3/11/2002 6:34:00 AM
BOTHELL, Wash., Mar 11, 2002 (BUSINESS WIRE) —
Microscanning display platform aims at disruptive mix of performance and cost
Microvision, Inc.
(Nasdaq:MVIS), announced today that it has begun work under a development
agreement with an unnamed Asian corporation that builds on Microvision’s ongoing
development of miniature displays for a variety of consumer electronics
applications.
The company said that it can not yet identify its partner or provide details on
the specific applications being targeted, but did indicate that during this
initial phase, they would be working under a development contract to integrate
their unique scanning display technology into a product application that would
be aimed at both professional and consumer markets.
The collaboration is part of Microvision’s push to commercialize a high quality
miniature display, based on its proprietary microscanning technology, that will
enable new features and functions in products ranging from camcorders and
digital cameras to handheld wireless devices, gaming systems, and portable DVD
players.
“We are immensely pleased to announce this partnership,” said Microvision
president and CEO, Rick Rutkowski. “While we cannot yet disclose our partner’s
name, they are truly one of the important names in computer peripherals, and
optics and imaging.
“With revenue in excess of $20 billion US, our partner is known throughout the
world for innovation and quality in products ranging from medical and industrial
imaging tools to very high volume consumer products, and they occupy a dominant
position in many of the markets that they serve. They have substantial
experience with all manner of miniature display technologies and have taken
great care in evaluating and understanding the competitive strengths of both our
technology and our technical plan.
“Our partner’s consummate skills in the design, packaging and high-volume
manufacture, of optical components and systems, can be a great asset, as we
drive to our goal of delivering low-cost, high performance, microdisplay
products to address a variety of high volume market opportunities. We expect to
complete work on this initial development phase later this year and to report on
further developments as the relationship progresses. We are gratified to work
with such a discerning and capable partner.”
“Annual production volumes for consumer products such as digital cameras,
camcorders and mobile internet devices are projected to reach hundreds of
millions of units annually in the next several years,” offered Steve Willey,
Microvision executive vice president. “On that basis, we believe the market for
our miniature displays can reach tens of millions of units annually in that same
time frame. The key challenge for this next generation of devices is that
consumers are going to need small, inexpensive products, like digital cameras
and mobile handsets to produce the same high quality images that we see on
desktop and laptop computers today. The greatest advantage of Microvision’s
technology is that we believe that we can deliver superior resolution and image
quality at much lower prices than competing miniature flat panel displays.”
Microvision’s proprietary miniature display technology uses just three Light
Emitting Diodes (LEDs) coupled with a vibrating mirror on a micromechanical
silicon chip to create full-motion, high-resolution images. The tiny mirror
rapidly scans a single beam of multi-colored light through a small lens to
project, into the viewer’s eye, a full-color video image of the apparent size
and resolution of a notebook or laptop display screen. Microvision says that its
high quality miniature displays are unique in their ability to meet the
demanding mix of high performance and low cost that will be required for
consumer products.
Targeting commercial production of the unique miniature display for early 2004,
Microvision plans to spend the next 18 to 24 months continuing to reduce its
size, weight and power consumption, and especially, cost. The company is also
working with partners like Taiwan’s Walsin Lihwa Corp. who is developing
techniques to mass-produce the MEMS scanner, and Cree who have provided the LED
technology for the device.
About Microvision: www.mvis.com
Headquartered in Bothell, Wash., Microvision Inc. is the developer of the
patented retinal scanning display technology and a world leader in micro
miniature optical scanning 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. Nomad is a trademark
of Microvision, Inc.
Forward Looking Statement
The information set forth in this release includes “forward-looking statements”
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and is subject to the safe harbor created by those sections. Certain
factors that realistically could cause results to differ materially from those
projected in the company’s forward-looking statements are set forth in the
company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as
filed with the Securities and Exchange Commission.
CONTACT:
Microvision, Inc.
Matt Nichols (media)
mattn@mvis.com
or
Brian Heagler (investors)
brian_heagler@mvis.com
425/415-6847
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