10/27/2003 9:36:00 AM
Company to Deliver Pre-Commercial Microdisplay Prototypes
in Largest Contract to Date with Canon
BOTHELL, Wash.–(BUSINESS WIRE)–Oct. 27, 2003–
Microvision, Inc. (Nasdaq:MVIS), a leader in light scanning
technologies, announced today that it has entered into an agreement
with Canon, Inc. under which Microvision will provide Canon
pre-commercial microdisplay prototypes for potential application in
consumer product designs, including digital camera and digital video
camera designs. The agreement constitutes a third phase of activity
with Canon. Microvision stated that the agreement is the largest in
dollar value between the companies to date. However, for competitive
reasons, details relating to the financial terms and specific product
plans were not released.
A Canon senior executive said: “Canon is pleased with the outcome
of the phase completed recently. Microdisplay technology development
is making good progress. Canon needs to continue this activity with
Microvision to further the development activities for the
commercialization of the Microdisplay, and introduce innovative
imaging products.”
Analysts at Gartner Dataquest project that combined production
volumes for digital still cameras, and digital video cameras will
reach nearly 80 million units annually by 2007.
Steve Willey, president of Microvision, stated, “We’re very
excited about winning this third phase agreement with Canon. It is a
very significant milestone for the company and is evidence that
industry giants such as Canon have completed basic evaluation of our
proposed solutions and are willing to proceed with the purchase of
prototypes. The recent design and process advances that we have made
are very consistent with the market requirements for small,
affordable, yet high-performance display solutions.
“We also believe that this next step by Canon is validation of our
microdisplay product strategy to position Microvision as the ‘premium
microdisplay’ provider. Our solutions offer image quality that is
literally hundreds of percent higher than any competitive solution,
offering our OEM partners the opportunity to develop new and
compelling applications.”
With revenue in excess of $24 billion US, Canon is known
throughout the world for innovation and quality in products ranging
from medical and industrial imaging tools to very high volume camera
products, and they occupy a dominant position in many of the markets
that they serve.
About Microvision: www.microvision.com
Headquartered in Bothell, Wash., Microvision, Inc. is the world
leader in the development of high-resolution displays and imaging
systems based on the company’s proprietary silicon micro-mirror
technology. The company’s technology has applications in a broad range
of military, medical, industrial, professional and consumer products.
Microvision has been working with Canon, BMW, the Electronics
Research Lab of Volkswagen of America, Johnson & Johnson’s Ethicon
Endo Surgery subsidiary, Honda and others to develop a number of
display and image capture product applications based on its
proprietary scanned beam technology.
Forward-Looking Statement Disclaimer
Certain statements contained in this release, including product
development, delivery of prototypes, potential product applications
and sales, potential market opportunity, as well as statements
containing words like “believe,” “expect,” and other similar
expressions, are forward-looking statements that involve a number of
risks and uncertainties. Factors that could cause actual results to
differ materially from those projected in the company’s
forward-looking statements include the following: market acceptance of
our technologies and products; our ability to obtain financing; our
financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological change;
government regulation of our technologies; our ability to enforce our
intellectual property rights and protect our proprietary technologies;
the ability to obtain additional contract awards and to develop
partnership opportunities; the timing of commercial product launches;
the ability to achieve key technical milestones in key products; and
other risk factors identified from time to time in the company’s SEC
reports, including in its Annual Report on 10-K for the year ended
December 31, 2002, and its Quarterly Reports on Form 10-Q.
CONTACT: Microvision, Inc., Bothell
Media: Matt Nichols, 425-415-6657
Investors: Brian Heagler, 425-415-6794
SOURCE: Microvision, Inc.