MicroVision Closes Underwritten Offering

In line with the announcement on March 13, 2014, MicroVision closed the underwritten offering of common stock and warrants on March 18, 2014 as scheduled.  MicroVision expects to use the proceeds from the transaction for general corporate purposes.  Business activities are primarily focused around our 2014 goals which were recently announced:

Complete development with Fortune Global 100 customer, support them with commercialization efforts and supply key components.

Build pipeline of consumer and automotive OEM opportunities for MicroVision’s go-to-market partners that are providing display engines incorporating PicoP® display technology.

Ramp supply chain for high volume production of MicroVision components by the second half of 2014.

In addition to these 2014 focus areas, MicroVision also dedicates resources to continued research and development of our patented PicoP® display technology in accordance with our roadmap. With industry leading features today, including HD resolution and Always in Focus images in a very tiny, low power module, our roadmap lays out the path for higher brightness, higher resolution and lower power while maintaining the extremely small form factor of the display engine module.

Sony Develops Pico Projector Module Incorporating PicoP Display Technology

Last week Sony announced the development of a pico projector module “equipped with Sony’s independently-developed image processing system, that uses laser beam scanning (LBS)” and “incorporates the PicoP technology developed by MicroVision, Inc.”

We are extremely pleased and gratified that laser beam scanning technology that MicroVision pioneered is being adopted by a technology leader and innovator like Sony. With its expertise in projector and optical technology, leadership in semiconductor lasers and track record with innovative, high quality consumer electronics, Sony’s interest in pico projection and adoption of LBS is a significant development for the market as a whole.

Sony pico projector engine

We have been supporting Sony in their development of this engine module since April 2013 and look forward to continuing our work with them.

In their press release Sony said that it “aims to bring it to market for use in pico projectors and other devices with projector functionality.” Since the release was published, MicroVision has gotten a number of inquiries asking for confirmation that our technology is being is being incorporated in Sony’s display module and asking for more details related to the terms of any agreements and forecasts for revenue related to the relationship.

We understand the strong interest Sony’s press release generated and we issued a release today confirming the adoption of PicoP display technology by this Fortune Global 100 electronics brand.

At this time we are not disclosing potential license and supply terms for future products resulting from the development of this engine module. We are engaged in discussions and negotiations on commercial terms for next level agreements and will announce terms as appropriate in the future.

For more information on Sony’s announcement, click here:

Sony Develops Pico Projector Module with High-Definition Resolution and Focus-free Image Projection

Special Meeting of Shareholders Results

The special meeting of shareholders held yesterday, February 12, 2014, concluded with stockholders approving the registered direct offering of common stock and warrants to purchase common stock that MicroVision completed on September 19, 2013. Over 93% of the votes cast were to approve the transaction.   

The vote count was as follows:

For:             14,418,422

Against:           679,062         

Abstain:           246,481      

 We thank all shareholders who took the time to vote.  The 8-K and other material filed with the SEC related to this matter can be found on our website in the Investors section.

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