3/11/2005 5:23:00 PM
BOTHELL, Wash.–(BUSINESS WIRE)–March 11, 2005–Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today
announced that it has completed the sale of $10 million aggregate
principal amount of senior secured exchangeable convertible notes and
warrants for an aggregate purchase price of $10 million to four
institutional investors. The notes are convertible at the option of
the holders into shares of Microvision common stock at a fixed
conversion price of $6.84 per share or exchangeable into shares of
Lumera Corporation common stock owned by Microvision at a fixed
exchange price of $5.64 per share. The notes have a term of two years
and scheduled repayments of principal over the last six quarters of
the term. Interest on the notes will be at an annual rate of between
6% and 8%. Subject to conditions, interest is payable at Microvision’s
option in cash or Microvision common stock and principal is payable in
cash, Microvision common stock or Lumera stock. The notes are secured
by 1,750,000 shares of Lumera common stock owned by Microvision, which
is the maximum number of shares of Lumera common stock transferable
upon exchange and/or repayment of the notes. The warrants are
exercisable for 462,330 shares of Microvision’s common stock at $6.84
per share through March 11, 2010. The notes and the warrants are
subject to anti-dilution adjustment under certain conditions. Further
details will be available in a Current Report on Form 8-K to be filed
with the Securities and Exchange Commission.
Microvision has agreed to register the shares of common stock
issuable upon conversion of the notes and upon exercise of the
warrants for resale under the Securities Act of 1933, as amended. The
shares of Lumera common stock issuable upon exchange of the notes will
be registered for resale under the Securities Act of 1933, as amended.
The securities have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United States
absent registration under such act and applicable state securities
laws or an applicable exemption from those registration requirements.
About Microvision: www.microvision.com
Headquartered in Bothell, 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 military, medical, industrial, professional and consumer products.
Certain statements contained in this release relating to 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: market acceptance of
our technologies and products; our ability to obtain financing; our
financial and technical resources relative to those of our
competitors; 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 the company’s SEC
reports, including in its Annual Report on 10-K for the year ended
December 31, 2003, and its Quarterly Reports on Form 10-Q.
CONTACT: Microvision, Inc., Bothell
Brian Heagler, 425-415-6794
SOURCE: Microvision, Inc.