1/3/2008 6:01:00 AM
<![CDATA[REDMOND, Wash., Jan 03, 2008 (BUSINESS WIRE) — Microvision (Nasdaq:MVIS), announced today that it has entered
into a development agreement with one of the world's leading
distributors and manufacturers of diverse consumer electronics
products. Under the agreement, the consumer electronics company will
be evaluating Microvision's advanced pico projector prototype displays
for use with a variety of mobile devices including phones, laptops and
personal media players. For confidentiality reasons, the name of the
consumer electronics partner and terms of the agreement were not
disclosed.
This is the second OEM agreement Microvision has announced to date
that focuses on the development of the PicoP(TM) display for consumer
mobility applications. PicoP is an ultra miniature display capable of
projecting full color, high-resolution images and designed to be small
and low power enough to be embedded directly into or attached to
compact, portable consumer electronics devices, such as mobile phones,
portable media players, laptops, digital cameras, camcorders and game
consoles. According to the Consumer Electronics Association, the
mobile electronics market in the United States alone is expected to
reach $170 billion in 2008.
“One of our goals has always been to engage leaders and innovators
in the markets that we plan to serve in order to create a new display
paradigm for mobility users,” said Alexander Tokman, President and CEO
of Microvision. “This latest agreement with a global, diversified
player in the consumer electronics sector marks yet another
significant milestone in the execution of our go-to-market strategy.”
“This and our other recent announcements illustrate the markets’
significant desire to bring a better viewing experience to mobile
device users. Sharing photos, watching videos, and giving
presentations using today’s tiny screens greatly limit everyone’s
enjoyment and experience. With Microvision’s PicoP display technology,
consumer electronics products will be able to project large, high
resolution images from very small devices. We believe that consumers
are eagerly awaiting this capability,” concluded Tokman.
About Microvision (www.microvision.com)
Microvision provides a display technology platform to enable
next-generation display and imaging products for pico projectors,
vehicles displays, and wearable displays that interface to mobile
devices. The company also manufactures and sells its bar code scanner
product line which features the company’s proprietary MEMS technology.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including those
relating to product benefits and future applications, as well as
statements containing words like “should” and other similar
expressions, 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; 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 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 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.
SOURCE: Microvision
Microvision
Matt Nichols, (media) 425-882-6657
or
Jeff Wilson, (investors) 425-882-6625