4/10/2012 9:00:57 AM
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Pioneer will manufacture and sell products using MicroVision’s PicoP
Gen2 display engine technology, providing licensing revenue to
MicroVision
REDMOND, Wash.–(BUSINESS WIRE)–Apr. 10, 2012–
MicroVision, Inc. (NASDAQ:MVIS), the leader in innovative
ultra-miniature projection display technology, announced that it has
signed definitive agreements with Pioneer Corporation to manufacture,
distribute, license and supply MicroVision’s HD PicoP® Gen2 display
engine technology using direct green lasers (PicoP Gen2). Under the
agreements, Pioneer will produce PicoP Gen2 display engines for its own
automotive aftermarket products and will pay MicroVision royalties from
sales of these products. Pioneer plans to release its first aftermarket
head-up display product later this year.
Under the agreements, Pioneer will also manufacture and supply key
display engine subsystems to MicroVision for consumer, industrial, and
other applications. MicroVision began shipments of PicoP Gen2 display
engine samples to OEMs in February for evaluation and is working to
secure commitments from these customers to design products that will use
the PicoP Gen2 display technology.
“We are pleased to have formalized the next step in our collaboration
with MicroVision to manufacture, distribute, and supply the PicoP
technology using direct green lasers, which we expect to be commercially
available soon,” commented Masanori Kurosaki, Director, and in charge of
Car Electronics Business of Pioneer. “The PicoP technology is ideally
suited for the innovative automotive market applications that Pioneer is
pursuing. Promoting strategic collaborations with partners such as
MicroVision, aligns with our goals to develop new business and drive
growth.”
This arrangement allows the companies to leverage Pioneer’s advanced
operational technologies and product distribution networks to promote
adoption of its automotive aftermarket products and supports
MicroVision’s continued transition to an “Image by PicoP” ingredient
brand model, which is expected over time to reduce working capital
requirements. Additional details of the manufacturing, distribution,
licensing and supply agreements were not disclosed.
“We are delighted to have reached these agreements with Pioneer whose
cooperation on this PicoP Gen2 solution has been outstanding,” stated
Alexander Tokman, President and CEO of MicroVision. “With the expected
availability of direct green lasers in the second quarter of this year,
solid technical progress by both of our teams, and the completion of
these business agreements, we are on track with our plan to make
available our PicoP Gen2 display technology this year.”
About MicroVision
MicroVision provides the PicoP® display technology platform which
enables next-generation display and imaging products for pico
projectors, vehicle displays and wearable displays that interface with
mobile devices. The company’s projection display engine uses highly
efficient laser light sources that create vivid images with high
contrast and brightness.
For more information, visit us on:
Website: microvision.com
Blog: microvision.com/displayground
Twitter: twitter.com/microvision
Facebook: facebook.com/MicrovisionInc
YouTube: youtube.com/mvisvideo
Forward-Looking Statements
Certain statements contained in this release, including those relating
to future products and product applications, reduction in working
capital requirements, availability of direct green lasers, and those
using words such as “will,” “plans,” and “expect,” 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: our ability to raise additional capital when needed; our
customers’ failure to perform under open purchase orders; 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; the timing of commercial product
launches and delays in product development; the ability to achieve key
technical milestones in key products; dependence on third parties to
develop, manufacture, sell and market our products; potential product
liability claims; and other risk factors identified from time to time in
the company’s SEC reports, including the company’s Annual Report on Form
10-K filed with the SEC. Except as expressly required by federal
securities laws, we undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events, changes in circumstances or any other reason.
Source: MicroVision, Inc.
MicroVision, Inc.
Tiffany Bradford, 425-882-6629 (investors)
or
Edelman
Callie
Snyder, 503-471-6816 (media/PR)