MicroVision Receives $8 Million License Fee Payment
REDMOND, Wash.--(BUSINESS WIRE)-- MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced it has received an $8 million license fee payment from its Fortune Global 100 partner.
The up-front license fee is part of a multi-year license agreement MicroVision announced earlier this month with its Fortune Global 100 partner for MicroVision PicoP® display technology. The license agreement grants the Fortune Global 100 company a non-exclusive license to MicroVision PicoP display technology for use in display modules it manufactures and sells. In addition to the initial upfront license fee, MicroVision would also receive royalties for display modules sold by the Fortune Global 100 company. Further terms of the license agreement are confidential for competitive reasons.
MicroVision and the Fortune Global 100 company have been collaborating on the display module since April 2013. In addition to the license fee, to date MicroVision has received over $18 million in component orders for this customer. Shipments for these orders began in December 2014 and are scheduled to continue into 2016. MicroVision is also providing commercialization support services under a separate contract.
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. Extensive 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 has been 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 potential benefits of announced agreements and future royalties, fulfillment of orders and potential applications and features of MicroVision technology, and those containing words such as "scheduled" 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: the risk that our partner may not have significant sales of products and we may not receive significant future royalties under the license agreement; our ability to raise additional capital when needed; products incorporating our PicoP display technology may not achieve market acceptance; our ability to conclude agreements with potential customers; 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; our 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.
Dawn Goetter, 425-882-6629
Nicole Cobuzio, 732-212-0823 ext. 102
Source: MicroVision, Inc.
Released March 27, 2015