9/28/2010 9:03:06 AM
REDMOND, Wash., Sep 28, 2010 (BUSINESS WIRE) —
Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature
projection display technology, announced today that it has raised
$12.375 million pursuant to a previously announced equity financing
facility with Azimuth Opportunity, Ltd.
Microvision issued 6,277,275 shares of its common stock to Azimuth for
an aggregate purchase price of $12,500,000. Microvision received
proceeds from the sale of these shares of approximately $12,375,000
after deducting a placement agent fee of $125,000 paid to Reedland
Capital Partners, an Institutional Division of Financial West Group,
member FINRA/SIPC, in connection with this issuance. Microvision intends
to use the net proceeds of the offering for general corporate purposes,
including, but not limited to, working capital and capital expenditures.
On August 17, 2010, Microvision had announced that it had secured a
committed equity financing facility under which it may sell up to $60
million of its shares of common stock to Azimuth over a 24-month period.
Microvision provides the PicoP(R) display technology platform
designed to enable next-generation display and imaging products for pico
projectors, vehicle displays and wearable displays that interface with
mobile devices. The company’s projection display engine uses highly
efficient laser light sources which can create vivid images with high
contrast and brightness. For more information, visit the company’s
and corporate blog (www.microvision.com/displayground).
Certain statements contained in this release, including those using
words such as “intends”, 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; 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 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.
SOURCE: Microvision, Inc.
Tiffany Bradford, 425-936-6847 (investors)