LONDON, UNITED KINGDOM , July 06, 2021 (GLOBE NEWSWIRE) -- Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group focused on transforming university discoveries into valuable products to improve quality of life, is pleased to announce that portfolio company Lucyd Ltd’s U.S. operating company, Innovative Eyewear, Inc. has signed an exclusive purchase and distribution agreement with 8 Points Inc, a subsidiary of Marca Eyewear Group Inc. a leading Canadian distributor that provides high-end spectacles for optical stores and eye care professionals.
This agreement sets out a minimum purchase requirement of US$4.6m worth of Lucyd® Lyte® e-glasses over 30 months, to maintain retail distribution exclusivity in Canada. Monthly minimum committed purchases increase incrementally over the term of the agreement. In the event that 8 Points Inc does not meet the minimum monthly purchase requirements, Lucyd may convert 8 Points Inc’s exclusive rights to non-exclusive rights for the remainder of the term or terminate the agreement.
8 Points Inc will provide Canadian warehousing and dual language customer support. Lucyd believes this agreement will likely result in significant market penetration of its Lyte glasses throughout all provinces and territories in Canada.
Harrison Gross, Lucyd cofounder and CEO said, “We are excited to sign this agreement with a leading Canadian eyewear distributor. The Marca Eyewear Group have represented numerous renowned eyewear brands over the past 24 years. As a result, we believe this agreement will enhance Lucyd’s first-mover advantage as a technology, style and price leader in the emerging smart eyewear market in Canada.”
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. 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.
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. Further, valuations of Company’s portfolio investments and net asset value can and will fluctuate over time due to a variety of factors and this could have a material negative impact on the Company’s financial performance. 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.
CONTACT: For further information, please contact: Tekcapital Plc Via Skyline Clifford M. Gross, Ph.D. Skyline Corporate Communications Group, LLC Matthew Abenante/Scott Powell +1 646 893 5835