Wearable Devices Ltd. Expands Defense Sector Presence with New MDK Sale
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On Wed, 24 Jul, 4:05 PM UTC
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[1]
Wearable Devices Expands its Presence in the Defense Sector with New MDK Sale to a Global Defense Company
This purchase marks growing interest in Wearable Devices in the defense market, following its previous agreement with another defense sector leader YOKNEAM ILLIT, ISRAEL, July 24, 2024 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (the "Company" or "Wearable Devices") (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence ("AI")-powered touchless sensing wearables, announced today that a global defense company has purchased its state-of-the-art Mudra Development Kit ("MDK") to evaluate certain deep-level capabilities. This purchase marks additional opportunities for Wearable Devices in the defense market, following its previous agreement with another defense sector leader. The MDK enables developers to integrate advanced gesture control functionalities into their systems, utilizing Wearable Devices' innovative Mudra technology. This powerful toolset will support the defense company's efforts to enhance user experience and operational efficiency through intuitive, touchless interaction. Asher Dahan, Chief Executive Officer of Wearable Devices, commented: "We are excited to expand our footprint in the defense sector with this new partnership. The MDK offers unparalleled capabilities that align perfectly with the high standards and innovative requirements of the defense industry. The interest coming from this specific sector signifies the growing recognition of our technology's potential to revolutionize user interfaces in critical applications." About Wearable Devices Ltd. Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company's flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to "touchlessly" interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company's ordinary shares and warrants trade on the Nasdaq market under the symbol "WLDS" and "WLDSW", respectively. Forward-Looking Statement Disclaimer This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of the MDK and that interest coming from defense sector signifies the growing recognition of our technology's potential to revolutionize user interfaces in critical applications. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our use of proceeds from the offering; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
[2]
Wearable Devices Expands its Presence in the Defense Sector with New MDK Sale to a Global Defense Company - Wearable Devices (NASDAQ:WLDS), Wearable Devices (NASDAQ:WLDSW)
YOKNEAM ILLIT, ISRAEL, July 24, 2024 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (the "Company" or "Wearable Devices") WLDS WLDSW))), a technology growth company specializing in artificial intelligence ("AI")-powered touchless sensing wearables, announced today that a global defense company has purchased its state-of-the-art Mudra Development Kit ("MDK") to evaluate certain deep-level capabilities. This purchase marks additional opportunities for Wearable Devices in the defense market, following its previous agreement with another defense sector leader. The MDK enables developers to integrate advanced gesture control functionalities into their systems, utilizing Wearable Devices' innovative Mudra technology. This powerful toolset will support the defense company's efforts to enhance user experience and operational efficiency through intuitive, touchless interaction. Asher Dahan, Chief Executive Officer of Wearable Devices, commented: "We are excited to expand our footprint in the defense sector with this new partnership. The MDK offers unparalleled capabilities that align perfectly with the high standards and innovative requirements of the defense industry. The interest coming from this specific sector signifies the growing recognition of our technology's potential to revolutionize user interfaces in critical applications." About Wearable Devices Ltd. Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company's flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to "touchlessly" interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company's ordinary shares and warrants trade on the Nasdaq market under the symbol "WLDS" and "WLDSW", respectively. Forward-Looking Statement Disclaimer This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of the MDK and that interest coming from defense sector signifies the growing recognition of our technology's potential to revolutionize user interfaces in critical applications. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our use of proceeds from the offering; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Investor Relations Contact Walter Frank IMS Investor Relations 203.972.9200 wearabledevices@imsinvestorrelations.com Market News and Data brought to you by Benzinga APIs
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Wearable Devices Ltd. has sold its Mudra Development Kit (MDK) to a global defense company, marking its expansion in the defense sector. The sale highlights the potential of the company's neural input technology in military applications.
Wearable Devices Ltd. Secures New Defense Sector Sale
Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW), a growing player in the field of AI-powered neural input technology, has announced a significant expansion of its presence in the defense sector. The company has successfully sold its Mudra Development Kit (MDK) to a prominent global defense company, marking a crucial step in its strategic growth plan 1.
The Mudra Development Kit (MDK)
The MDK is a comprehensive package that includes Wearable Devices' proprietary hardware and software components. It is designed to enable customers and partners to integrate the company's groundbreaking neural input technology into various applications and form factors 2. This technology has the potential to revolutionize human-machine interaction in military contexts.
Implications for Military Applications
The sale of the MDK to a global defense company underscores the growing interest in advanced neural input technologies within the military sector. Wearable Devices' technology could potentially enhance soldier performance, improve situational awareness, and streamline command and control systems in various defense scenarios 1.
Company's Strategic Direction
This latest sale aligns with Wearable Devices' broader strategy to expand its footprint in the defense sector. The company views this as a significant opportunity for growth, given the increasing adoption of advanced technologies in military applications. Asher Dahan, CEO of Wearable Devices, expressed enthusiasm about the sale, stating that it validates the company's technology and its potential in the defense market 2.
Market Impact and Future Prospects
While the financial details of the sale were not disclosed, the announcement has generated positive market sentiment. The successful entry into the defense sector could open up new revenue streams for Wearable Devices and potentially lead to long-term partnerships with major defense contractors 1.
Challenges and Competition
Despite this positive development, Wearable Devices operates in a highly competitive and rapidly evolving tech landscape. The company will need to continue innovating and securing key partnerships to maintain its competitive edge in both the defense sector and other potential markets for its neural input technology 2.
Reference
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