11/15/2006 9:02:00 AM
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REDMOND, Wash.–(BUSINESS WIRE)–Nov. 15, 2006–Microvision
(NASDAQ:MVIS), the global leader in light scanning technologies for
display and imaging products, announced today that it has entered into
an agreement with Network Systems & Technologies (P) Ltd (NeST), a
NeST group company, for establishing an offshore development center
initially for the engineering design and development of the Company’s
laser barcode scanner product. Under the agreement, the NeST
engineering team will work as an extension of the Microvision product
development team in Redmond, Washington on product enhancements and
cost reduction.
“The NeST offshore development center should enable us to achieve
several important goals consistent with our business strategy,” said
Sid Madhavan, Vice President of Engineering. “First, we expect quicker
response to our customers’ requests for feature enhancements and
stronger cost position. Second, the relationship with NeST allows us
to maintain the focus in engineering on our Integrated Photonics
Module (IPM(TM)) platform activities targeted towards high volume
products such as miniature laser projectors and heads-up displays for
automobiles and airplanes. The NeST software, electronics and
mechanical teams will complement our engineering teams to enable
round-the-clock development on our barcode scanner and future
products. NeST has a strong history of delivering quality products to
companies like GE, Hitachi, Toshiba and Mitsubishi and we are very
pleased to be working with them.”
Mr. N Jehangir, Vice Chairman and Managing Director of the NeST
Group stated, “Our world-class competencies in engineering and
manufacturing coupled with process orientation and Six Sigma culture
will help Microvision attain reduced time to market at an optimal
cost.”
Added Mr. Sasi Kumar, who is heading the software division of NeST
in Trivandrum, India, “NeST’s software division, being focused on
leading edge product development, is delighted to add yet another
technology innovator to our client list and we are excited about this
relationship with Microvision.”
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 has applications in a broad range
of consumer, medical, industrial, professional and military products.
About NeST www.nestsoftware.com
NeST, an International Corporate group of over 25 companies
employing more than 2000 people worldwide, has a global export
business turnover in excess of $200 million. The Group has a strong
presence in futuristic Computer & Communication technology areas like
Networking, Fiber Optics, RF & Microwave and Software. NeST has many
hardware and software facilities spread across Trivandrum, Cochin,
Bangalore and Mysore in India and in the USA. All of these units are
ISO 9001 certified. The software units of the group operating at
Trivandrum and Cochin are assessed at CMM Level 5. Apart from the
software development facility in India, the Group has setup a number
of world class manufacturing facilities and has established worldwide
operations with offices which provides onsite consulting and
development services in the United States, Canada, Australia, Japan,
United Kingdom & Qatar.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including those
relating to expected results, plans for product development, future
cost reductions, future product benefits, as well as statements
containing words like “expects,” 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; risks related to Lumera’s business and the market
for its equity, 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 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.
CONTACT: Microvision Inc.
Jeff Wilson, 425-882-6625 (investors)
or
Matt Nichols, 425-882-6657 (media)
SOURCE: Microvision Inc.