Originally posted on yahoo! finance
Tekcapital Plc ("Tekcapital", the “Company” or the “Group”) Portfolio Company Update: Lucyd Ltd (“Lucyd”) Lucyd Signs Purchase & Distribution Agreement
LONDON, UNITED KINGDOM , July 06, 2021 (GLOBE NEWSWIRE) -- Tekcapital Plc (AIM: TEK, OTCQB: TEKCF), the UK intellectual property investment group focused on transforming university discoveries into valuable products to improve quality of life, is pleased to announce that portfolio company Lucyd Ltd’s U.S. operating company, Innovative Eyewear, Inc. has signed an exclusive purchase and distribution agreement with 8 Points Inc, a subsidiary of Marca Eyewear Group Inc. a leading Canadian distributor that provides high-end spectacles for optical stores and eye care professionals.
This agreement sets out a minimum purchase requirement of US$4.6m worth of Lucyd® Lyte® e-glasses over 30 months, to maintain retail distribution exclusivity in Canada. Monthly minimum committed purchases increase incrementally over the term of the agreement. In the event that 8 Points Inc does not meet the minimum monthly purchase requirements, Lucyd may convert 8 Points Inc’s exclusive rights to non-exclusive rights for the remainder of the term or terminate the agreement.
Harrison Gross, Lucyd cofounder and CEO said, “We are excited to sign this agreement with a leading Canadian eyewear distributor. The Marca Eyewear Group have represented numerous renowned eyewear brands over the past 24 years. As a result, we believe this agreement will enhance Lucyd’s first-mover advantage as a technology, style and price leader in the emerging smart eyewear market in Canada.”