(“Tekcapital”, the “Company” or the “Group”)
Portfolio Company Update: Lucyd Ltd (“Lucyd”)
Lucyd Signs Purchase & Distribution Agreement
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.
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