5/1/2002 6:06:00 AM
BOTHELL, Wash., May 1, 2002 (BUSINESS WIRE) — Microvision (Nasdaq:MVIS), the leader in light-scanning technologies, today announced that, following the
recent delivery of prototype systems to a leading European automobile
manufacturer, it has been awarded a new contract to continue development of
next-generation automotive display products based on Microvision’s proprietary
light-scanning technology.
The companies have indicated that the focus of their development work will
support Microvision’s initiative to bring to market innovative concepts for
in-vehicle displays that can provide benefits ranging from increased safety and
improved fuel efficiency to information and entertainment. However, details
concerning specific products to be developed were not released.
Microvision’s unique light-scanning display is based on proprietary technology
that creates a high-resolution computer image by precisely scanning a single
beam of laser light at very high speed.
The company says its displays promise to deliver extremely bright, high-quality
images to solve the challenge of delivering information to drivers and
passengers in future automobiles where display size, power and cost are key
factors.
Small front- or rear-projection devices can be used to present information to
drivers in selected locations such as rear-view mirrors, windshields or
instrument clusters to support a full range of automotive information
applications, including emerging “telematics” applications like GPS navigation,
traffic advisories and internet-based information and entertainment services.
“The interior of an automobile is a challenging environment that leads to a
demanding set of specifications for displays,” said Russell Hannigan,
Microvision’s Director of Business Development for advanced products. “Our
technology is a perfect fit because automotive displays need to deliver very
bright images in small, affordable packages that have a long lifetime and do not
generate heat. Current display technologies that use expensive projection lamps
aren’t able to achieve most of these requirements. Microvision’s use of bright,
power-efficient laser light sources makes a key difference in this application.”
“This next phase of development is an important next step in this developing
partnership,” Hannigan added. “Both companies are committed to moving quickly to capitalize on the strength of our partnership to deliver what we feel will be
the bench mark for information displays in tomorrow’s automobiles. We hope to
demonstrate some of the fruits of our labor before too long.”
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.
About Lumera: www.mvis.com
As a subsidiary of Microvision, Inc., Lumera is a world leader in the
development of electro-optic devices based on proprietary optical polymers. The
company plans to deliver superior and unique component solutions to optical
systems suppliers. Lumera plans to supply standard and custom components to
systems providers in multiple high-growth product categories.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including plans for product
development, as well as statements containing words like “believe,”
“anticipate,” “hope,” “intend,” “seek,” “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 the company’s 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 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; 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, 2001, and its Quarterly Reports on Form 10-Q.
CONTACT:
Microvision, Inc., Bothell
Brian Heagler (investors), brian_heagler@mvis.com
Matt Nichols (media), matt_nichols@mvis.com
425/415-6748
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