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.