WESTBOROUGH, Mass.--(BUSINESS WIRE)--Kopin Corporation (Nasdaq:KOPN), a leading developer of innovative wearable computing technologies and solutions, today announced it had entered into a strategic relationship with Goertek Inc., a leading innovative global technology company headquartered in Weifang China that provides vertically integrated total solutions and services to globally-renowned companies such as Samsung, Sony, Microsoft, Huawei and Xiaomi to name a few.
Under the terms of the stock sale agreement, Kopin will sell 7,339,000 shares of Kopin’s common stock to Goertek for US $23,851,750 ($3.25 per share). This represents approximately 9.8% of Kopin’s total outstanding shares of common stock. In addition Kopin and Goertek have entered into agreements to jointly develop and commercialize a range of technologies and wearable products. The goal of the partnership is to utilize Goertek’s industry-leading expertise in design and manufacturing to further develop and sell a range of wearable products incorporating Kopin technologies and components.
“Our partnership with Goertek will enable Kopin to leverage their world class capabilities to commercialize our innovative components and further improve our system products,” said Dr. John C.C. Fan, Kopin’s President and CEO. “In addition to our transmissive and reflective LCD products, we have developed our industry-leading Whisper® Voice Chip and most recently announced our OLED LightningTM microdisplay with 2048 x 2048 resolution with unique Pantile™ Optics which we will demonstrate at CES 2017 this week. We will work with Goertek to incorporate our Whisper Voice Chip and Lightning display into the product designs Goertek provides to its customers. We will also work closely with Goertek to develop system products for consumer mobile augmented reality (AR) and virtual reality (VR) markets.”
“We are excited with this strategic relationship with Kopin which has innovative technologies and products,” said Long Jiang, Goertek’s CEO. “Goertek is the world’s leading designer and manufacturer of VR/AR and other wearable products. This partnership with Kopin will enable us to provide our customers and partners with cutting edge technologies and products for better performance and designs in the fast growing wearable market.”
The stock sale is subject to standard closing conditions and is scheduled for completion by January 27, 2017.
About Goertek
Goertek Inc. was established in June 2001, and listed on the Shenzhen Stock Exchange in May, 2008. As a leading innovative high-tech company, Goertek’s main focuses consist of R&D, production and sales of electro-acoustic components, optical components, and smart hardware system products. Goertek provides vertically integrated total solutions and services to globally-renowned consumer electronics companies. Goertek is one of the main high-end VR/AR ODM solutions providers in the world.
Since Goertek's establishment in 2001, Goertek has high performance with a consistent and rapid growth rate. By the end of 2015 sales revenue had exceeded over 13.7 billion RMB (total assets 19.2 billion RMB). By market share, Goertek is a top ranked company in the miniature microphone. For more information, please visit Goertek’s website at www.goertek.com.
About Kopin
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.
