6/27/2017 9:00:02 AM
Company expects volume shipments to commence in July 2017
REDMOND, Wash.–(BUSINESS WIRE)–Jun. 27, 2017–
Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature
projection display and sensing technology, today announced that it
reached its production readiness milestone on-schedule and has begun
shipments of its small form factor display engine to its customer, an
Asian electronics device manufacturer.
The engines in this initial shipment to the Asian OEM are part of a $6.7
million order for a customized display engine, PSE-0403-103, to be
embedded in a smartphone. MicroVision plans to begin volume shipments in
July, and expects a large majority of the units in this order to be
shipped by the end of 2017.
For its smartphone design, the customer required an electronics board
layout that varied from the standard form of MicroVision’s PSE-0403-101
display engine. MicroVision was able to quickly design an engine that
met the customer’s requirements and could be manufactured by
MicroVision’s supply chain partner. This module, PSE-0403-103, uses the
same MEMS and ASICS1 components as the standard MicroVision
PSE-0403-101 engine and has the same performance characteristics
including an always-in-focus, high definition image from a small, low
power engine. The flexibility to meet customers’ specific design
requirements for an engine product is a benefit of working with
MicroVision and the company’s PicoP® scanning technology platform.
1 Micro-electrical mechanical systems (MEMS) and
Application-specific integrated circuits (ASICS)
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution based on the laser
beam scanning methodology pioneered by the company. MicroVision’s
platform approach for this advanced display and sensing solution means
that it can be adapted to a wide array of applications and form factors.
It is an advanced solution for a rapidly evolving, always-on world.
MicroVision’s business model and product line offering includes display
and sensing engines, licensing its patented technology and selling
components to licensees for incorporation into their scanning engines.
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 using
words such as plans, expects or similar words and those relating to
shipping schedules, future product and 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: our ability to raise additional
capital when needed; products incorporating our PicoP® scanning
technology 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.