10/15/2001 6:04:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–Oct. 15, 2001–Microvision, Inc.
(Nasdaq:MVIS), a leader of light scanning technologies, today
announced that it has completed an $11 million placement consisting of
common stock and common stock purchase warrants.
The offering consisted of 971,499 shares of common stock and
145,723 shares of four-year warrants to purchase common stock,
exercisable at $14.62 per share. The shares were offered under a shelf
registration filed by the Company, which allows the company to issue
up to $20 million of various types of securities in offerings made
“from time to time”. Participants in the placement included both new
and existing institutional investors.
“Our strategy has been to maintain a strong balance sheet at all
times,” said Rick Rutkowski, Microvision’s president and CEO. “While
we have maintained cash balances that will fund operations well past
the middle of next year, we felt it prudent to add a modest amount of
capital to further extend that horizon.”
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
application in a broad range of military, medical, industrial,
professional and consumer information products. Additional information
can be found at the company’s Web site at http://www.mvis.com.
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.
|Brian Heagler, 425/415-6847|
|Randy Balogh, 206/285-5280|