Vuzix Responds To Pomerantz Law Firm

Company Believes Accusations of Potential Investor Concerns and Claims to be Unwarranted

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May 14, 2015, 09:46 ET

ROCHESTER, N.Y., May 14, 2015 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), a leading supplier of Video Eyewear and Smart Glasses products in the consumer, commercial and entertainment markets, announced today that it is rebutting the statements made by Pomerantz LLP ("Pomerantz") in their May 13, 2015 press release concerning potential claims and investigation concerns of certain Vuzix investors. Vuzix believes that the basis of any possible investor complaints suggested by Pomerantz Law Firm in their press release are unwarranted.

The implied basis of investor concerns referred to by Pomerantz in their press release appears to revolve on disclosures made by Vuzix in its recent SEC filings involving continued material weakness in its internal control over financial reporting and Pomerantz's inference this was a new and sudden material disclosure by Vuzix. The facts are that since Vuzix first went public in December 2009 and consistently since then it has reported in all its Annual 10-K reports filed with the SEC these matters as a risk factor and its potential impact on our share price to investors in Vuzix. Further Vuzix has disclosed the nature of these weaknesses in in Section 2, Item 9A of each of those Annual 10-K reports over the last 5 years as required by SEC reporting rules.

Vuzix would also like to point out that it is still considered a Smaller Reporting Company under SEC rules and it is currently not required to be fully compliant with the Sarbanes Oxley Act regarding audits of its internal controls by either the SEC nor NASDAQ rules or regulations.

To the Company's knowledge there are currently no claims or threatened claims made against Vuzix or its management by any third party.

About Vuzix Corporation

Vuzix 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 41 patents and 10 additional patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2014 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (VUZI) with offices in Rochester, NY, Oxford, UK and Tokyo, Japan.

Forward-Looking Statements Disclaimer

Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to the value and usefulness of the acquired patents, future products including waveguide based smart glasses that utilize the IP, the value of current IP portfolio and future additions, among other things, and the Company's leadership in the Video Eyewear and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov ). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

For further information contact:

Investor and Media Relations Contact:
Andrew Haag
Managing Partner
IRTH Communications
[email protected]
877-368-3566

Vuzix Corporation
2166 Brighton Henrietta Townline Road
Rochester, NY 14623 USA
Investor Information – Grant Russell
[email protected]
Tel: (585) 359-7562
www.vuzix.com

SOURCE Vuzix Corporation