12/1/2005 5:31:00 AM
BOTHELL, Wash.–(BUSINESS WIRE)–Dec. 1, 2005–Microvision, Inc.
(Nasdaq:MVIS), a leader in light scanning technologies, today
announced that it has entered into a Securities Purchase Agreement
with various investors to issue senior secured convertible notes (the
“Notes”) in the aggregate principal amount of $7,000,000, to issue
837,986 shares of Microvision common stock and to issue warrants to
purchase 1,089,386 shares of common stock all for an aggregate
purchase price of $10,000,000. The warrants are exercisable for 5
years at an exercise price of $3.94 per share. The Notes are
convertible at the option of the holders into Microvision shares at
$3.94 per share. Subject to conditions, the company has the option to
pay principal in cash or company shares, or a combination thereof.
Further details are available in a Current Report on Form 8-K filed
with the Securities and Exchange Commission.
Microvision has agreed to register the shares of common stock
purchased by the investors and the shares of common stock issuable
upon conversion of the Notes, issuable as payment of principal and
interest, and issuable upon exercise of the warrants for resale under
the Securities Act of 1933, as amended. The securities have not been
registered under the Securities Act of 1933, as amended, and may not
be offered or sold in the United States absent registration under such
act and applicable state securities laws or an applicable exemption
from those registration requirements.
About Microvision: www.microvision.com
Headquartered in Bothell, 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 military, medical, industrial, professional and consumer products.
Certain statements contained in this release relating to the
closing of the proposed financing and product applications 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: failure to meet the closing
conditions of the proposed financing; 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 Form 10-K, as may be
amended, and its Quarterly Reports on Form 10-Q.
CONTACT: Microvision, Inc., Bothell
Brian Heagler, 425-415-6794
SOURCE: Microvision, Inc.