WESTBOROUGH, Mass.--(BUSINESS WIRE)--Kopin Corporation (NASDAQ:KOPN) a leading developer of innovative wearable computing technologies and defense solutions, today announced it had divested its equity interest in Recon Instruments (Recon) as part of Intel Corporation’s acquisition of Recon.
“We were an early investor and are a long time supplier of displays to Recon and have shared their vision for head mounted wearable technologies,” said Dr. John C.C. Fan, President and CEO. “Their acquisition by Intel is further evidence to us that the head mounted wearable technology segment will grow significantly. We believe this transaction will allow Recon to capitalize on their talents and technology.”
Kopin anticipates that it will receive approximately $6 million in cash proceeds for its equity interest, subject to certain closing conditions including a working capital adjustment.
Kopin Corporation is a leading developer and provider of innovative wearable technologies and solutions for integration into head-worn computing and display systems to military, industrial and consumer customers. Kopin’s technology portfolio includes ultra-small displays, optics, speech enhancement technology, system and hands-free control software, low-power ASICs, and ergonomically designed smart headset reference systems. Kopin’s proprietary components and technology are protected by more than 300 global patents and patents pending. For more information, please visit Kopin’s website at www.kopin.com.
Statements in this news release may be considered “forward-looking” statements under the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements relating to significant growth in head mounted wearable technology segment and receipt of the $6 million in cash proceeds for its equity interest. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the wearable technology segment may not grow or if it does we may be unable to participate in the growth; final closing proceeds may be more or less than $6 million; manufacturing, marketing or other issues may prevent either the adoption or acceptance of products; the Company might be adversely affected by competitive products and pricing; new product initiatives and other research and development efforts may be unsuccessful; the Company could experience the loss of significant customers; costs to produce the Company’s products might increase significantly, or yields could decline; and the Company’s customers might be unable to ramp production volumes of its products; and other risk factors and cautionary statements listed in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the 12 months ended December 27, 2014, and the Company’s subsequent filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no responsibility to update any of these forward-looking statements to reflect events or circumstances occurring after the date of this report.