuzix’ primary supplier of
microdisplays.
In 2010, Vuzix’ largest competitor, MyVu, ceased operations. Its
intellectual property assets were sold to Foxconn in Asia. Other
companies that have stated their intention to enter this market when
their product development is complete are Lumus and Microvision
Corporation. At the last 3 CES tradeshows, Lumus demonstrated a seethrough
HD optics engine in a pair of Video Eyewear. They have not yet
announced a product that is production ready. Microvision has also
announced that they are currently focused on the Pico projection
markets (handheld projectors), and that they are not planning to
introduce a wearable display solution.
Another product incorporating recently developed technology is a
handheld projector that utilizes micro-displays and optics to project
digital images onto any nearby viewing surface, such as a wall. These
devices are referred to as pocket projectors or pico projectors and are
designed to overcome the limitations of the native small screen on
smartphones and other mobile devices. Pico projectors use either liquid
crystal on silicon displays (LCOS) or color lasers to create their image.
Vuzix believes pico projectors have had higher unit sales to date than Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

Video Eyewear primarily because of their cost advantage and higher
resolutions.
In the VR (virtual reality) and AR (augmented reality) markets, there are
few competitors in the consumer space with effectively no competition
in all but the very high-end researcher market. Oculus (owned by
Facebook, purchased for $2B in March 2014) is now selling a
developer’s kit VR head mounted display and both Cinemizer and Sony
have announced their intent to offer upgrades to their new products for
virtual reality applications. Seiko Epson is selling a see through HMD
that they have announced would be improved to include a camera for
AR purposes. Today’s VR applications are primarily PC based
entertainment applications, a market Vuzix believes Sony is not about to
focus on against its PS4gaming console.
Further, industry bloggers have speculated that companies such as
Apple and Microsoft may offer or support AR Video Eyewear products in
the near future.
Monocular Video Eyewear Products
Although several companies produce monocular Video Eyewear, Vuzix
believes that sales of their products to date have been limited. To date,
the market opportunity for monocular products other than night vision
products has been limited primarily to trial tests rather than commercial
volume purchases for industrial applications. Current competitors in
these markets are Liteye Systems, Inc., Lumus, Shimadzu Corporation,
Kopin, Creative Display Systems, Google, LLC, BAE Systems, Six-15
Technologies, LLC (the purchaser of our TDG Assets), Rockwell Collins,
Inc. and its subsidiary Kaiser. Kopin has begun to aggressively promote
its upcoming Golden-i that combines a speech recognition controlled
head mounted computer with a monocular near-eye display and
recently demonstrated several new monocular reference designs that
they claim they are only licensing to OEM customers. The Motorola
Solutions group introduced Golden-i in late 2012. Google has developed
a wearable display device named Google Glass which is a headset
product with similar form and function to Vuzix’ M100 Smart Glasses.
Currently they are only shipping to the developer community and
through select channels. It is currently expected that they may start
shipping to consumers by late 2014 or early 2015. The Google Project
Glass will result in a new consumer oriented monocular display system.
There is competition in all classes of products manufactured by Vuzix,
including from divisions of large companies and many small companies.
Vuzix’ sales do not represent a significant share of the market for any Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

class of products. The principal points of competition for these products
include, among other factors: price, product performance, the
availability of supporting applications, the experience and brand name
of the particular company and history of its dealings in such products.
Vuzix believes that most of the monocular Video Eyewear products
currently offered by their competitors are inferior to Vuzix’ because
they are bulky, have smaller image sizes with lesser performing optics
and/or are currently priced higher than Vuzix’ products.
Officers:
Paul J. Travers, CEO, President and Director
Paul J. Travers was the founder of Vuzix and has served as President and
Chief Executive Officer since 1997 and as a member of our board of
directors since November 1997. Prior to the formation of Vuzix, Mr.
Travers founded both e-Tek Labs, Inc. and Forte Technologies Inc. He
has been a driving force behind the development of our products for
the consumer market. With more than 25 years of experience in the
consumer electronics field, and 15 years of experience in the virtual
reality and virtual display fields, he is a nationally recognized industry
expert. He holds an Associate degree in engineering science from
Canton, ATC and a Bachelor of Science degree in electrical and
computer engineering from Clarkson University.
Grant Russell, CFO, Executive Vice President, Treasurer and Director
Grant Russell has served as Chief Financial Officer since 2000 and as a
member of the board of directors since April 2009. From 1997 to 2004,
Mr. Russell developed and subsequently sold a successful software firm
and a new concept computer store and cyber café. In 1984, he cofounded
Advanced Gravis Computer (Gravis), which, under his
leadership as President, grew to become the world’s largest PC and
Macintosh joystick manufacturer with sales of $44,000,000 worldwide
and 220 employees. Gravis was listed on NASDAQ and the Toronto
Stock Exchange. In September 1996, Gravis was acquired by a US-based
Fortune 100 company in a successful public tender offer. Mr. Russell
holds a Bachelor of Commerce degree in Finance from the University of
British Columbia and is both a US Certified Public Accountant and a
Canadian Chartered Accountant.
Officers & DirectorsInitiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

Dan Cui, Vice-President of Business Development
Dan’s career spans over 30 years as a sales, marketing and business
development professional focused on introducing leading edge
technology and products into new markets on a global basis. Dan has
held senior positions in consumer electronics, e-commerce, semiconductor,
system, and electronic design automation (EDA) industries.
Prior to joining Vuzix, Dan held the position of Sr. Vice President of Sale
& Marketing at Myvu (formerly MicroOptical) Corporation, one of the
early HMD market leaders. He was instrumental in creating brand name
recognition and consumer demand for Myvu’s award winning, wearable
video displays around the world. Dan holds a Bachelor degree from the
University System of New Hampshire with a concentration in Business
Management, an Associate degree in avionic electronics from the
Community College of the Air Force and a Commercial FCC license.
Steven D. Ward, Controller
Steven D. Ward has served as Controller since 1998. Mr. Ward, formerly
a Certified Public Accountant, is responsible for all of our accounting
and human resource services. Mr. Ward’s previous experience includes
positions as Controller/Tax Manager for AM&M Companies, a financial
services firm, and as a principal in a regional certified public accounting
firm. Mr. Ward holds a Bachelor of Science degree in Accounting from
the State University of New York, College at Fredonia.
Mike Hallett, Director of Sales – North America
Michael Hallett has been with Vuzix since May, 2005 and has served as
Director of Sales — Consumer since October 2008. From June 2004 to
May 2005, Mr. Hallett was a sales manager at Wards Natural Science.
Prior to that position, Mr. Hallett held sales positions at Unisys
Corporation and Paychex, Inc. Mr. Hallett holds a Bachelor of Science
degree in Business Administration with a concentration in Marketing
and a minor in Economics from the State University of New York,
College at Brockport.Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

Board of Directors:
Paul J. Travers – see bio in Officers
Grant Russell – see bio in Officers
Alexander Ruckdaeschel, Director
Mr. Ruchdaeschel joined the board of directors in November 2012.
Since March 2001, Mr. Ruckdaeschel has worked in the financial
industry in the United States and Europe and as a co- founder, partner
and or in senior management. Mr. Ruckdaeschel cofounded Herakles
Capital Management and AMK Capital Advisors in 20081997. Mr.
Ruckdaeschel has also been a partner with Alpha Plus Advisors, from
2006 to 2010, and Nanostart AG, from 2002 to 2006, where he was the
head of their U.S. group. Mr. Ruckdaeschel has significant experience in
startup operations as the manager of DAC Nanotech-Fund and BiotechFund
from 2002 to 2006. Following service in the German military, Mr.
Ruckdaeschel was a research assistant at Dunmore Management
focusing on intrinsic value identifying firms that were undervalued and
had global scale potential. From October 1992 to October 2000 Mr.
Ruckdaeschel was in the German military and supported active
operations throughout the Middle East while also participating as a
professional biathlon athlete.
William Lee, Director
William Lee has served as a member of the board of directors since June
2009. Mr. Lee has been self-employed as a financial consultant since
May 2008. From January 2006 to May 2008, he served as Chief Financial
Officer of Jinshan Gold Mines Inc., a mining company listed on the
Toronto Stock Exchange. From July 2004 to January 2006, he was
engaged as a business analyst for Ivanhoe Energy Inc., a Toronto Stock
Exchange and NASDAQ-listed company, and Ivanhoe Mines Ltd.
Vancouver, an independent international heavy oil development and
production company with operations in Canada, the United States,
China and Ecuador, and listed on the New York and Toronto Stock
Exchanges. Mr. Lee spent nine years engaged in the practice of public
accounting with the firm of Deloitte & Touche. Mr. Lee is a member of
the Institute of Chartered Accountants of British Columbia and holds a
Bachelor of Commerce degree from the University of British Columbia.
Mr. Lee also currently serves as a director of Tinka Resources Ltd., Halo
Resources Ltd., and Riverside Resources Inc., all of which are listed on
the TSX-V.Initiation of Coverage – November 25, 2014 OTCQB Symbol: VUZI

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Vista Partners, LLC www.vistapglobal.com

Michael Scott, Director
Michael Scott is a Professor of Law at the Southwestern Law School in
Los Angeles, California. Previously, he was Partner at various legal firms
specializing in Technology and IP Practices, including Perkins Coie LLP
and Graham & James. He previously served on the board of Sanctuary
Woods Multimedia, Inc., a publicly traded company. He is the author of
7 books on Technology Law as well as the writer of numerous legal IPrelated
articles published in journals, newspapers and magazines. He is
the Founder and Editor-in-Chief of the E-Commerce Law Report and the
Cyberspace Lawyer.
This report has been prepared by Vista Partners LLC (“Vista”) based upon public
information available about Vuzix Corporation (the “Company”). Vista has not
independently verified such information, and in addition, Vista has been compensated
by the Company for advisory services for up to a one year period. Statements in this
report that are not historical facts are “forward-looking statements” that involve risks
and uncertainties. Forward-looking statements can be identified by the use of words
such as “opportunities,” “trends,” “potential,” “estimates,” “may,” “will,” “could,”
“should,” “anticipates,” “expects” or comparable terminology or by discussions of
strategy. Such statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements to be materially
different from the results, performance or achievements expressed or implied by such
forward-looking statements. Additional risks, uncertainties and other factors are
identified under the captions “Risk Factors” and “Special Note Regarding ForwardLooking
Statements” in the Company’s reports filed from time to time with the
Securities and Exchange Commission, including its Annual Report on Form 10-K for the
current fiscal year. Vista and the Company disclaim any intention or obligation to update
publicly or revise any forward-looking statements, whether as a result of new or
additional information, future events or otherwise. The Company is solely responsible
for the accuracy of that information. Information as to other companies has been
prepared from publicly available information and has not been independently verified
by the Company or Vista. For more complete information about the Company, the
reader is directed to the Company's website, http://www.vuzix.com and the Company’s
filings with the Securities and Exchange Commission available at www.sec.gov.
This report is published solely for informational purposes and is not to be construed as
an offer to sell or the solicitation of an offer to buy any security in any state. Past
performance does not guarantee future performance. Free additional information about
the Company and its public filings, as well as free copies of this report can be obtained
in either a paper or electronic format by calling 877.215.4813.
Legal Notes &
Disclosures

[DrEmmettBrown]

Antwort auf Beitrag Nr.: 48.409.031 von Mark333 am 25.11.14 15:35:14

Hi Mark,

würdest du den Bericht hier bitte einstellen, dann braucht sich der Rest dort nicht zu registrieren.

Danke!

[Findik2]

Kopin (Zulieferer AR) ist übrigens auch auf der LD Micro Conference vertreten wie Vuzix. Kopin Arbeitet ja mit Vuzix zusammen und ist Zulieferer für die M100.

[schste]

http://www.frameofchoice.com/mobile/Category.aspx?id=1822
Falls noch jemand ein Gedtell für seine M100 braucht... )

[ChrisHamburg01]

Durchschnitt sollte es heißen.

[ChrisHamburg01]

Vor einem halben Jahr lag der Durschnitt noch bei ca. 36.000 Aktien am Tag, jetzt sind es 58.000. Und heute wurden knapp 76.000 Stück gehandelt mit denen ein Plus von 4% generiert wurde. Ich bin zufrieden.

[sundancer-ch]

Wenn man es so sieht ist es schon gut. Aber zu wenig um morgen zu halten mMn.

[ChrisHamburg01]

Antwort auf Beitrag Nr.: 48.409.757 von sundancer-ch am 25.11.14 16:22:52

Zitat von sundancer-ch: Viel zu wenig Volumen und das Ask sieht nicht gerad rosig aus

Sooooo schlecht ist das Volumen doch heute nicht. Jetzt schon über Durchschnitt.