Tekcapital plc Portfolio Company Update - Lucyd (5387X)

TIDMTEK

RNS Number : 5387X

Tekcapital plc

05 May 2021

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

5 May 2021

Tekcapital Plc

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

Portfolio Company Update: Lucyd Ltd ("Lucyd")

Lucyd Expands Team

Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group focused on creating valuable products from investing in university technologies that can improve quality of life, is pleased to announce that portfolio company Lucyd has expanded its team with three new hires. Following Lucyd's completion of its successful, oversubscribed Regulation Crowdfund, where it raised $1.07m at a post-money valuation of $4.8m. The new team members will help the Lucyd brand increase its reach into retail markets, improve the company's online social media presence, and further establish the company within the smart eyewear market.

To expand its sales force, the company has hired Frank Rescigna as VP Sales. Mr. Rescigna brings a wealth of experience with a thirty-year background in optics. He previously managed the Guess Eyewear brand in the US as President of Viva International, then as President of Jewelry & Global Brand Licensing at Guess Inc. He also helped develop several lines of specialty eyewear as SVP Global Sales at Wiley X, Inc. He is also a licensed optician and has operated his own optical business, making him familiar with the industry inside and out.

Additionally, the company has hired Kenneth Strominger as Sales Director for sports and electronics markets. Mr. Strominger is an experienced fitness electronics sales manager with a track record of success in brick and mortar electronics distribution. He acquired 10,000 wholesale store accounts while Director of Sports Marketing and Sales at Timex Corp . While President of the Nexus Sports consultancy, he negotiated many successful deals, including the creation of Iron Man-licensed products for the Yurbuds LLC headphone line, and garnering placement into the national Dick's Sporting Goods chain. Founded in 2008, Yurbuds developed in-the-ear and behind-the-ear headphones that are ergonomically and functionally designed specifically for athletes. Yurbuds headphones were available in 19,000 points of sale, including big box general merchandise retailers, sporting goods retailers and more than 750 active lifestyle specialty retailers. The company was acquired by Harmon in 2014 .

Finally, the company has hired Alex Rivera as Content Manager. Mr. Rivera brings significant experience to the graphic design and social media efforts of the company. He has 15 years of experience in photography and brand management, including over a decade of work in photography and brand development at Astound Digital Productions, and over five years as Content and Social Manager for the popular Blue Martini chain. Mr. Rivera has begun refining the Lucyd brand's online presence to broaden its reach and appeal in its target markets.

The company believes this team expansion will prove instrumental to the advancement of its positioning as both a pioneer and premier brand in Bluetooth(R) -enabled eyewear.

Harrison Gross, Lucyd cofounder and CEO said, "This team expansion is an important step towards our path to market leadership in smart eyewear. It is our belief that these new hires will help catalyze Lucyd's first-mover advantages into a firm position as a technology and style leader in the emerging wearables market. Adding this wealth of optical, sales and content management experience to the team is invaluable, given the company's growth since the launch of our popular Lucyd(R) Lyte e-glasses this past January."

About Lucyd and Innovative Eyewear Inc.

Lucyd's mission is to Upgrade your Eyewear(R) 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 75% of the share capital of its U.S. operating subsidiary, Innovative Eyewear, Inc.

For further information, please contact:

 
Tekcapital Plc                                     Via Flagstaff 
Clifford M. Gross, Ph.D. 
 
SP Angel Corporate Finance LLP 
 (Nominated Adviser and Broker)                    [phone] 
Richard Morrison/Charlie Bouverat (Corporate 
 Finance) 
 Abigail Wayne / Rob Rees (Corporate Broking) 
 
Flagstaff Strategic and Investor Communications    [phone] 
Tim Thompson/Andrea Seymour/Fergus Mellon 
 

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

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 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. 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.

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May 05, 2021 02:00 ET (06:00 GMT)