Lenovo and Kopin Form Joint Venture to Commercialize Enterprise AR Headsets
Kopin Provides Industrial Design Solutions, Key Components and Investment for Lenovo New Vision
LAS VEGAS–(BUSINESS WIRE)– Lenovo Capital and Incubator Group (LCIG), the global technology industry fund of Lenovo Group, and Kopin Corporation (Nasdaq: KOPN), a leading developer of innovative wearable computing technologies and solutions, today announced they formed a joint venture, Lenovo New Vision, a new subsidiary of LCIG. Lenovo New Vision focuses on AR smart headsets for a broad range of enterprise applications. Under the terms of the agreement, Kopin will provide a small capital investment, industrial design solutions, and know-how to utilize key Kopincomponents to Lenovo New Vision, including the micro-displays, optics, software and Whisper® Voice Chip.
LCIG President George He said, “AR/VR is the next generation technology that will change the world after PC Internet and mobile Internet. It is a required technology investment direction for virtually every enterprise. We truly value the cooperation with Kopin, and believe that this cooperation can further accelerate the growth of the enterprise AR market by bringing users optimized products and services.”
“We are very excited to enter into a strategic relationship with Lenovo,” said Dr. John C.C. Fan, Kopin’s President and CEO. “By combining Kopin’s advanced wearable technology and Lenovo’s strength as a global IT and equipment solutions provider, both parties can accelerate the commercialization of AR products and succeed in the fast-growing China and global AR markets.”
About Lenovo Capital and Incubator Group
Lenovo Capital and Incubator Group is the global technology industry fund of Lenovo Group. It supports startup companies utilizing Lenovo global organization and resources, incubates and invests in promising enterprises, and accelerates their growth by leveraging Lenovo’s global resources. Serving as a bridge between Lenovo’s internal and external innovations, LCIG focuses on investing in core technology and Internet fields. The capital managed by the fund in Phase II is $500 million.
Kopin Corporation is a leading developer and provider of innovative wearable technologies and critical components for integration into wearable computing systems for military, industrial and consumer products. Kopin’s technology portfolio includes ultra-small displays, optics, speech enhancement technology, voice-interface and hands-free control software, low-power ASICs, and ergonomically designed smart headset reference systems. Kopin’s proprietary components and technology are protected by more than 300 global patents and patents pending. For more information, please visit Kopin’s website at www.kopin.com.
Kopin and Whisper, are trademarks of Kopin Corporation.
Statements in this press release may be considered “forward-looking” statements under the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements relating to the expectations that AR/VR is the next generation technology that will change the world after PC Internet and mobile Internet; that AR/VR is a required technology investment direction for virtually every enterprise; the belief that this cooperation can further accelerate the growth of the enterprise AR market by bringing users optimized products and services; and our belief that by combining Kopin’s advanced wearable technology and Lenovo’s strength as a global IT and equipment solutions provider, both parties can accelerate the commercialization of AR products and succeed in the fast-growing China and global AR markets. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the market place may not accept AR/VR products: the AR/VR products the market place accepts may not be those produced by Lenovo New Vision; the AR/VR products the market place accepts may not include products designed and or manufactured by the Company; the cooperation between the Company and Lenovo New Vision may not accelerate or have any impact of the growth of the enterprise AR market; combining the Company’s advanced wearable technology and Lenovo’s strength as a global IT and equipment solutions provider may not accelerate the commercialization of AR products and succeed in the fast-growing China and global AR markets; it may take longer than the Company estimates to develop products; the Company’s products may not be accepted by the market place; there may be issues that prevent the adoption or further development of the Company’s wearable computing technologies; manufacturing, marketing or other issues may prevent either the adoption or acceptance of products; the Company might be adversely affected by competitive products and pricing; new product initiatives and other research and development efforts may be unsuccessful; the Company could experience the loss of significant customers; costs to produce the Company’s products might increase significantly, or yields could decline; the Company’s customers might be unable to ramp production volumes of their products, manufacturing delays, technical issues, economic conditions or external factors may prevent the Company from achieving its goals; and other risk factors and cautionary statements listed in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the 12 months ended December 26, 2015, and the Company’s subsequent filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company and only as of the date on which they are made. The Company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances occurring after the date of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170105005582/en/
Source: Kopin Corporation
For Product Information:
Paul Baker, 508-870-5959
VP Business Development
Kopin (HK) Limited
Kenny Cheung, 852-2607-4151
For Investor Relations
Richard Sneider, 508-870-5959
Treasurer and Chief Financial Officer
Market Street Partners
Joann Horne, 415-445-3233
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