Tekcapital (LON: TEK) said on Monday that its portfolio company, Lucyd Ltd's US operating company, Innovative Eyewear Inc, has signed an exclusive purchase and distribution agreement with 8 Points Inc.
8 Points is a subsidiary of Marca Eyewear Group, a Canadian distributor that provides high-end spectacles for optical stores and eye care professionals.
The agreement will see 8 Points make a minimum purchase of $4.6m worth of Lucyd Lyte e-glasses over 30 months, which is needed for them to maintain retail distribution exclusivity in Canada. The minimum monthly purchases will increase incrementally over the term of the agreement.
8 Points will provide Canadian warehousing and dual-language customer support.
In a statement, Lucyd said it believes the agreement will result in “significant market penetration of its Lyte glasses throughout all provinces and territories in Canada.”
The company's co-founder and CEO, Harrison Gross, said, “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.”
Tekcapital's share price has rallied 13.75% to 18.2p on the news, adding to its gains in the last three months.
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