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21 August 2024

Tekcapital Plc

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

Innovative Eyewear, Inc. Announces Strategic Alliance with Geenee Inc. to Deliver Next-gen Smart Eyewear Retail Experiences

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group notes that Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (NASDAQ: LUCY; LUCYW), the developer and retailer of ChatGPT enabled smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, has announced it has partnered with augmented reality shopping developer Geenee Inc. to develop a new generation of Smart Eyewear retail experiences in H2 2024.

The Company is working with Geenee to launch the following new customer experiences for its smart eyewear:

●    The launch of the new Lucyd Kiosk, a freestanding LCD display with an immersive brand experience, allowing the viewer to see all Lucyd, and Powered by Lucyd, frames superimposed on their faces using state of the art virtual try-on (VTO) technology. The Lucyd Kiosk will also support seamless audio demos using a tethered pair of Lucyd glasses coupled with larger-than-life TikTok videos and product content. The Company envisions the Kiosk will be placed in high-volume optical stores, big box stores and select specialty retailers.

●    The launch of an improved VTO experience on Lucyd.co, enhancing the Company's unique online smart eyewear shopping experience with cutting-edge AR try-on.

●    Finally, the Company will be partnering with Geenee to launch a new wave of personalized web advertisements supporting VTO, allowing viewers to instantly try on Lucyd eyewear while browsing other websites.

At 5' high and with a 32" responsive LCD touchscreen, the Lucyd® Kiosk will provide an immersive and customizable shopping experience. We believe adding the VTO takes it to the next level.

Harrison Gross, CEO of Innovative Eyewear Inc., commented:

"We are excited to partner with Geenee as they will provide a terrific and fun solution to help guide our customers in their smart eyewear purchases. We believe that their fast and flawless VTO experience will enhance sell-through both online and in-store."

 Cory Grenier, CEO of Geenee Inc., said:

"Culturally significant products often deliver useful multisensory experiences, at an accessible price point, in a more convenient and intuitive form. In this regard, Lucyd has been a trendsetter, converging audio entertainment and intelligent AI logic into sleek and stylish eyewear.  Personalized virtual try-on kiosks, like the Lucyd® Kiosk, extend this hands-free utility to the retail environment." 

Innovative Eyewear Inc. expects the Lucyd Kiosk to debut in select retailers later this year, and the new virtual try-on experience is expected to launch on Lucyd.co by Q4 2024, along with other site-wide improvements. For a live demo of the try-on with the Lucyd Antimatter XL style, visit here.

Image courtesy of Innovative Eyewear, Inc.

About Innovative Eyewear, Inc.

Innovative Eyewear is a developer and retailer of ChatGPT smart eyewear, under the Lucyd^®, Nautica^®, Eddie Bauer^® and Reebok® brands. True to their mission to Upgrade Your Eyewear^®, their Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.

About Geenee, Inc.

Geenee is an AI-based 3D personalization platform transforming how people digitally interact and transact through virtual try on ads, ecommerce and AR Mirrors. Geenee personalization platform partners include brands such as SHEIN, L'ORÉAL, John Hardy, and major eyewear manufacturers. To learn more, please visit Geenee.ar, or Try-on.io.

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.

LEI: 213800GOJTOV19FIFZ85

Tekcapital currently owns 259,455 shares of Innovative Eyewear, Inc. 

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Forward-Looking Statements

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 Innovative Eyewear, Inc., 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, Innovative Eyewear Inc. 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 Innovative Eyewear Inc., Lucyd and/or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Other than as required by relevant regulation or law,  neither Innovative Eyewear Inc, 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.