MicroVision Receives Nearly $1.9 Million in Component Orders for Fortune Global 100 Customer
Development on display module complete; MicroVision expects to begin component shipments in Q4 2014
REDMOND, Wash.--(BUSINESS WIRE)-- MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced it has received purchase orders for components for high definition display modules being developed by its Fortune Global 100 customer.
These orders, which are valued at nearly $1.9 million, are part of the production readiness and commercialization activities MicroVision is engaged in with its customer. The customer has informed MicroVision of its plans to incorporate the components in high definition display modules it has developed with support from MicroVision. The development activity under the April 2013 agreement is now complete.
The Fortune Global 100 company, in an announcement earlier this year, stated that it aims to bring the display module to market for use in pico projectors and other devices with projector functionality. MicroVision expects shipment of components to begin in the fourth quarter extending into the first quarter of 2015. The components are intended as part of commercialization preparation activities to exercise the supply chain for MicroVision and its customer and to support early production needs. MicroVision has previously stated its intention to have its supply chain capable of volume production in the fourth quarter of 2014. Today’s announcement is a step toward achieving that goal.
“We are extremely pleased with the progress we have made with our partner and in taking this next step for its commercialization efforts,” said Alexander Tokman, president and CEO of MicroVision. “Partnering with such a leader in the consumer electronics industry has been an incredible experience, and we look forward to the next phase in our collaboration.”
MicroVision’s PicoP® display technology provides a powerful display solution for projecting high definition, focus-free content from a tiny, low-power display engine. MicroVision’s technology enables OEMs to deliver a high-quality consumer viewing experience to their customers by offering enhanced ways to view and share information beyond the limits of small, built-in screens. PicoP display technology can enable pico projector and head-up display products for personal entertainment, social engagement, business collaboration, driver safety or in whatever way OEMs’ imaginations take them. PicoP display technology could be the exciting new element that consumers are searching for to elevate their mobile experience.
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. The company is based in Redmond, Wash.
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 growth, future products and collaborations, technology development and sales and product benefits, and those containing words such as “expects,” “intended,” “plans,” “toward,” “aims,” and “could” 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; 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.
Source: MicroVision, Inc.
Released September 19, 2014