6/17/2003 6:04:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–June 17, 2003–Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today
announced that it has entered into an agreement with Marubeni
Aerospace Group, a division of Marubeni Corporation, to represent and
sell Microvision’s display products and technology capabilities in
Japan.
The Marubeni Aerospace Group will coordinate the delivery of
end-to-end information system solutions featuring Microvision’s Nomad
Augmented Vision System and other display systems tailored to the
specific needs of defense, aviation and industrial customers in the
Japanese market. These efforts will focus on technician support
systems for general maintenance, repair and overhaul (MRO)
applications — similar to those recently demonstrated by Microvision
at North American Honda — as well as unique high value display
solutions to the Japan Defense Agency.
Established in 1998, Marubeni Aerospace Group was formed through
the acquisition of the Aerospace Division of Okura Trading Company, a
long-time leader in Japan’s aerospace industry. As a division of the
Marubeni Corporation, (one of the world’s largest trading companies
with over $67 billion in total volume of trading transactions), the
Aerospace Group has partnered with some of Japan’s leading
manufacturers in the space and aviation industries, and has also
initiated efforts to service customers in the industrial, information
and communication markets. Customers include such notable companies as
Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Fuji Heavy
Industries, Toshiba, NEC, Hitachi, Japan Airlines and various
divisions of the Japanese defense and civil service agencies.
“The Marubeni agreement offers Microvision the ability to provide
display technology and products to industrial, aviation, defense and
government clients in the Japanese market through a highly regarded
trading house,” stated Steve Willey, Microvision’s president.
“Furthermore, the Marubeni Aerospace Group provides Microvision with a
unique window into other Marubeni operating groups. We expect the
Aerospace Group to facilitate additional relationships as
opportunities are developed. We are confident that we have partnered
with a strong marketing force to address the many opportunities in
Japan.”
Tetsuya Yamamoto, General Manager Electronic systems, commented
that, “Microvision has developed a unique mix of technology and
solutions that Marubeni Aerospace Group expects to leverage through
its extensive customer and partner base. Japanese markets and
departments within the Japan Defense Agency are typically receptive to
new solutions, particularly those that promise improvements in
performance or productivity. We are eager to coordinate specific field
trials that demonstrate the benefits of these new solutions.”
About Microvision: www.microvision.com
Headquartered in Bothell, Wash., Microvision Inc. is the developer
of patented scanned beam technology for display and imaging
applications. The company’s technology has applications in a broad
range of military, medical, industrial, professional and consumer
information products.
Microvision has been working with Canon, BMW, Johnson & Johnson’s
Ethicon subsidiary and others to develop a number of display and image
capture product applications based on its proprietary scanned beam
technology. The company also recently concluded a field trial with
America Honda Motor Company for automotive maintenance and repair
applications for its Nomad Augmented Display that achieved a 39%
increase in mechanic productivity. Microvision has also signed an
agreement with NCR to market its Flic laser bar code scanner under a
private label.
Forward-Looking Statement
Certain statements contained in this release, including those
relating to products, product applications, potential sales
opportunities, future business relationships and potential market
opportunities, 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. Matt Nichols, 425/415-6657 (media)
Brian Heagler, 425-415-6794 (investors)
SOURCE:
Microvision, Inc.