REDMOND, Wash., Sep 26, 2006 (BUSINESS WIRE) -- Microvision (NASDAQ:MVIS), the leader in light scanning
technologies for display and imaging products, announced today that it
has entered into a development agreement with a major global Tier 1
automotive supplier to develop a commercial scanned-beam head-up
display (HUD) product for automotive applications. For confidentiality
reasons, the name of the Tier 1 supplier and the details of the
contract were withheld.
Under the agreement, the Tier 1 and Microvision will design and
produce a series of advanced HUD samples, including devices
specifically designed to be compatible with demanding automotive
environmental requirements. The Tier 1 supplier, working in
collaboration with Microvision, is expected to use the HUD samples for
the purpose of demonstrating the unique display performance and
inherent robustness of Microvision's proprietary laser based
scanned-beam display technology, as well as refining the final
commercial product requirements.
"We are thrilled to be entering into a collaboration with a
world-leading automotive Tier 1 supplier to accelerate the
commercialization of our scanned-beam HUD technology," said Alexander
Tokman, President and CEO of Microvision. It achieves two critical
objectives for us this year. First, this development effort will
directly leverage our new Integrated Photonics Module(TM) (IPM)
platform. Second, this agreement is also an important milestone,
consistent with the strategy and timeline that we have articulated to
our stakeholders earlier this year, for getting the company on a solid
path to exciting commercial products. We look forward to sharing
additional details of our developing relationship with this Tier 1
supplier in the future."
About Microvision: www.microvision.com
Headquartered in Redmond, WA, 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.
Forward-Looking Statement
Certain statements contained in this release, including those
relating to future commercialization of technology, and product
applications, and statements using words such as "expects," 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: capital market risks, our ability to
raise additional capital when needed; market acceptance of our
technologies and products; 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, risks related to
Lumera's business and the market for its equity and other risk factors
identified from time to time in the company's SEC reports and other
filings, 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.
SOURCE: Microvision, Inc.
Microvision, Inc.
Matt Nichols (media), 425-882-6657
Jeff Wilson (investors), 425-882-6625
