7/26/2006 8:32:00 AM
REDMOND, Wash.–(BUSINESS WIRE)–July 26, 2006–Microvision, Inc.
(Nasdaq:MVIS), the leader in light scanning technologies for display
and imaging products, announced today that it has entered into a
development agreement with a laser supplier for the design and
development of green laser systems for its MEMS-based laser-scanning
projection systems. For confidentiality reasons, the name of the laser
supplier was not disclosed.
Under the agreement, Microvision will fund several design and
development activities undertaken by the laser OEM with the objective
to develop an improved green solid-state laser light source to be used
in scanning applications designed and manufactured by or for
Microvision. Microvision expects this development effort to yield
prototype devices suitable for integration into its rapidly evolving,
highly miniaturized Integrated Photonics Module (IPM) device
architecture. Microvision has previously announced that it is focusing
on three primary applications for IPM: automotive and aero heads-up
display applications (MicroHUD(TM)), a personal projection display
(PicoP(TM)) applications, and personal color eyewear.
“Rear-projection television and now miniature projection scanned
beam displays have created a strong market pull for green laser
technology and consequently we’ve witnessed some incredible gains over
the past year in its design and development,” said Alexander Tokman,
President and Chief Executive Officer of Microvision. “We have decided
to take greater control of our destiny by being more actively engaged
in the definition, development and maturation of cost-effective
solid-state high-frequency modulated green lasers.”
About Microvision: www.microvision.com
Headquartered in Redmond, 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 enables solutions and products in
a broad range of industrial, consumer, military, and medical
applications.
Forward-Looking Statement
Certain statements contained in this release, including those
relating to future technology solutions and product applications, and
statements using words such as “expects,” 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: capital market risks, our ability to raise additional
capital when needed; market acceptance of our technologies and
products; 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, risks related to Lumera’s business and the market
for its equity and other risk factors identified from time to time in
the company’s SEC reports and other filings, 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, 425-882-6625 (Investors)
Matt Nichols, 425-882-6657 (Media)
SOURCE: Microvision, Inc.