YOKNEAM ILLIT, ISRAEL, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in AI-powered touchless sensing wearables, today announced the signing of a non-binding Memorandum of Understanding (“MOU”) under its newly launched Mudra licensing program. The MOU has been signed with a leading Chinese original equipment manufacturer (“OEM”) of extended reality (“XR”) smart glasses.
Under the terms of the MOU, the XR smart glasses OEM will explore deploying Wearable Devices' touchless technology into its own product suite. As defined in the MOU, upon successful evaluation, the parties would enter into a commercial license agreement.
This MOU is a testament to Wearable Devices' commitment to expanding its cutting-edge technology through strategic partnerships, and it marks a significant milestone in the Company's journey toward defining the future of human-device interaction.
Wearable Devices recently announced its new licensing program for the B2B market, the ‘Mudra Licensing’. With the new program, the Company will provide a royalty-based license agreement, where OEMs =will have the right to manufacture by themselves a custom reference design version combined with the Company’s touchless control technology.
“We're thrilled to partner with one of the major players in the XR market," said Asher Dahan, Chief Executive Officer of Wearable Devices. This collaboration could significantly advance the capabilities of XR smart glasses and headsets as well, offering users a more intuitive and immersive experience.”
About Wearable Devices Ltd.
Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, the Mudra Inspire, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s common stock and warrants trade on the Nasdaq Capital Market under the symbols “WLDS” and “WLDSW,” respectively.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the entry into a definitive commercial license agreement, future expansion of our technology through strategic partnerships and the potential benefits of the collaboration with the leading XR smart glasses OEM. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our use of proceeds from the offering; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2022, filed on March 22, 2023 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investor Relations Contact
Walter Frank
IMS Investor Relations
203.972.9200
wearabledevices@imsinvestorrelations.com
