Innovative Eyewear provides interim company update

Innovative Eyewear shared an interim company update regarding the Company’s progress in 2023. In June 2023, the Company conducted a successful secondary offering to raise the capital needed to launch smart eyewear collections under its new Nautica, Eddie Bauer and Reebok partnerships, and its forthcoming Bluetooth safety eyewear. Both the Nautica Powered by Lucyd line and the Company’s unique Lucyd Safety smart eyewear line are expected to be launched in Q4 2023. The Eddie Bauer and Reebok Powered by Lucyd lines are expected to launch in early Q1 2024. We believe the recent fundraise capitalized the Company sufficiently to manufacture and market all four of these exciting new product lines, as well as make further enhancements to the Lucyd app, which powers seamless connection to ChatGPT on all of our eyewear. These lines represent a significant diversification of the Company’s offering that we believe will enable it to reach new segments of the optical and sunglass markets, and will empower the Company with the largest number of styles of any smart eyewear provider. The Company introduced an end-to-end upgrade to its core Lucyd Lyte product offering in February 2023, improving the sound and call quality by adding additional speakers and microphones, increasing the battery life by 50%, and introducing 15 new styles capturing the latest trends in traditional eyewear. The Company has also engineered significant product improvements which are expected to first debut with an upcoming Lyte XL collection in early Q4, and be introduced on all future models including the Nautica line. These product improvements include the development of a proprietary flexible hinge enabling the glasses to fit a wider range of users comfortably, a thinner and more ergonomic temple form factor for enhanced comfort, and further improvements to sound and call quality. The Lyte XL collection is currently expected to launch with six new styles in early Q4. The Company is continuing to develop new innovations to improve its smart glasses and help establish its products as the global standard in smart eyewear. The Company recently launched a new modular retail display system which has so far been deployed in about 20 partner locations, providing an immersive Lucyd brand experience with a 10″ video screen, and an optional audio testing station. The display system includes four modular components that can expand to fill any amount of counter space available, and the display can be easily updated with new videos and insert imagery on a seasonal basis. Seven of these display systems are being launched in US duty free stores through the Company’s partnership with Privato Duty Free. The Company recently entered into an engagement with a leading key account consultancy with significant experience in retail placement of eyewear. Additionally, the Company recently signed an agreement with a bespoke influencer marketing agency, to promote the Company’s products. Finally, the Company continues to grow its retail store footprint and added approximately 25 new optical partner locations in Q2, in addition to the seven duty free locations previously mentioned. In April 2023, we introduced the world’s first smart eyewear powered by ChatGPT through our Lucyd App. In August 2023, the Company expects to launch a significant update to the Lucyd App, its patent-pending, voice-controlled onramp to ChatGPT for smart eyewear. This includes the development of an improved user experience, new tools and prompts to help the user get the most out of ChatGPT, a streamlined onboarding experience, and a premium subscription with unlimited access to ChatGPT and additional premium features.