RCS - Tekcapital plc - Innovative Eyewear distribution to GCC Countries

TekcapitalAnnouncement

05/09/2024 07:00

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RNS Number : 9670C  Tekcapital plc  05 September 2024

 

 

    5 September 2024

Tekcapital Plc

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

Innovative Eyewear, Inc. Expands Distribution to Gulf Cooperation Council
(GCC) Countries

 

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 overseas expansion
into the Middle East market through an exclusive distribution agreement with
Ecom Gulf FZCO (https://mixireal.com/) .

 

The distribution agreement with Ecom Gulf FZCO covers the GCC countries,
including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain, and
Oman. This agreement aims to introduce Innovative Eyewear's smart glasses to a
rapidly growing market for tech products in the region.

 

According to Statista 1 , in 2024, "The  traditional  eyewear market in GCC is
projected to generate revenue of US$1.8bn with an CAGR of 3% (between
2024-2029), By 2029 the market is expected to achieve a volume of ~170m
frames. In the GCC, there is a growing demand for luxury eyewear brands, with
consumers willing to pay a premium for high-quality and stylish frames."

 

Lucyd Lyte® Jupiter style. Image courtesy of Innovative Eyewear, Inc.

 

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

"We are thrilled to partner with Ecom Gulf FZCO to bring our stylish and
user-friendly smart eyewear to the Middle East. This region represents a
significant opportunity for growth, with its tech-forward consumers and robust
retail landscape."

 

To kick off the partnership, Ecom Gulf FZCO will be participating in the Dubai
AI & Web3 Festival
(https://dubaiaiweb3festival.com/about-us/?utm_medium=display_banner&utm_source=google_ads&utm_campaign=delegates_ticketssalesregistration)
, showcasing Innovative Eyewear's cutting-edge ChatGPT smart eyewear. The
Dubai AI & Web3 Festival, scheduled for September 11-12, 2024, at Madinat
Jumeirah, Dubai, provides an ideal platform for Ecom Gulf FZCO to showcase
Innovative's smart eyewear offerings. The festival, focused on enabling
digital economies, brings together global leaders in artificial intelligence
and Web3 technologies will enable Innovative Eyewear Inc. to demonstrate its
products to a highly relevant audience reinforcing its position as a leader in
ChatGPT enabled smart eyewear.

 

Hisham Elhusseini, CEO of Ecom Gulf FZCO, said:

 "I am excited to announce our partnership with Innovative Eyewear, Inc. as
the exclusive distributor of their pioneering smart glasses in the Middle
East. This collaboration marks a key milestone in our commitment to driving
the future of smart living through GenAI technology, and we look forward to
introducing these innovative products to our customers across the region."

 

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 (http://www.lucyd.co) .

 

About Ecom Gulf FZCO (DBA Mixireal)

MIXIREAL was founded with a dream to transform daily life through the
integration of metaverse technologies. Located in the heart of the Middle
East, MIXIREAL serves as the first one-stop shop for augmented reality,
virtual reality, and smart eyewear. To learn more, please visit
www.mixireal.com (http://www.mixireal.com) .

 

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. (http://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                                                                          +44 (0) 20 3470 0470

 (Nominated Adviser and Broker)
 Richard Morrison/Charlie Bouverat (Corporate Finance)/Abigail Wayne / Rob Rees
 (Corporate Broking)

 Flagstaff Strategic and Investor Communications                                                         +44 (0) 20 7129 1474
 Tim Thompson/Andrea Seymour/Fergus Mellon

 

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 Innovative Eyewear, Inc., 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, Innovative Eyewear Inc. 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 Innovative Eyewear
Inc., Lucyd and/or Tekcapital may vary materially from those described
explicitly or implicitly in the relevant forward-looking statement. Other than
as required by relevant regulation or law,  neither Innovative Eyewear Inc,
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.

 

 1 
https://www.statista.com/outlook/cmo/eyewear/gcc#:~:text=In%202024%2C%20the%20Eyewear%20market,volume%20of%20169.9m%20pieces
(about%3Ablank#%3A~%3Atext=In%202024,%20the%20Eyewear%20market,volume%20of%20169.9m%20pieces)
.

 

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