9/19/2005 9:02:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–Sept. 19, 2005–Microvision, Inc.
(Nasdaq:MVIS), the world leader in the development of scanned beam
displays and imaging products, announced today that it has signed a
non-binding Letter of Intent with Robert Bosch GmbH to formalize the
ongoing collaboration of the two companies in exploring the
development and commercial production of a laser scanning automotive
head-up display (HUD). Under the terms of the agreement, the parties
have expressed their intent to work toward signing a binding contract
or contracts to develop HUD(s) for future mass production for the
automotive market.
“Our go-to-market strategy for the automotive HUD has been to
partner with a major automotive supplier,” said Todd McIntyre, senior
vice president for business development. “During the last year we have
developed an excellent collaborative relationship with Bosch. With
2004 revenue of $40 billion Euro, Bosch is ranked as the world’s
largest ‘Tier 1’ automotive supplier and has an outstanding reputation
for innovation and quality in automotive electronics. They are a
leading provider of instrumentation and information and entertainment
solutions to many of the major automotive OEMs and we are very excited
at the prospect of working with them to bring a laser scanning HUD to
market.
“The market for HUDs is expected to grow dramatically, from
100,000 units last year to over 4 million units by 2010. The primary
catalyst driving demand today is the growing adoption of GPS-based
turn-by-turn navigation products. Drivers value the HUD feature
because it enhances safety by ensuring that their eyes remain focused
on the road while accessing navigation and other information.”
Microvision has pioneered the development of a laser scanning HUD
based on its proprietary scanning micromirror technology that offers
important advantages over competing flat panel-based products: the
package size is about one-half the size of existing head-up displays
which significantly reduces the room required for installation;
contrast is exceptional, especially in night conditions, which means
drivers only see the content being displayed with no visible
background glow; and images can be aligned electronically to each
windscreen, significantly reducing the time required for factory
installation. Other advantages over flat panel technology include
vivid colors, lower power and less heat dissipation.
About Microvision: www.microvision.com
Headquartered in Bothell, Washington, 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 military, medical, industrial, professional and
consumer products.
Microvision and its scanned beam display technology have been
recognized by IEEE Spectrum Magazine as one of “10 tech companies for
the next 10 years.”
Forward-Looking Statement
Certain statements contained in this release, including those
relating to potential agreements and business relationships, market
opportunities, product applications, and product performance 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 ability to obtain financing; 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 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 the company’s SEC
reports, including in its Annual Report on 10-K for the year ended
December 31, 2004, and its Quarterly Reports on Form 10-Q.
CONTACT: Microvision
Matt Nichols, 425-415-6657 (Media)
Brian Heagler, 425-415-6794 (Investors)
SOURCE: Microvision, Inc.