TekCapital Regulatory News (TEK)

7 Feb 2023

Tekcapital Plc

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

Innovative Eyewear, Inc. Launches Lucyd Lyte 2.0 Smart Eyewear

Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group notes that Innovative Eyewear, Inc. ("Innovative Eyewear") (NASDAQ: LUCY; LUCYW), the developer and retailer of smart eyewear under the Lucyd®, Nautica® and Eddie Bauer® brands, has announced the launch of Lucyd Lyte 2.0, ("Lyte 2.0") a major upgrade to its flagship Lucyd Lyte audio eyewear platform.

The new Lucyd Lyte 2.0 line brings several advances to the company's core product and is available now, in any optical prescription, at Lucyd.co. The Company intends to introduce the product to optical and specialty retail chains worldwide. The Lyte 2.0 marks the culmination of years of R&D to realize the company's mission to make smart eyewear more accessible, useful and stylish for the optical and sunglass markets. New features of the Lyte 2.0 are as follows below:

· A four-speaker array provides immersive open-ear audio, that matches the sound quality of traditional earbuds without obstructing your hearing. The new speaker system provides an enhanced mid-range and bass response compared to the previous Lucyd Lyte.

· Audio input is improved with the introduction of dual noise-cancelling microphones. The Lyte 2.0 is ideal for recording audio content such as podcasts and voice messages and improves the fidelity of phone calls and input for voice assistants like Siri® compared to most built-in smartphone microphones.

· The battery life of the glasses has been improved to 12 hours of music playback and call time per charge, a 50% uplift over the previous model.

· The collection boasts 15 trending eyewear styles crafted by an experienced eyewear design team. 10 styles are available now, with the remaining five in pre-order until their expected availability in March 2023. 

· The collection includes optical frames designed specifically for women and petite heads, as part of the company's initiative to develop smart eyewear for all head shapes and sizes.

· The power and pairing indicator LEDs have been moved to a more discreet location in the inner temple.

· Touch controls now give an audible signal whenever the user adjusts volume or uses the other button functions, such as activating the voice assistant.

· Two new custom hinge types to enable a stronger, more aesthetically pleasing connection from the frontplate to the smart temple.

· Strength of the magnetic charging connection is improved, and the new collection is backwards compatible with the existing Lucyd Dock charger introduced with the original Lyte.

· The glasses use Bluetooth 5.2, providing improved connection stability over the previous 5.1 model.

· The glasses are offered with a new selection of over 20 custom lenses on Lucyd.co, now including gradient sunglasses and the latest cutting-edge Transitions® XTRActive Polarized and Signature Colors lenses.

· All of these features are added whilst maintaining price parity with traditional eyeglasses.

"Simply put, we believe there is no smart eyewear on the market that is as bold, beautiful and functional as the Lucyd Lyte 2.0," says Harrison Gross, CEO of Innovative Eyewear. "We are in a unique place in history, where time-tested devices like the wristwatch and eyeglasses are being reimagined as onramps into our digital lives. I am grateful and amazed that my team was able to develop smart eyewear that truly delivers on the promise of wearables to make many forms of data and mobile computing easier to access, more natural and seamless. Unlike many companies that produce smart eyewear alongside dozens or hundreds of other products, we are singularly focused on this emerging category to make it useful and exciting for the consumer. I encourage everyone to upgrade their eyewear® with the Lyte 2.0, to see and hear the difference that years of thoughtful and rigorous development on a single core concept can make."

Watch a video of the new glasses here.

About Innovative Eyewear, Inc.

Innovative Eyewear is a developer and retailer of cutting-edge smart eyewear, under the Lucyd®, Nautica® & Eddie Bauer® brands. True to our mission to Upgrade Your Eyewear®, our 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.

Tekcapital currently owns 5,189,086 shares (approximately 71%) of Innovative Eyewear, Inc. 

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Photos and images courtesy of Innovative Eyewear Inc.

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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.

LEI: 213800GOJTOV19FIFZ85

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.