Wearable Devices Expands Mudra Licensing Program to Include Defense and Military Applications

The Company has been approached by global defense and military organizations interested in incorporating advanced technologies into their operations

YOKNEAM ILLIT, ISRAEL, Oct. 23, 2023 (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, today announced the expansion of its Mudra gesture technology licensing program (the “Licensing Program”) to include defense and military applications, in response to the increasing demand within this sector.

The Company has already received requests for quotes from leading global defense and homeland security companies seeking to evaluate Mudra technology for potential integration into their own products and operations. With the control of defense technology increasingly shifting to ground and field operators, Mudra gesture technology offers customized, easy-to-use, discreet solutions that can maximize efficiency and minimize margin for error in environments where these are of the utmost importance.

The Licensing Program provides original equipment manufacturers with the right to customize a reference design version of the Company’s award-winning Mudra gesture technology to meet the specific needs of their business. The Company's proprietary technology is at the forefront of gesture recognition, using AI-based touchless sensing wearables to control devices with hand gestures. Through the Licensing Program, Wearable Devices is positioned to significantly expand its addressable market by enabling businesses to develop their own co-branded touchless control products.

Asher Dahan, CEO of Wearable Devices, commented, “Our expansion into the defense and military sector reflects the expanding demand for our technology and the variety of applications our technology can enhance and support. We've been approached by several leading defense and homeland security companies that have recognized the potential of our Mudra gesture technology in their products and operations. As defense technology becomes an imperative part of the defense industry, our customizable and user-friendly gesture solutions are ideally suited for the direction in which this market is headed.”

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 symbols “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 expansion of the Licensing Program to include defense and military applications, the suitability of our solutions for the defense technology market, future expansion of the Company’s addressable markets and future demand for our technology. 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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Walter Frank

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203.972.9200