5/5/2003 6:03:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–May 5, 2003–Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today
announced that it has been awarded a $1.6 million addition to an
existing development contract from the U.S. Army’s Medical Research
and Material Command (USAMRMC), Telemedicine and Advanced Technology
Research Center (TATRC).
The contract funds the continued development of a mobile, personal
display system for medical applications. The company anticipates
delivering its first prototype demonstration units by the end of the
year. Microvision was first awarded a $3.3 million contract in
December of 2001 and its first contract addition of $1.1 million in
August of 2002.
The contract supports the Army’s development of a mobile medical
system that enables military surgical personnel and medics to access
and transmit critical medical data via a head-worn display, wearable
computer, and wireless network. Under the contract, Microvision is to
design, integrate, and test a head-worn, mobile Augmented Vision
System based on its unique scanned beam display technology to meet the
Army’s medical system specification.
“Microvision expects to deliver a prototype of a unique and
powerful wearable display that demonstrates how our products can
enhance safety and effectiveness in this critical aspect of military
operations,” said Rick Rutkowski, Microvision’s CEO. “We look forward
to working with TATRC to test prototypes in field situations which we
believe will demonstrate the full range of the display’s potential to
address the future of battlefield medicine.”
“We are excited about our expanding role with the Army and
appreciate the support we have received from Congress, particularly
the Washington delegation and their support of this program. Their
support of this technology will pay real dividends for our men and
women in uniform.”
Mr. Rutkowski added, “our expectation has been, and continues to
be, that this effort will help pave the way for subsequent additions
to the Nomad product line that will feature enhancements in overall
ergonomic design, form factor, and performance; enhancements that we
believe will benefit a variety of military, medical, aviation and
industrial applications.”
About Microvision
Headquartered in Bothell, Wash., Microvision Inc. is the developer
of a 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.
U.S. Army Policy
This release refers to U.S. Army Award Number DAMD17-02-2-0005.
The U.S. Army Medical Research Acquisition Activity, 820 Chandler
Street, Fort Detrick MD 21702-5014 is the awarding and administering
acquisition office. The content does not necessarily reflect the
position or the policy of the Government; and no official endorsement
should be inferred.
Forward Looking Statement Disclaimer
Certain statements contained in this release, including those
relating to product development, potential performance, product
applications and enhancements, as well as statements containing words
like “believe,” “expect,” 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: 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
December 31, 2002 and its Quarterly Reports on Form 10-Q.
CONTACT:
Microvision, Inc. Matt Nichols, 425/415-6657 (Media)
Brian Heagler, 425/415-6794 (Investors)
SOURCE:
Microvision, Inc.