6/21/2007 9:02:00 AM
REDMOND, Wash.–(BUSINESS WIRE)–June 21, 2007–Microvision, Inc.
(NASDAQ:MVIS), a global leader in innovative ultra-miniature
projection display and image capture products for mobility
applications, announced today it has exercised its right to call its
publicly traded warrants (NASDAQ:MVISW). The public warrants were
issued in connection with the company’s June 2006 financing
transaction and allow the company to redeem the warrants if the Nasdaq
closing bid prices of the company’s common stock averages at least
$5.304 over any 20 consecutive trading days ending after June 4, 2007.
The company will receive $34.2 million in proceeds if all 12.9 million
public warrants are exercised.
“We believe this important and tangible event is a direct tribute
to the progress we made last year in reinventing the Company and
positioning it on the path to long-term growth,” stated Alexander
Tokman, President and CEO of Microvision. “Our new business strategy
and operating mechanisms centered around the development and
commercialization of the high volume products based on the PicoP(TM)
platform, our new execution standards, and the improved financial
condition we believe have resonated well with our customers and
shareholders over the past 12 months. The cash inflow we receive from
the exercise of the public warrants will allow us to stay focused on
our primary goal of accelerating the path to market for high volume
consumer and automotive products.”
Warrant holders have the right to exercise their warrants prior to
the end of the notice period on July 6, 2007. Any warrants that remain
unexercised as of July 6, 2007 will terminate and permanently cease to
be exercisable. Exercise of the warrants may be effected in accordance
with the warrant agreement governing the warrant only by surrender of
a warrant certificate and delivery of other required documents and
upon payment of the aggregate exercise price in cash, certified check
or bank draft payable to the order of Microvision delivered to
American Stock Transfer and Trust, the Warrant Agent. Warrant holders
can contact American Stock Transfer and Trust Shareholder Services at
1-888-937-5449 with questions regarding the warrant exercise
procedure.
About Microvision: www.microvision.com
Microvision provides a display technology platform designed 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 future products, product applications and benefits, future
product form factor and power requirements, as well as statements
containing words like “plans,” “expects,” “believes,” “allow,”
“seeking,” 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.
CONTACT: Hawk Associates
Julie Marshall or Cale Smith (investors), 305-451-1888
or
Matt Nichols (media), 425-882-6657
or
American Stock Transfer and Trust Company
(public warrant holders), 800-937-5449
SOURCE: Microvision, Inc.