Fortune 500 Consumer Electronics Corporation Has Purchased an Evaluation License for Wearable Devices' MDK

The companies will explore together with the Fortune 500 company’s AI division different use cases of Mudra neural AI controller

YOKNEAM ILLIT, ISRAEL, July 09, 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 Fortune 500 consumer electronics corporation (“Customer”) has purchased a special license for its state-of-the-art Mudra Development Kit (“MDK”) to evaluate certain deep-level capabilities.

The MDK enables developers to create unique experiences with the Mudra Band and Mudra Application Programming Interface. This powerful toolset will enable the Customer’s development team to seamlessly integrate advanced functionalities into their upcoming products, enhancing user experience through innovative gesture control technology.

The Customer, ranked among the Fortune 500 companies, is renowned for its cutting-edge technology and high-quality consumer electronics products, which include smartphones, televisions, home appliances, and more. With a strong global presence and a reputation for innovation, this company is ideally positioned to leverage the capabilities of the MDK for developing next-generation user interfaces.

Asher Dahan, Chief Executive Officer of Wearable Devices, commented, "We are excited to see our Mudra technology gaining recognition by a prominent player in the consumer electronics market. This special license to evaluate possible deep-level integration marks a significant step forward for us, as it demonstrates the growing recognition of our technology's potential to revolutionize user interactions, particularly in applications such as extended reality (XR), televisions, 3D displays, and laptops. We look forward to seeing the innovative applications and products that will emerge from this collaboration."

The MDK is designed to provide developers with the tools needed to implement sophisticated gesture control features in their applications. By leveraging Wearable Devices' advanced neural input technology, developers can create intuitive and responsive user interfaces that enhance the overall user experience.

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, our technology's potential to revolutionize user interactions and the potential applications and products that will emerge from this collaboration. 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

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203.972.9200