ROCHESTER, N.Y. , May 25, 2012 /PRNewswire/ -- Vuzix Corporation (TSX-V:VZX, OTC:BB: VUZI, FMB: V7X) ("Vuzix" or, the "Company"), a leader in the design and manufacture of Video Eyewear products that provide users with portable high quality viewing experiences, today entered into a Promissory Note and Security Agreement (the "Loan Agreement") with LC Capital Master Fund Ltd. (the "Lender") pursuant to which the Lender extended a line of credit of up to $500,000 (the "Loan"). The Loan may be drawn in multiple advances of no less than $100,000 up until June 15, 2012 . All loan advances are at the sole discretion of the Lender. The Loan bears interest at a rate of 10% per annum for the first three months and the interest rate rises to 15% per annum on and after the three month anniversary until November 15, 2012 , when the principal amount of the outstanding loan, together with accrued and unpaid interest, is payable in full.
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