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|Microvision To Receive Up To $34 Million In Proceeds From The Call of Public Warrants|
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