1/3/2005 7:30:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–Jan. 3, 2005–Microvision Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today
announced that it has entered into a multi-phase, exclusive license
and product development agreement with Ethicon Endo-Surgery, Inc., a
subsidiary of Johnson & Johnson, whereby Microvision and Ethicon
Endo-Surgery will collaborate to integrate Microvision’s proprietary
technology into certain medical products, and Ethicon Endo-Surgery
will receive an option for an exclusive license to Microvision’s
technology for human medical applications, excluding Ophthalmology.
Under the terms of the Agreement, Microvision will receive up to
$6.2 million dollars consisting of an upfront license fee and
additional fees to develop and deliver prototypes. Ethicon
Endo-Surgery may elect to extend the development program to develop a
commercial product for an additional fee. The Agreement also contains
terms under which Microvision may supply certain products to Ethicon
Endo-Surgery. Further details of the agreement are not being disclosed
at this time.
“We are very pleased to be working with one of the world’s leading
innovators of medical devices,” said Rick Rutkowski, Microvision’s
CEO. “This contract and relationship represents a significant
validation of the potential productization of our unique and
proprietary technology for medical device applications. We have
several OEM solution applications under development and we are pleased
to be continuing our progress in this area.”
About Microvision: www.microvision.com
Headquartered in Bothell, Washington, 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
Certain statements contained in this release, including potential
follow-on orders, future sales opportunities 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 successfully develop
our technology for use in medical applications in the timeframes
contemplated by the agreement with Ethicon Endo-Surgery; 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 Dec. 31, 2003, and its Quarterly Reports on Form 10-Q.
CONTACT: Microvision Inc.
Matt Nichols (media), 425-415-6657
Brian Heagler (investors), 425-415-6794
SOURCE: Microvision Inc.