if this problem were to show up on the gmat, it would almost certainly contain "that" between "claims" and "its". (i've only seen one similar construction in which "that" was unexpectedly eliminated, and, in that case, it was specifically eliminated to rid the sentence of an undesirable repeated construction -- see here:
post8963.html#p8963)
in any case, choice (b) is definitely viable, since we can certainly view "glasses" and "projection-system technology" as separate entities.
the operative issue, though (and one that has no easy resolution, since you created this problem yourself), is whether "glasses" may also be viewed as an adjective -- i.e., whether there is a such thing as "glasses technology".
if such a construction exists, then this problem is ambiguous, and choice (a) is also correct -- in that case, you can view "glasses" and "projection-system" as parallel adjectives that both modify "technology". (if you don't see what i mean, it's the same sort of construction as "red and yellow onions").