7/18/2008 10:20:00 AM
REDMOND, Wash.–(BUSINESS WIRE)–July 18, 2008–Microvision, Inc.
(NASDAQ: MVIS), a global leader in light scanning technologies,
announced today it has priced a public offering of approximately 11.2
million shares of its common stock and warrants to purchase
approximately 6.7 million shares of its common stock at a price of
$2.33 per unit, which represents a 12.5% discount to the 10-day volume
weighted average closing bid price. Gross proceeds before placement
agent fees and offering expenses are expected to be approximately $26
million and will be used for general corporate purposes. The offering
is expected to close on July 23, 2008, subject to the satisfaction of
customary closing conditions.
The placement agents for the offering are FTN Midwest Securities
Corp and Craig-Hallum Capital Group.
A shelf registration on Form S-3 relating to these securities was
previously filed with the Securities and Exchange Commission and was
declared effective on May 7, 2007. A copy of the prospectus supplement
and base prospectus relating to the offering may be obtained, when
available, from FTN Midwest Securities Corp, 350 Madison Avenue, 19th
Floor, New York, NY 10017, Attention: Kim Addarich.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of the
securities, in any jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
About Microvision (www.microvision.com)
Microvision provides the PicoP display technology platform
designed to enable next generation display and imaging products for
pico projectors, vehicles displays, and wearable displays that
interface to mobile devices. The company also manufactures and sells
its bar code scanner product line which features the company’s
proprietary MEMS technology.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including those
relating to closing of the offering, future demonstrations, product
introductions, applications and business prospects, as well as
statements containing words like “could,” “expect,” “plan,” 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; the risk of market acceptance of our
technology and products, our financial and technical resources
relative to those of our competitors; our ability to keep up with
rapid technological change; our ability to enforce our intellectual
property rights and protect our proprietary technologies; the timing
of commercial product launches and delays in product development; the
ability to achieve key technical milestones in key products; our
ability to secure needed third party manufacturing and sales
resources, 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 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.
Matt Nichols, 425-882-6657 (media)
Tiffany Bradford, 425-936-6847 (investors)
SOURCE: Microvision, Inc.