7/16/2007 9:01:00 AM
REDMOND, Wash.–(BUSINESS WIRE)–July 16, 2007–Microvision, Inc.
(NASDAQ:MVIS), a global leader in innovative ultra-miniature
projection display and image capture products for mobility
applications, announced today it has received $34.1 million in
proceeds from the exercise of approximately 12.9 million public
warrants. Last month the company exercised its right to call its
publicly traded warrants (NASDAQ:MVISW) issued in connection with the
company’s June 2006 financing transaction. Forty five thousand
warrants were not exercised by warrant holders and will be redeemed by
the Company at a cost to the company of $448.
“The cash inflow from the exercise of the public warrants allows
us additional operational runway to execute on our near- and
longer-term objectives,” stated Jeff Wilson, Chief Financial Officer.
“Our primary goal remains to accelerate the path to market for
high-volume consumer and automotive products based on the PicoP(TM)
platform and create long-term value for our shareholders.”
About Microvision (www.microvision.com)
Microvision provides a display technology platform designed to
enable next-generation display and imaging products for pico
projectors, vehicle 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 future products and time to market for future products,
product applications and benefits, 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; our financial and
technical resources relative to those of our competitors; our ability
to keep up with rapid technological change; our dependence on the
defense industry and a limited number of government development
contracts; 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 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.
Jeff Wilson, CFO, 425-936-6847
Matt Nichols, 425-882-6657 (media)
or
Hawk Associates
Cale Smith/Julie Marshall, 305-451-1888 (investors)
SOURCE: Microvision, Inc.