Key Milestone Achieved in Design Win Process for Embedded Head Up Display
REDMOND, Wash.--(BUSINESS WIRE)--Sep. 4, 2013-- MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced it is supplying multiple prototype Scanned Engine Subsystems (SES) to a leading global Tier-One automotive supplier (Tier-1), an important milestone in the multi-phased design win process for the Tier-1's embedded Head Up Display (HUD) application. The SES systems will be part of the Tier-1's reliability testing and characterization for potential use of PicoP® display technology in an embedded HUD application for at least one major automotive OEM. The order includes engineering services along with the prototype systems.
Rigorous evaluation and testing are integral elements in the process automotive suppliers follow to qualify components for inclusion in production automotive systems, in this case an embedded HUD. This Tier-1 supplier purchased multiple automotive PicoP® Evaluation Kits from MicroVision in Q3 and Q4 of 2012 as part of its overall, comprehensive evaluation process. Moving to the reliability testing phase of the program is a precursor to further development and commercialization activities. Delivery of the units and commencement of acceptance testing are expected before the end of the year.
MicroVision's HUD system based on patented PicoP® display technology offers many advantages, including:
- High contrast that produces a clear see-through display with no background color. For night driving there is no background "glow" resulting in clear visibility of the projected information.
- High brightness, brilliant colors and a wide color gamut that enhance HUD information in varied natural backgrounds and in daytime lighting conditions.
- Ability to create an augmented reality display that presents information as if it is floating several feet in front of the driver.
- Efficiency and power savings as a result of pixel-by-pixel modulation that produces light only when needed.
- Small form factor for flexibility in embedded installation.
Discussing the growing HUD market, Ben Scott, technology solutions analyst for IHS Automotive, noted, "Projecting an image that floats about 2.5 meters, or 7.5 feet, in front of motorists' eyes, HUDs are the optimal display technology for cars-with studies having shown that this distance delivers the fastest response time for viewers. Apart from showing speed and warning signals, HUDs are perfectly suited for displaying navigation information or advanced driver assistance system (ADAS) data, allowing drivers to access critical material while keeping their eyes on the road." According to a recent report from IHS Automotive, the leading provider of comprehensive content, expertise and insight on the global automotive industry, worldwide sales of cars equipped with HUDs are set to expand by more than a factor of seven from 2012 to 2020.
MicroVision is the creator of PicoP® display technology, an ultra-miniature laser projection solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision's patented display technology helps OEMs break down display boundaries and offer enhanced visibility to mobile experiences. Nearly two decades of research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision's IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and is also included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Wash.
For more information, visit the company's website at www.microvision.com, on Facebook at www.facebook.com/MicroVisionInc or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Certain statements contained in this release, including those relating to future products and technology development and those containing words such as "will" 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; products incorporating our PicoP display engine may not achieve market acceptance, commercial partners may not perform under agreements as anticipated, we may be unsuccessful in identifying parties interested in paying any amounts or amounts we deem desirable for the purchase or license of IP assets, or our customers' failure to perform under open purchase orders; 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.
Dawn Goetter, 425-882-6629 (investors)
Joani Jones, 503-471-6863 (media/PR)