The Company, through its subsidiary, intends to foster stronger partner relations for its neural input technology and extend its market presence for the Mudra Band
YOKNEAM ILLIT, ISRAEL, Nov. 24, 2023 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in AI-powered touchless sensing wearables, is excited to announce that its subsidiary has established a new U.S. office in Redwood City, California, less than thirty miles south of San Francisco. The new location is expected to enhance the Company’s market presence and partner relations while ushering in a significant chapter of growth and development.
With offices located in the heart of Silicon Valley, the Company is poised to significantly strengthen its local presence by providing a dedicated hub to cater to the specific needs of its North American customers and business partners. This strategic move reaffirms the Company’s commitment to set new standards in customer service and increase engagement with North American business partners. Mr. Shmuel Barel, the Company’s Chief Marketing Officer, has been appointed as General Manager of Mudra Wearable, Inc., the subsidiary company, in addition to his current role.
“We are excited about this new phase of growth and innovation,” Asher Dahan, Chief Executive Officer of Wearable Devices, commented. “The North American market is pivotal in the consumer electronics industry, and it presents significant opportunities in both business-to-consumer (B2C) and business-to-business (B2B) realms. This strategic decision reflects the Company's commitment to both enhancing customer service for B2C customers and strengthening relationships with B2B partners.”
“The United States is home to a tech-savvy consumer market eager to adopt innovative products. With our new office and physical presence in North America, we are better able to leverage the proximity to our North American customers by providing quicker responses to local needs and capitalize on the many emerging opportunities in this region,” added Mr. Barel.
Recently the Company announced delivery of the first batch of its award-winning consumer product, the Mudra Band, to preorder customers, and entered into a memorandum of understanding with a leading XR Smart Glasses original equipment manufacturer for its Mudra B2B licensing program.
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 of opening a U.S. office. 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, 2022, filed on March 22, 2023 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.
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