9/9/2004 9:36:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–Sept. 9, 2004–Microvision, Inc.
(Nasdaq:MVIS), today announced that it has been contracted by one of
Europe’s leading Tier 1 automotive suppliers to deliver an advanced
prototype of its MicroHUD head-up display system. The award is in
addition to the contract that was recently announced with Volkswagen
of America Electronics Research Laboratory. The two companies are
collaborating with Microvision to develop a compact head-up display
that meets the size and performance specifications for future car
Microvision also announced three additional new contract awards
including a contract to develop a voice-enabled version of its Nomad
system; a phase one research contract from the Army, relating to the
development a full color portable head mounted display utilizing
phosphor-based photo luminescent materials; and a modification to an
existing contract with the U.S. military. Together, the value of
contracts awarded during the quarter total more than $600,000.
“We started the third quarter with a $4.9 million backlog of
development contracts and we are making steady progress toward our
goal of new contract bookings of up to $3 million for the second half
of 2004,” said Rick Rutkowski, Microvision CEO. “We continue to be
successful in securing support from very high quality prospective
partners and customers for the development of a variety of potential
future products including automotive head-up displays, laser print
engines, 2D bar code scanners and electronic viewfinders for digital
cameras. Each of these efforts leverages Microvision’s unique
expertise, and our investment, in proprietary optical microscanning
technology to address what we believe are very real needs in very
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 Statement Disclaimer
Certain statements contained in this release, including product
development, delivery of prototypes, potential product applications
and sales, potential market opportunity, and potential contract
bookings 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.
Brian Heagler, 425-415-6794 (Investors)
Matt Nichols, 425-415-6657 (Media)
SOURCE: Microvision, Inc.