This Week
  • Car owners, dealers are forced to deal with the effects of the VW emissions scandal.

  • ClickSpark LLC is among a new generation of technology companies in the area.

  • CFO David Klein is leader of the financial team at Constellation Brands.

  • Succession planning has moved to the forefront in the financial planning industry.

  • Liz Madison is bringing the farm to doorsteps across Wayne and Monroe counties.

  • Mirror Show Management grabbed the top spot on the 2015 Rochester Top 100.

Vuzix secures $3 million in debt financing

Associated Media Vuzix M100 Smart Glasses
Watch video Permalink
Rochester Business Journal
June 3, 2014

Vuzix Corp. reported Monday it has entered into a definitive agreement with institutional investors for the sale of $3 million in debt.

The company sold 5 percent senior secured convertible notes that are due June 2, 2017.

Proceeds from the transaction will help speed up the video eyewear company’s M100 Smart glasses offshore production ramp-up, with new features and software capabilities.

There are no scheduled principal or interest payments on the notes until its maturity date.

The notes are convertible into common stock at $2.25 a share, and are secured by all the present and future assets of the company and its subsidiaries pursuant to a security agreement and subsidiary guaranty, the company said.

"We are thankful for the continued support of our shareholders and their shared excitement about the future of Vuzix,” CEO Paul Travers said in a statement. “The terms the investors have offered with its low interest rate, long maturity, no warrants and minimal transaction costs are very favorable and demonstrates their sustained commitment to make Vuzix a market leader in the wearable technology space."

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail

What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment


Not registered? Sign up now!

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google