7/23/2002 6:33:00 AM
BOTHELL, Wash., Jul 23, 2002 (BUSINESS WIRE) — Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today announced that is
has completed a $3 million equity placement, consisting of common stock and
common stock purchase warrants.
The offering consisted of 937,500 shares of registered common stock and 234,375
shares of common stock purchase warrants exercisable at $4.80 per share through
July 22, 2007. The shares were offered under a shelf registration, which allows
the Company to issue up to $20 million of various types of securities. The
Company now has $15.9 remaining under its shelf registration. Two institutional
investors participated in the placement.
“Maintaining a strong balance sheet has been — and will continue to be — a
core strategy for the Company,” said Microvision CEO Rick Rutkowski. “We believe
that raising a modest amount of capital, combined with our recent cost
reductions of $2 million per quarter, is prudent given the current adverse
market conditions. With a reduced cash burn and the availability under the shelf
registration, we have the flexibility to raise smaller amounts of capital to
fund our future operations. We have a good track record of raising capital, even
during difficult market conditions, and we continue to be very excited about our
growth prospects.”
About Microvision
Headquartered in Bothell, Wash., Microvision, Inc. is the developer of the
proprietary 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. Additional
information can be found at the company’s Web site at
http://www.microvision.com.
Forward Looking Statement
Certain statements contained in this release, including those concerning growth
prospects and future financings, 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.
CONTACT:
Microvision, Inc., Bothell
(investors)
Brian Heagler, 425/415-6794
brian_heagler@mvis.com
or
(media)
Matt Nichols, 425/415-6657
matt_nichols@mvis.com
URL: http://www.businesswire.com
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