5/4/2006 10:55:00 AM
REDMOND, Wash.–(BUSINESS WIRE)–May 4, 2006–Microvision, Inc.
(NASDAQ:MVIS), a leader in light scanning technologies, today
announced that the holder of the Company’s preferred stock converted
its $5 million preferred stock holding issued in September 2004 to
common equity. As consideration for the conversion of the preferred
stock, the company issued a total of 1,353,066 shares of its common
stock. Further details will be available in a Current Report on Form
8-K to be filed with the Securities and Exchange Commission.
“By completing this transaction we have reduced the outstanding
debt of the Company and eliminated the related dividend and redemption
requirements of this Preferred Stock,” said Alexander Tokman,
Microvision’s President and CEO. “This conversion is consistent with
our goal of simplifying the capital structure of the Company to better
align the equity interests of the Company’s shareholders.”
Microvision has agreed to register the shares of common stock
issued as part of this transaction 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 Redmond, 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 industrial, consumer, military and medical applications.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including those
relating to simplifying the Company’s capital structure and 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: 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 and other filings, including the
Company’s Annual Report on Form 10-K filed with the SEC. 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 in circumstances or any other reason.
CONTACT: Microvision, Inc.
Brian Heagler, 425-882-6794
SOURCE: Microvision, Inc.