3/27/2007 7:01:00 AM
REDMOND, Wash.–(BUSINESS WIRE)–March 27, 2007–Microvision
(NASDAQ:MVIS), the leader in light scanning technologies for display
and imaging products, announced today that it has entered into a
product development agreement with a second global Tier 1 automotive
partner. Under the agreement, Microvision will work with this world
leading Tier 1 automotive supplier to create innovative
projection-based display solutions based on PicoP(TM), an ultra
miniature full-color laser projector powered by the company’s
Integrated Photonics Module (IPM(TM)) technology. For confidentiality
reasons, the name of the Tier 1 supplier and other details of the
contract were withheld.
“This is another major automotive Tier 1 to recognize the enormous
potential of our laser scanning based projection system and it further
reinforces our conviction that Microvision’s PicoP technology can
enable a diverse class of new and exciting automotive display
solutions, beyond just head-up display (HUD) applications,” said
Alexander Tokman, President and CEO of Microvision.
“Today, global automakers are looking for better, more efficient
and flexible ways to display information to drivers and passengers. In
addition to established information systems (car audio, vehicle
monitoring, mobile phones), navigation systems are becoming common
place. All of this information is displayed to the driver using a
variety of display technologies with varying levels of performance and
price. Microvision’s ultra miniature laser projection display offers a
higher degree of design flexibility and programmability compared with
flat panel based technologies. For example, with PicoP automotive
designers will be able to create irregular display surfaces that can
be contoured and shaped to meet a variety of styles expectations and
space constraints.” — concluded Tokman.
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 consumer products.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including those
relating to plans for product development and future product
applications and benefits, as well as statements containing words like
“will” and “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.
CONTACT: Microvision
Jeff Wilson (investors), 425-882-6625
Matt Nichols (media), 425-882-6657
SOURCE: Microvision Inc.