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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
22 July 2021
Tekcapital Plc
("Tekcapital", the "Company" or the "Group")
Portfolio Company Update: Lucyd Ltd ("Lucyd")
Crowdfund launched for Innovative Eyewear, Inc. ("Innovative Eyewear")
Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group focused on transforming university technologies into valuable products that can improve quality of life, is pleased to announce that portfolio company Lucyd's Innovative Eyewear subsidiary has launched a new Regulation Crowdfund. They are seeking to raise $500,000 at a $20m pre-money valuation. The proceeds are earmarked for building inventory to meet increasing customer demand from its e-commerce and retail sales channels.
Harrison Gross, Lucyd cofounder and CEO said, "We are pleased to announce our second Reg CF crowdfund to help meet the rapidly growing demand for our popular Lucyd® Lyte e-glasses, which we launched this past January. To-date the product has received more than 200 5-star ratings on Amazon and our Lucyd.co e-shop. We plan to introduce six new styles of our smart eyewear in the next 60 days, including the first titanium front Bluetooth glasses, which weigh just 30 grams, the same as traditional eyewear."
About Lucyd and Innovative Eyewear Inc.
Lucyd's mission is to Upgrade your Eyewear® with advanced ergonomic frames that are easy to use, fun to wear, and help you stay safely connected to your digital life. The Lucyd brand and IP portfolio are exclusively licensed to and operated by Innovative Eyewear, Inc. To learn more, or order Lucyd Lyte, please visit https://lucyd.co.
Tekcapital currently owns 100% of the share capital of Lucyd Ltd and approximately 80% of the share capital of its U.S. operating subsidiary, Innovative Eyewear, Inc.
For further information, please contact:
Tekcapital Plc | Via Flagstaff | |
Clifford M. Gross, Ph.D. | ||
SP Angel Corporate Finance LLP (Nominated Adviser and Broker) | +44 (0) 20 3470 0470 | |
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 |
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 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 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 Lucyd and/or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither 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.