Portfolio Company Update - Innovative Eyewear

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group notes that Innovative Eyewear, Inc. ("Innovative Eyewear") (NASDAQ: LUCY; LUCYW), the manufacturer of smart eyewear under the Lucyd®, Lucyd ArmorTM, Reebok®, Eddie Bauer® and Nautica® brands, has announced a powerful new translation feature update to the Company's Lucyd app for iOS and Android.

Innovative Eyewear believe the new translation feature is a strong addition to the app, that adds fluid, voice-based translations for users of Lucyd eyewear and other hearables. Translation is an often-cited use case for wearables, particularly useful for travel applications, and Innovative Eyewear believe it provides incredible new utility for Lucyd eyewear users. The feature is in open beta, available to all users on the latest version of the app. A full release with expanded device compatibility is anticipated in the next month.

Key features of the update include:

• Translate between 17 languages in real time, including Chinese, Japanese and Arabic.
• Streamlined and flexible interface allows user to speak and hear their preferred language on Lucyd eyewear or their phone, while the other person speaks to and hears the phone in their preferred language.
• The app automatically speaks and displays translated phrases, so users can hear or read translations.
• No cumbersome typing, just pick your languages and start conversing.
• The user can rapidly switch between languages, with only a one-time brief load for languages to be downloaded when first used.
• The app uses native device language models for smooth rendering of voice input with no typing needed. Other translation apps often require typing for accurate non-English language inputs, while the Lucyd app runs well on:
• voice alone thanks to the use of device-based languages.
• Once languages are downloaded, the translation function can be used completely offline, making it ideal for travel even in areas with no reception.

Harrison Gross, CEO of Innovative Eyewear, said:

"The Lucyd app is a vital tool for introducing new features to complement our smart eyewear releases, as well as providing valuable services to other Bluetooth device users who have not yet switched to Lucyd. In addition to bridging our users to the powerful ChatGPT AI via Siri and Bixby, the app has introduced other critical features such as Walkie. Now, with Lucyd Translate, our glasses become an incredible ally for travels abroad, and for speaking with colleagues across language barriers-even when missing an internet connection. Translation is an often-cited "killer app" for wearable products, and we are pleased to offer a refined, smart eyewear approach to this important feature. I highly encourage everyone to download the Lucyd app and use it to facilitate your next cross-language conversation."

In advance of any significant marketing effort, the Lucyd app has been downloaded over 18,000 times. A paid Pro version of the app allows users to subscribe for US$7.99/month to raise the number of ChatGPT queries permitted per day from 30 to unlimited, and provides the ability to create secure Walkie channels for business applications. At launch, Lucyd Translate is fully free for all users with no limit. The Company plans to make unlimited translations an additional incentive for our Pro app subscribers.

To see the Lucyd app in action or download it, visit Lucyd.co or search "Lucyd" in the App Store or Google Play Store.

About Innovative Eyewear Inc.

Tekcapital currently owns 259,455 shares of Innovative Eyewear, Inc. (NASDAQ: LUCY).

Clifford M. Gross, Ph.D.

Richard Morrison/Charlie Bouverat (Corporate Finance)/Abigail Wayne / Rob Rees (Corporate Broking)

Tim Thompson/Andrea Seymour/Fergus Mellon