5/28/2002 6:32:00 AM
BOTHELL, Wash., May 28, 2002 (BUSINESS WIRE) — Microvision, Inc. (Nasdaq:MVIS)
today announced that it has received a contract modification for an additional
$3.3 million from the U.S. Army Aircrew Integrated Systems Product Office
awarded through the Aviation Applied Technology Directorate (AATD).
Microvision will expand their work on the Virtual Cockpit Optimization Program
(VCOP) for use in attack and utility helicopters. The contract modification
brings the total amount of the contract to $20.3 million.
Microvision will improve and reduce the overall system design, the helmet’s
electronics, optics and scanning features to increase overall system efficiency
and performance. Microvision will also initiate the final phases of
militarization and ruggedization to enable a flight capable system that meets
airworthiness requirements specified by the AATD. A flight test is anticipated
following the completion of this development phase.
Microvision envisions that the virtual cockpit concept and its variations could
be utilized in helicopters that are in the design stage, and in a variety of
other military and commercial aircraft and even in ground vehicles. The contract
indicates that the potential requirement for the VCOP system is an estimated
average yearly procurement quantity of 500 systems per year and an estimated
total quantity of 3,000, with an average system selling price objective not to
VCOP is a concept of how a virtual cockpit would function, including a “what you
see depends on where you look” concept that can be achieved with Microvision’s
advanced display technology. As the pilot looks up and out of the cockpit,
various types of full-color targeting, navigational or terrain overlays appear
on his helmet display. When pilots look into the cockpit, they may see “virtual”
instruments projected onto the eye that literally replace many of the existing
dials and multifunction displays that are in cockpits today.
The VCOP program offers the Army both technical and cost advantages, noted Rob
Sainsbury, director of government business development for Microvision.
“Existing instruments can be cumbersome and hard to maintain, and, as new
capabilities arise, upgrading this hardware without replacing or re-wiring
everything is an expensive procedure,” he said. “A virtual cockpit, however, is
small, lightweight and can be readily upgraded just by changing the software.
We’ve seen estimates that upgrading a VCOP system might be only one fifth of the
cost of upgrading all the integrated software and supporting elements in an
existing helicopter’s avionics suite.”
Microvision chief operating officer, Bill Sydnes stated, “Once again we’re
honored that the Army continues to support the development of Microvision’s very
powerful display technology. The Army has set stringent performance expectations
for its next generation of rotorcraft; performance standards unattained prior to
our display. Our display underscores that Microvision is in a unique position to
deliver a high performance yet cost-effective system solution that exceeds the
Army’s demanding requirements. We are eager to continue under contract to
further develop, integrate, and test the VCOP system to ensure that the
resulting commercial design is producible and supportable.”
About Microvision: www.mvis.com
Headquartered in Bothell, Wash., Microvision Inc. is the developer of the
patented retinal scanning display technology and a world leader in micro
miniature optical scanning 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.
Forward Looking Statement
The information set forth in this release includes “forward-looking statements”
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and is subject to the safe harbor created by those sections. Certain
factors that realistically could cause results to differ materially from those
projected in the company’s forward-looking statements are set forth in the
company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as
filed with the Securities and Exchange Commission.
Matt Nichols (media), 425/415-6657
Brian Heagler (investors), 425/415-6794
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