8/12/2002 4:34:00 PM
BOTHELL, Wash., Aug 12, 2002 (BUSINESS WIRE) — Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies for personal displays and
imaging solutions, today announced that it has made several changes in the
structure of its management group and Board of Directors in order to strengthen
its team and provide greater independence for its board.
The board previously consisted of ten members, including three members of the
company’s management team. Richard Raisig, the company’s Chief Financial
Officer, resigned from the company’s Board of Directors bringing the total
number of directors to nine, with seven being outside directors. Raisig remains
CFO and an integral part of the senior management team.
Walter J. Lack, who has served on the Microvision board for eight years, was
elected Chairman of the Board of Directors. Stephen R. Willey, Microvision’s
current executive vice president, has been promoted to President. Richard
Rutkowski will continue to serve as the company’s Chief Executive Officer, and
both Willey and Rutkowski will continue to serve on the company’s Board of
Directors. The company will continue to seek, from time to time, additional
outside board members who bring expertise in technology and commercialization
“Over the past several years we have focused on building a strong management
team and a solid board,” stated Walter Lack, “Now is a good time to take stock
of a variety of issues relating to corporate governance and to ensure that our
management and board structure best serve the interests of the company and its
shareholders going forward. We are very pleased with where Microvision’s
management team is taking the company and the progress that they are making. The
products being developed are on the leading edge of technology. We feel
confident of the prospects of product commercialization which is the focus of
everyone within the company.”
Mr. Willey, in his new role as President, will continue to represent the company
in a variety of business development activities, especially in Asia.
About Microvision: www.mvis.com
Headquartered in Bothell, Wash., 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.
Forward Looking Statement
Certain statements contained in this release, including product
commercialization and product applications, 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.
Matt Nichols, 425/415-6657 (media)
Brian Heagler, 425-415-6794 (investors)
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