REDMOND, Wash.--(BUSINESS WIRE)--May. 31, 2012--
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature
projection display technology, today announced that it has received
purchase orders from Pioneer Corporation valued in excess of $4 million.
The purchase orders cover key components, including MEMS and
electronics, which are part of the company’s patented next generation HD
PicoP® display technology based on direct green lasers (PicoP
Gen2) that Pioneer is integrating into its Cyber
Navi car navigation system.
Pioneer is MicroVision’s first customer under its Image by PicoP
ingredient brand business model whereby it sells components and receives
license fees and royalties for its patented PicoP display technology.
Pioneer’s Cyber Navi head-up display (HUD) is the first commercial
product based on MicroVision’s PicoP Gen2 display technology.
MicroVision has already begun shipping components to Pioneer for its
aftermarket HUD product that is expected to be available in Japan in
July. The Cyber Navi is the world’s first HUD to project augmented
reality information in front of the windscreen and the world’s first
onboard HUD to use lasers. The product was designed to offer drivers a
new way to experiencing data on the road.
Pioneer will combine the MEMS and electronics it receives from
MicroVision with red, blue and direct green lasers from Pioneer’s laser
suppliers to create optical engines based on MicroVision’s patented
PicoP reference design. The PicoP display technology embedded in the HUD
delivers bright, clear, full color images viewable in daylight in a
small form factor with low power requirements.
MicroVision provides the PicoP® display technology platform designed to
enable next-generation display and imaging products for consumer
devices, vehicle displays and wearable displays. The company's PicoP
projection display technology uses highly efficient laser light sources
which can create vivid images with high contrast and brightness.
MicroVision is an independently recognized leader in the development of
intellectual property. MicroVision has been recognized by IEEE as a top
20 IP portfolio among all global electronics companies, and the top U.S.
Company in the rankings. MicroVision’s intellectual property portfolio
has also been recognized by the Patent Board, in association with the
Wall Street Journal as a top 50 IP portfolio among all global industrial
companies. The Patent Board has developed more than 50 indicators that
track global patent activity relating to companies' innovation,
technology, and science strengths. MicroVision’s intellectual property
portfolio is further recognized by having been added to the Ocean Tomo
300 Patent Index. The Index is priced and published by the NYSE Euronext
(NYSE: OTPAT). The index is objectively based on the value of
intellectual property compared to competitors.
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Certain statements contained in this release, including those relating
to future products and operating results, and those using words such as
“designed to” and “will” and words with similar meanings 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 forward-looking statements
include the following: our ability to raise additional capital when
needed; our or our customers' failure to perform under 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.