TAIPEI, Taiwan & REDMOND, Wash.--(BUSINESS WIRE)--Jun. 22, 2009--
Microvision, Inc. (NASDAQ:MVIS), and Walsin Lihwa Corporation
(TSE:1605), today announced that Walsin Lihwa Corporation, through its
subsidiary Max Display Enterprises Limited, has agreed to invest
approximately $15 million in Microvision. The investment is expected to
be completed on June 22, 2009.
Under the terms of the securities purchase agreement, Walsin Lihwa’s
subsidiary will purchase 8,076,239 shares of Microvision’s common stock
at a price of $1.8573 per share., which represents a 15% discount to the
average closing price of Microvision’s common stock over the 30 trading
days through June 18, 2009. Walsin Lihwa’s subsidiary also will be
issued a warrant to purchase 2,019,060 shares of Microvision’s common
stock at an exercise price of $2.1850 per share, exercisable until June
22, 2012. Microvision would receive an aggregate consideration of
approximately $15 million in cash.
Walsin Lihwa is the parent company of Touch Micro-system Technology
Corp. (TMT), a leading provider of micro-electro mechanical system
(MEMS) technology platforms. Microvision has worked for a number of
years with both Walsin Lihwa and then TMT, as manufacturers of
Microvision’s MEMS chips. Walsin Lihwa is a leading manufacturer of
copper wire, specialty steel and power cables and wire in the Greater
China region and has invested in high-tech companies since the 1990s,
including in the areas of electronic components, optoelectronics,
printed circuit boards and semiconductor ventures.
“Walsin Lihwa continues to seek further growth based on innovations,”
said Yu-Lon Chiao, Chairman of Walsin Lihwa. “We believe Microvision is
well positioned with its PicoP technology to take advantage of large,
emerging market opportunities.”
“We are pleased to welcome Walsin Lihwa as an investor to Microvision in
addition to being a key enabling strategic supply chain partner in our
go-to-market strategy,” said Alexander Tokman, President and Chief
Executive Officer of Microvision. “We look forward to continuing the
strong working relationship we have developed with Walsin Lihwa over the
years.”
Microvision has agreed to register the shares of its common stock sold
as part of this transaction, and register the shares of its common stock
issuable upon exercise of the warrant 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
Microvision provides the PicoP 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 also manufactures and sells its bar code scanner
product line which features the company's proprietary MEMS technology.
For more information, visit our website at www.microvision.com
and our corporate blog at www.microvision.com/displayground.
About Walsin
Lihwa
Walsin Lihwa has become a leading manufacturer of bare copper wire, wire
and cable, and specialty steel in the Greater China region, and has also
expanded into the high-tech industry and become an international
enterprise. With its copper wires, power and communication cables as
well as specialty steel widely used in a range of infrastructure
projects, the company now has annual revenues of over NT$150 billion and
over 6,500 employees.
Forward Looking Statement
Certain statements contained in this release, including those relating
to future business prospects, as well as statements containing words
like “believe,” 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 Microvision’s forward-looking statements include the
following: the risk of market acceptance of our technology and products;
our ability to raise additional capital when needed; our financial and
technical resources relative to those of our competitors; our planned
future products dependence on advances in technology by other companies;
our ability to keep up with rapid technological change; our ability to
enforce our intellectual property rights and protect our proprietary
technologies; the timing of commercial product launches and delays in
product development; the ability to achieve key technical milestones in
key products; our ability to secure needed third party manufacturing and
sales resources, 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 Microvision’s SEC
reports, including the Microvision’s Annual Report on Form 10-K filed
with the SEC. Except as expressly required by the federal securities
laws, Microvision undertakes 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.
Microvision, Inc.
Tiffany Bradford, 425-936-6847 (Investors)
Matt
Nichols, 425-882-6657 (Media)
