8/9/2005 8:02:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–Aug. 9, 2005–Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today
announced that it has raised $5 million (before issuance costs) from
the private placement of 952,381 shares of common stock and warrants
to purchase 214,578 shares of common stock. The warrants are
exercisable for five years at an exercise price of $6.50 per share,
subject to anti-dilution adjustment. In connection with the private
placement, the holder of the company’s preferred stock converted $5
million of its $10 million preferred stock holding issued in September
2004. As additional consideration for the conversion of the preferred
stock, the company issued 124,170 shares of its common stock and
adjusted the exercise price for the warrants to purchase 361,795
shares of common stock from $8.16 to $6.84 per share. Further details
will be available in a Current Report on Form 8-K to be filed with the
Securities and Exchange Commission.
“This transaction improves our balance sheet in two important
ways,” said Microvision CEO Rick Rutkowski. “We added $5 million of
new equity capital and converted half of the outstanding $10 million
in preferred stock to common equity, thereby reducing our overall debt
and our future dividend and principal repayment obligations.”
Microvision has agreed to register the shares of common stock sold
as part of this transaction, and register the shares of common stock
issuable upon exercise of the warrants 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 Bothell, 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 military, medical, industrial, professional and consumer products.
Forward-Looking Statements
Certain statements contained in this release relating to 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: 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, 2003, and its Quarterly Reports on Form 10-Q.
CONTACT: Microvision, Inc., Bothell
Brian Heagler, 425-415-6794
SOURCE: Microvision, Inc.