3/16/2015 6:00:53 AM
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Delivery to Fortune Global 100 customer scheduled to begin in the
second half of 2015
REDMOND, Wash.–(BUSINESS WIRE)–Mar. 16, 2015–
MicroVision,
Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature
projection display technology, today announced it has received orders
totaling $14.5 million for components for its Fortune Global 100
customer.
MicroVision plans to begin shipment of components for these orders in
the second half of 2015 and expects fulfillment to continue into 2016.
MicroVision and its Fortune Global 100 customer recently entered into a
licensing agreement whereby MicroVision granted a non-exclusive license
to its patented PicoP® display technology to the Fortune Global 100
company. The components MicroVision is selling to its customer are
expected to be incorporated into display modules the Fortune Global 100
has developed. MicroVision will also be entitled to royalty payments
upon any sales by its customer of the display modules. MicroVision is
currently fulfilling component orders received in the second half of
2014 for this same customer.
About MicroVision
MicroVision is the creator of PicoP® display technology, an
ultra-miniature laser projection solution for mobile consumer
electronics, automotive head-up displays and other applications.
MicroVision’s patented display technology helps OEMs break down display
boundaries and offer enhanced visibility to mobile experiences. Nearly
two decades of research has led MicroVision to become an independently
recognized leader in the development of intellectual property.
MicroVision’s IP portfolio has been recognized by the Patent Board as a
top 50 IP portfolio among global industrial companies and is also
included in the Ocean Tomo 300 Patent Index. The company is based in
Redmond, Wash.
For more information, visit the company’s website at www.microvision.com,
on Facebook at www.facebook.com/MicroVisionInc
or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those relating
to timing of shipments, future and future product royalty payments,
sales and technology applications, and those containing words such as
“scheduled,” “expects,” “plans,” and “will” 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; products
incorporating our PicoP display engine may not achieve market
acceptance, commercial partners may not perform under agreements as
anticipated, we may be unsuccessful in identifying parties interested in
paying any amounts or amounts we deem desirable for the purchase or
license of IP assets, our or our customers failure to perform under open
purchase orders; 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; 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, including the
company’s Annual Report on Form 10-K filed with the SEC. Except as
expressly required by 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.
Source: MicroVision, Inc.
MicroVision, Inc.
Investors:
Dawn Goetter, 425-882-6629
ir@microvision.com
or
Media:
Nicole
Cobuzio, 732-212-0823 ext. 102
nicolec@lotus823.com