Lucyd Update

RNS Number : 6867T

Tekcapital plc

22 July 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

22 July 2020

Tekcapital Plc

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

Portfolio Company Update:

LUCYD Patent & New Product Update

Tekcapital Plc (AIM: TEK), the UK intellectual property (IP) investment group focused on creating marketplace value from investing in university technology, is pleased to announce that its wholly owned portfolio company Lucyd Ltd, ("Lucyd") the smartglass developer and operator of an eShop for tech-enhanced eyewear, has received a notice of allowance for 13 previously filed patents and has filed two new patents covering their forthcoming Lucyd Lyte Bluetooth® audio glasses.

As a result,  Lucyd's total IP position now consists of 24 patents (13 allowed design patents & 11 applications) which includes three pending utility patents,  and eight pending design patents.

The Company's manufacturing partner has just completed the first Lucyd Lyte beta production models, dubbed " Darkside" and 'Moonshot ." Lucyd expect to have the initial batch of the Lucyd Lyte beta units next week, and will begin beta testing with our network of tech and fashion influencers, and Lucyd eyewear fans. The Product launch for the Lyte line is anticipated to be in late September 2020.

Lucyd has established a new U.S. subsidiary called Innovative Eyewear, Inc. focused on making and selling Lucyd branded products. Innovative Eyewear has recently launched an equity crowdfund on StartEngine . The company is seeking to raise $400,000 at a pre-money valuation of $3.75m, a significant increase over the $1.29m valuation recorded for Lucyd, Ltd. in 2019. Early adoption has been good and over 275 investors have already subscribed. We will update the market when the round is completed.

Harrison Gross, CEO and Co-founder at Lucyd said: "We are extremely excited about our new Lucyd Lyte product, as it personifies our goal to produce fashionable, prescription tech eyewear that you can wear all day as your go-to glasses," said   Harrison Gross, CEO and Co-founder at Lucyd.

About Lucyd  

The mission of Lucyd is to enhance the visual experience. Lucyd is pioneering a new market for prescription-ready, tech-enhanced glasses, and operates an eShop for innovative eyewear. To learn more please visit https://lucyd.co .

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed intellectual properties and provides a range of IP investment services to make it easy for organisations to commercialise university-developed technology. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in the UK. For more information, please visit www.tekcapital.com

LEI: 213800GOJTOV19FIFZ85

For further information, please contact:

Tekcapital Plc   Via Flagstaff Clifford M. Gross, Ph.D.  SP Angel Corporate Finance LLP (Nominated Adviser and Broker) [phone]   Richard Morrison/Charlie Bouverat  (Corporate Finance) Abigail Wayne (Corporate Broking) Flagstaff Strategic and Investor Communications [phone] Tim Thompson/Andrea Seymour/Fergus Mellon

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.

 

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