4/28/2006 9:01:00 AM
REDMOND, Wash.–(BUSINESS WIRE)–April 28, 2006–Microvision, Inc.
(Nasdaq:MVIS), a leader in light-scanning technologies, today
announced that it has received a letter from the Nasdaq Stock Market
determining that the company has regained compliance with Nasdaq
Marketplace Rules requiring it to have a majority of independent
directors. Stephen R. Willey, a director since 1995, resigned as a
director on April 26, 2006. As the company’s President, Marketing &
Sales for Asia, Mr. Willey is not an independent director. The company
was notified that as a result of the resignation of Dennis J. Reimer,
an independent director, on April 10, 2006, the company had not been
in compliance with Nasdaq Marketplace Rule 4350(c)(1) requiring it to
have a majority of independent directors, and that it has regained
compliance with that Nasdaq Marketplace Rule as a result of Mr.
Willey’s resignation. Mr. Willey will maintain his executive position
with the company.
“We want to thank Steve for more than ten years of excellent
service as a director,” said Alexander Tokman, President and CEO of
Microvision. “We are making good progress in evaluating additional
independent director candidates.”
Nasdaq’s Marketplace Rule 4803(a) requires that Microvision make a
public announcement of Nasdaq’s letter and the Nasdaq rules on which
it is based.
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 has applications in a broad range
of industrial, consumer, military and medical applications.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including 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 raise
additional capital when needed; 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; our dependence on the defense industry and a limited number of
government development contracts; 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, risks related to Lumera’s business and the market
for its equity and other risk factors identified from time to time in
the company’s SEC reports and other filings, including the Company’s
Annual Report on Form 10-K filed with the SEC. Except as expressly
required by the 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.
CONTACT: Microvision, Inc.
Brian Heagler, 425-415-6794
SOURCE: Microvision, Inc.