Wearable Devices Joins Khronos Group As A Voting Right Member To Help Drive The OpenXR Industry Standard

Wearable Devices’ Co-Founder: “We’re excited to join Khronos Group and help define the future of the OpenXR Standards”

YOKNEAM ILLIT, ISRAEL, Oct. 16, 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 that the Company has joined Khronos Group’s OpenXR™ working group as a member with voting rights. OpenXR seeks to simplify alternate reality/virtual reality (“AR/VR”) software development and enable applications to reach a wider array of hardware platforms without having to port or rewrite code. OpenXR allows AR/VR developers to create true cross-platform extended reality (“XR”) experiences and provides vendors supporting OpenXR with access to more applications than ever before.

Guy Wagner, Chief Scientist Officer and Co-Founder of Wearable Devices, commented, “We’re excited to join Khronos Group’s OpenXR working group and contribute to the development of true cross-platform XR applications alongside industry leaders. XR is rapidly gaining popularity in the tech industry, and Wearable Devices is uniquely positioned with our technology to define the input standard for spatial computing and extended reality devices. We look forward to contributing to the OpenXR platform and broadening the scope and capabilities of extended reality experiences.”

“We’re pleased to have Wearable Devices join the OpenXR working group,” said Khronos Group President Neil Trevett. “Their work in the wearable digital device control space has numerous applications directly related to the extended reality ecosystem and we look forward to their contributions as we work to simplify AR/VR development and increase the accessibility of XR applications for everyone.”

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, the Mudra Inspire, 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 our contribution to the OpenXR platform, broadening of the scope and capabilities of extended reality experiences and the development of true cross-platform XR applications, and our unique position to define the input standard for spatial computing and extended reality devices.. 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.

About Khronos Group:

The Khronos Group is an open, non-profit, member-driven consortium of close to 200 industry-leading companies creating advanced, royalty-free, interoperability standards for 3D graphics, metaverse, augmented and virtual reality, parallel programming, vision acceleration and machine learning. Khronos activities include 3D Commerce™, ANARI™, glTF™, Kamaros™, NNEF™, OpenCL™, OpenGL®, OpenGL® ES, OpenVG™, OpenVX™, OpenXR™, SPIR-V™, SPIR-V™, SYCL™, Vulkan®, and WebGL™. Khronos members drive the development and evolution of Khronos specifications and are able to accelerate the delivery of cutting-edge platforms and applications through early access to specification drafts and conformance tests.

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