Today we filed an 8K with the Securities and Exchange Commission disclosing our selection of new independent accountants, Moss Adams starting with Q3 2012 earnings. As part of the ongoing cost reduction measures and transition to a business to business, ingredient brand licensing business model announced earlier this year, we have taken a look at each of our vendor relationships. We initiated a competitive bid process with the goal of engaging a quality accounting firm but also significantly reducing audit fees and lowering operating expenses of the Company. As a result of this process we selected Moss Adams. We thank PwC , with whom we developed a strong business relationship, for their many years of work for the Company. We are looking forward to a similar productive relationship with Moss Adams.
Galaxy Gold Space Needle at 50
There are a lot of 50 year anniversaries this year popping up around me. Having debuted at the 1962 World’s Fair in Seattle, the Space Needle is honoring its 50th birthday by returning the needle to its original galaxy gold color and hosting numerous events throughout the year. Last week as we noted on our Facebook page, the Society for Information Display celebrated its 50th anniversary, and this year also marks the 50th anniversary of the laser semiconductor. We are marking this milestone year by sponsoring the IEEE Photonics Society’s 23rd International Semiconductor Laser Conference in San Diego October 7-10. With an international roster of speakers from business and the academic world it promises to be an in depth discussion of the latest developments in semiconductor lasers, amplifiers and LEDs.
To help us commemorate these 50 year milestones in the display and laser industries, visit with us if you happen to be in San Diego for the IEEE Laser Conference or if you are in Detroit October 18-19 at SID Vehicle Display where we are also exhibiting. And of course if business or pleasure travel brings you to Seattle, be sure to take a ride to the top of the Space Needle. Whatever color it is, the view is amazing and the fun of eating in a revolving restaurant never gets old.
In April we transitioned to our core “Image by PicoP®” business model that entails working with key strategic partners to bring our patented PicoP® display technology to market through licensing agreements. MicroVision can focus resources on our core competencies: PicoP display technology reference design, system controls algorithms, MEMS and new applications. With benefits for all parties involved in bringing new products to market, this model is preferred not only by MicroVision but also by companies we are in discussions with.
Partnering for success
Under this model, we just announced a strategic relationship with Intersil, a leader in the semiconductor industry. This agreement is part of cementing our ingredient brand business model by offering a solution that not only has industry leading features today but also has a strong roadmap that advances the technology for years to come. PicoP® Gen2 display technology boasts the only HD image for pico projectors available today and it can be delivered in a package that is about 1 inch wide and less than a quarter of an inch thick. It is low powered at less than 2.5 watts while displaying up to a 25 lumen image. This combination of specs make PicoP Gen2 optimized for mobility. Like any high tech solution, what is optimal today can and should get better as it matures. That is where the Intersil relationship strengthens the MicroVision PicoP display technology roadmap to give original equipment manufacturers (OEMs) evaluating PicoP display technology today assurances that the technology can improve to facilitate their roadmaps for their end user products. A perfect illustration of the importance of roadmap is evident right now as the mobile industry experiences the introduction of the iPhone 5, the sixth in a series of iPhones that Apple has launched in the last five years, with each new introduction improving on what it marketed in the previous version.
Through cooperation with Intersil, PicoP display technology is expected to offer much higher brightness while simultaneously lowering power usage without increasing the size of the module. This combination extends the mobility value proposition of PicoP display technology because remaining a battery powered solution with higher brightness is a key necessity for mobile products. So while PicoP display technology is optimized for mobility today in relation to market expectations for pico projection, the solution that can be offered with the Intersil chipset stands to redefine that optimization with enhanced capabilities as the market for pico projection grows and consumer expectation grows in parallel.
When we looked at Intersil and their core values as a company, it was clear that their focus on innovation, doing things in a smarter way that breaks with the norm and their belief that having talented people is the driver for real innovation made them an ideal partner for MicroVision. We couldn’t be happier to have Intersil contributing to advancing the PicoP display technology value proposition as we strive to enable people to not only think outside the box, but to see outside the box as well.