6/12/2003 6:02:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–June 12, 2003–Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, announced
today a first phase development contract with a major Asian
manufacturer of printers and office equipment to design a new scanning
engine for high-speed laser printers based on its proprietary scanning
micromirror technology. The name of the company and the contract
amount were not disclosed for confidentiality reasons.
The radically new printing head design will rely on Microvision’s
world-leading expertise in the design and production of high
performance MEMS optical scanning systems to produce a MEMS printing
engine that is expected to provide advantages in size and cost versus
the conventional polygonal scanning devices widely used in today’s
laser printers.
“This agreement demonstrates that Microvision is regarded as a
unique source of enabling imaging technology by a growing number of
global leaders in optics and imaging,” said Todd R. McIntyre, Vice
President of Business Development. “We have now been selected by one
of the world leaders in this category to produce a preliminary design.
This is consistent with our strategy of leveraging our MEMS
micromirror technology platform into a broad range of imaging
products. While we don’t anticipate product revenue in the very near
term from this activity, we are very pleased to be working with a
major player that offers tremendous reach into a very large global
market for home and office printers. A MEMS laser printing engine
represents the potential for a very significant addition to our
product pipeline.”
About Microvision: www.microvision.com
Headquartered in Bothell, Wash., Microvision Inc. is the developer
of highly patented scanned beam technology for display and imaging
applications. The company’s technology has applications in a broad
range of military, medical, industrial, professional and consumer
information products.
Microvision has been working with Canon, BMW, Johnson & Johnson’s
Ethicon subsidiary and others to develop a number of display and image
capture product applications based on its proprietary scanned beam
technology. The company also recently concluded a field trial with
America Honda Motor Company for automotive maintenance and repair
applications for its Nomad Augmented Display that achieved a 39%
increase in mechanic productivity. Microvision has also signed an
agreement with NCR to market its Flic laser bar code scanner under a
private label.
Forward Looking Statement
Certain statements contained in this release, including those
relating to product development, product size and cost, product
pipeline, product revenue 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 our forward-looking statements
include the following: market acceptance of our technologies and
products; our financial and technical resources relative to those of
our competitors; our ability to obtain financing; 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 and ability to supply
products in commercial quantities; the ability to achieve key
technical milestones in key products; and other risk factors
identified from time to time in our SEC reports, including in its most
recently filed Annual Report on Form 10-K for the year ended December
31, 2002 and its Quarterly Reports on Form 10-Q.
CONTACT:
Microvision, Inc., Bothell
Matt Nichols, 425/415-6657 (Media)
Brian Heagler, 425/415-6794 (Investors)
SOURCE: Microvision, Inc.