BUSINESS: Financial Vuzix Announces $3 Million in Financing Private Placement By Staff Friday, June 06, 2014 12:23 AM ROCHESTER, N.Y.— Vuzix Corporation (OTC:QB: VUZI) has entered into a definitive agreement with institutional investors for the sale of $3 million in aggregate principal amount of 5 percent Senior Secured Convertible Notes due June 2, 2017. Net proceeds from the sale will accelerate the offshore production ramp-up of Vuzix’ M100 smart Glasses with its new features and software capabilities. A broader M100 marketing campaign internationally will also be launched, the company said. The proceeds will also facilitate the implementation of Vuzix’ new waveguide manufacturing process equipment for use in Vuzix’ next generation smart glasses products. In addition, the company said it will pursue final designs and tooling for its V720 video headphone products. “We are thankful for the continued support of our shareholders and their shared excitement about the future of Vuzix,” said Vuzix CEO Paul Travers. “The terms the investors have offered with its low interest rate, long maturity, no warrants and minimal transaction costs are very favorable and demonstrates their sustained commitment to make Vuzix a market leader in the wearable technology space. This financing will allow us to advance our technology for implementation in next generation products all the sooner.” Vision Monday’s Eye2 recently reported that Rochester Optical is to provide Rx frames and lenses for Vuzix's M100 Smart Glasses.