3/27/2015 9:00:30 AM
REDMOND, Wash.–(BUSINESS WIRE)–Mar. 27, 2015–
Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature
projection display technology, today announced it has received an $8
million license fee payment from its Fortune Global 100 partner.
The up-front license fee is part of a multi-year license agreement
MicroVision announced earlier this month with its Fortune Global 100
partner for MicroVision PicoP® display technology. The
license agreement grants the Fortune Global 100 company a non-exclusive
license to MicroVision PicoP display technology for use in display
modules it manufactures and sells. In addition to the initial upfront
license fee, MicroVision would also receive royalties for display
modules sold by the Fortune Global 100 company. Further terms of the
license agreement are confidential for competitive reasons.
MicroVision and the Fortune Global 100 company have been collaborating
on the display module since April 2013. In addition to the license fee,
to date MicroVision has received over $18 million in component orders
for this customer. Shipments for these orders began in December 2014 and
are scheduled to continue into 2016. MicroVision is also providing
commercialization support services under a separate contract.
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.
Extensive 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 has been
included in the Ocean Tomo 300 Patent Index. The company is based in
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.
Certain statements contained in this release, including those relating
to potential benefits of announced agreements and future royalties,
fulfillment of orders and potential applications and features of
MicroVision technology, and those containing words such as “scheduled”
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: the risk that our partner may not have
significant sales of products and we may not receive significant future
royalties under the license agreement; our ability to raise additional
capital when needed; products incorporating our PicoP display technology
may not achieve market acceptance; our ability to conclude agreements
with potential customers; 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.