7/12/2002 6:01:00 AM
BOTHELL, Wash., Jul 12, 2002 (BUSINESS WIRE) — Microvision, Inc.
(Nasdaq:MVIS), announced today it has been awarded a $500,000 contract from the
U.S. Army to develop a flight-capable full-color display — based on the
company’s Spectrum(TM) display system — for demonstration on an Army
The contract comes from the Army Aircrew Integrated Systems Product Office
awarded through the Aviation Applied Technology Directorate (AATD), Fort Eustis,
The contract calls for Microvision to integrate Microvision’s Spectrum display
with the Force XXI Battle Command Brigade and Below (FBCB2) system to
demonstrate an affordable solution to upgrading legacy aircraft to the modern
digital battle space requirements. The FBCB2 forms the Army’s principal digital
command and control system.
Microvision will integrate, test and loan to the government for evaluation a
Spectrum color system for flight-testing in a UH-60L Blackhawk helicopter. The
company expects to complete the required display ruggedization design and
implement a flight demonstration at Fort Eustis, VA, within the next 12 months.
Spectrum is Microvision’s daylight-readable, full-color, see-through personal
display. Microvision designed the display as an application development platform
for select partners for use in advanced research and application studies.
Spectrum uses Microvision’s proprietary scanning display technology and is
configurable as a monocular (one eye), biocular (two eyes), or binocular
(stereoscopic) display. The company recently sold a Spectrum system to the
Cleveland Clinic for use in image-guided surgery.
The expectation of this contract award was referenced in the Company’s
first-quarter earnings press release dated May 9, 2002.
About Microvision: http://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.
Certain statements contained in this release, including plans for display system
development, as well as statements containing words like “believe,”
“anticipate,” “estimate,” “intend,” “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; 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.
Microvision Inc., Bothell
Matt Nichols (media), 425/415-6657
Brian Heagler (investors), 425/415-6794
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