4/17/2006 9:26:00 AM
Experienced GE Engineering Manager, Sid Madhavan, joins as VP of
Research and Product Development; Jeff T. Wilson promoted to Chief
Financial Officer
REDMOND, Wash.–(BUSINESS WIRE)–April 17, 2006–Microvision, Inc. (Nasdaq:MVIS), announced today that Sid
Madhavan, 39, will join the company as Vice President of Research and
Product Development and that Jeff T. Wilson, 45, currently Vice
President of Accounting has been promoted to Chief Financial Officer.
“Sid is a talented and tireless engineering leader who brings a
wealth of cross-functional product development experience, systems and
software expertise, platform development and global teams development
skills. These skills will accelerate the development of our Integrated
Photonics Module (IPM) platform that will serve as an enabler of many
high definition display and imaging products,” said Microvision
President & CEO Alexander Tokman. “During his distinguished GE career,
Sid has consistently delivered outstanding results and we are
delighted to add him and his skills to our reinvigorated leadership
team.”
Mr. Madhavan, a certified Six Sigma Black Belt, brings over
fifteen years of engineering development and management experience and
has a proven track record for leading the definition and development
of several key technology platform strategies that he translated into
product launches. Mr. Madhavan joins Microvision from GE Healthcare
where most recently he served as an Engineering Subsystem Manager for
a $2.1 billion Molecular Imaging and Computer Tomography business. He
led the core subsystem platform strategy and development effort on the
world’s first 64 slice LightSpeed Volume CT and state of the art
Discovery PET/CT products.. Mr. Madhavan received his B.S. degree in
Electronics and Communications from Madurai Kamaraj University in
India and his M.S. in Electrical Engineering from Texas A&M.
Mr. Wilson brings over twenty years of experience as a financial
professional to the CFO position. He joined Microvision in 1999 as
Controller and has most recently served as Vice President, Accounting
and Chief Accounting Officer. Mr. Wilson has been responsible for
overseeing the accounting operations and financial reporting of the
Company. He has also been responsible for implementing critical
Sarbanes Oxley related processes. Prior to joining Microvision, Mr.
Wilson served in various accounting positions for Siemens Medical
Systems, Inc., a developer and manufacturer of medical imaging
equipment. Mr. Wilson, a certified Public Accountant, began his career
with the accounting firm PricewaterhouseCoopers LLP. Mr. Wilson holds
a B.S. in Accounting from Oklahoma State University.
“Jeff is a seasoned financial executive who possesses the
necessary skills to lead this critical function, and to take on an
expanded role in the Company’s financing and investor relations
efforts. He has built a very talented finance team and we are counting
on him to help lead the Company’s turnaround efforts which include
hitting the 30% net burn rate reduction target set earlier this year,”
said Tokman. “The addition of Sid and Jeff completes the last step of
our organizational restructuring and realignment plan and our senior
management team is now fully in place.”
About Microvision: www.microvision.com.
Headquartered in Redmond, 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 enables solutions and products in
a broad range of industrial, consumer, military, and medical
applications.
Forward-Looking Statements
Certain statements contained in this release relating turnaround
efforts, burn rate reduction, and product applications 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 obtain financing;
success of executive transition; market acceptance of our technologies
and products; 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 Form 10-K, as
may be amended, and its Quarterly Reports on Form 10-Q.
CONTACT: Microvision, Inc.
Matt Nichols, 425-882-6657 (media)
Brian Heagler, 425-882-6794 (investors)
SOURCE: Microvision, Inc.