2/6/2003 6:05:00 AM
BOTHELL, Wash., Feb 6, 2003 (BUSINESS WIRE) — Microvision, Inc. (Nasdaq:MVIS),
a leader in light scanning technologies, announced today that it has been
awarded a second phase subcontract by Concurrent Technologies Corporation (CTC)
in support of the Office of Naval Research’s Battlespace Information Display
Technology (BIDT) program. The initial value of the subcontract is approximately
$350 thousand, with a total contract value expected to reach $900 thousand
through 2003.
“The objective of this second phase development effort is to continue to advance
our see-through, head-worn, wireless display technology for applications that
enable dissemination of critical information to the individual user,” stated Rob
Sainsbury, Microvision’s General Manager of Government Programs. “With the
growing need to provide communication of crucial information in demanding
environments we will further improve the performance of our existing
Micro-Electro Mechanical System (MEMS)-based Augmented Vision Systems.”
The Phase 2 goals include delivery of a next-generation MEMS scanner device that
is cost-effectively producible in high volume, with a 40% reduction in power
consumption in the scanner engine as compared to Microvision’s currently
available Nomad(TM) Augmented Vision System.
“Through this contract, ONR/CTC/Microvision will continue to advance the
development of Microvision’s unique MEMS scanning technology to enable ultra
small, ultra low power display concepts that address the challenge of displaying
information under a variety of demanding circumstances,” continued Sainsbury.
“This effort supports our long-term vision of using the technology developed
under this program for a variety of commercial uses. Success in both the
military and civilian/commercial sectors is increasingly information driven. For
example, firefighters and emergency medical professionals must be able to
receive, integrate and rapidly assimilate information from disparate sources. By
putting information up front in a head-up, see-through mode, Microvision’s
display can be a key enabler in this process.”
About Microvision: www.microvision.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
Certain statements contained in this release, including those related to
performance expectations, technology development and commercial product
applications, as well as statements containing words like “believe,”
“anticipate,” “estimate,” “intend,” “goal,” “expect,” and other similar
expressions, 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 our forward-looking statements include the following: market
acceptance of our technologies and products; our financial and technical
resources relative to those of our competitors; our ability to obtain financing;
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 and ability to supply products in commercial quantities; the
ability to achieve key technical milestones in key products; and other risk
factors identified from time to time in our SEC reports, including in our Annual
Report on 10-K for the year ended December 31, 2001, and our Quarterly Reports
on Form 10-Q.
CONTACT:
Microvision, Inc., Bothell
Matt Nichols (media), 425/415-6657
Brian Heagler (investors), 425/415-6847
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