3/5/2003 11:36:00 AM
BOTHELL, Wash., Mar 5, 2003 (BUSINESS WIRE) — Microvision, Inc. (Nasdaq:MVIS),
a leader in light scanning technologies, today announced that it has completed
an offering of $12.5 million of equity, consisting of common stock and common
stock purchase warrants.
The offering consisted of 2,644,210 shares of registered common stock and
warrants exercisable for 528,842 shares of common stock at $6.50 per share
through March 2008. The shares were offered under an existing shelf registration
statement. Participants include both new and existing shareholders. William
Blair & Company, L.L.C. acted as selling agent for the offering.
“We have consistently demonstrated the ability to raise capital, even during
what has been a historically weak market over the last few years,” said
Microvision CEO Rick Rutkowski. “Our improved financial performance, new product
introductions and milestone agreements with Canon, NCR, Johnson & Johnson, BMW
and the U.S. military reflects the progress the company has made and the
exciting opportunities ahead of us. We believe that our progress to date
combined with the future success we expect to achieve, will keep us well
positioned to access the capital markets from time to time when needed.”
About Microvision: www.mvis.com
Headquartered in Bothell, WA, 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. Nomad is a trademark of
Microvision, Inc.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including future success, access
to capital, plans for product development and applications, and future
operations, as well as statements containing words like “believes,” “expects,”
“will” 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 the company’s
forward-looking statements include the following: our ability to raise
additional capital when needed; market acceptance of our technologies and
products; our financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological change; our
dependence on the defense industry and a limited number of government
development contracts; 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; the timing of
commercial product launches and delays in product development; the ability to
achieve key technical milestones in key products; dependence on third parties to
develop, manufacture, sell and market our products; potential product liability
claims and other risk factors identified from time to time in the company’s SEC
reports, including our most recently filed Registration Statement on Form S-3.
Except as expressly required by the federal securities laws, we undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events, changes circumstances or any
other reason.
CONTACT:
Microvision
Brian Heagler (investors), 425/415-6794
Matt Nichols (media), 425/415-6657
URL: http://www.businesswire.com
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