5/8/2007 8:32:00 AM
REDMOND, Wash.–(BUSINESS WIRE)–May 8, 2007–Microvision, Inc.
(Nasdaq:MVIS), the leader in light scanning technologies for display
and imaging products, announced today that it has been awarded a $3.2
million contract by the U.S. Air Force, to provide a lightweight,
see-through, full-color eyewear display prototype to the Government.
This new effort leverages Microvision’s unique light scanning display
technology and is expected to further Microvision’s color eyewear
development program. The contract, which continues a development
activity with the Air Force, specifies the development, design,
verification, testing, and delivery of a lightweight, see-through
full-color wearable display for evaluation by several DoD project
offices.
Under the new contract, Microvision will combine the Company’s
proprietary, newly designed ultra-thin optical assembly with its tiny
laser projection engine, PicoP(TM), to produce an advanced prototype
of the desired solution. The display system resulting from this
combination is expected to be significantly smaller and lighter than
any existing display that meets the military’s required system
performance. Microvision believes that the resulting small and
ergonomic display solution within the form factor of protective
eyewear or high-fashion sunglasses could enable soldiers to access
full-color tactical and strategic information in a secure and
hands-free fashion without excess volume and weight imposed by current
wearable display technologies.
“In 2006, various branches of U.S. Government have clearly
articulated the need for a display solution that can dramatically
enhance soldiers’ safety, situational awareness and mission
effectiveness without the common “side effects” associated with
today’s HMD technologies: lack of see-through capabilities, excessive
weight and bulk, poor ergonomics and lack of ease-of-use,” stated
Alexander Tokman, Microvision President and CEO. “We’ve responded, by
focusing our unique display technology on solving this problem, and we
believe that the Government investment in this display effort will
result in powerful display capabilities for U.S. soldiers, sailors and
airmen.
“Our color eyewear solution is expected to dramatically enhance
soldiers’ safety, situational awareness and mission effectiveness
without compromising usability and comfort. Both, the color eyewear
and our rapidly progressing helmet-mounted display platforms are
expected to form a robust portfolio of wearable display products that
provide unique capabilities for a variety of demanding operational
environments,” continued Tokman. “This development effort is well in
line with our strategic products roadmap, and is expected to
accelerate the availability of color eyewear in military, consumer,
industrial, and medical markets.”
About Microvision
Microvision provides a display technology platform to enable
next-generation display and imaging products for pico projectors,
vehicle displays, and wearable displays that interface to mobile
devices. The company also manufactures and sells its bar code scanner
product line which features the company’s proprietary MEMS technology.
Forward-Looking Statement
Certain statements contained in this release, including those
relating to product development, potential product benefits, and
statements using words such as “expect,” “expected,” “could” and
“believe,” 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: capital market
risks, 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.
Matt Nichols (media), 425-882-6657
Jeff Wilson (investors), 425-882-6625
SOURCE: Microvision, Inc.