MicroVision and Major Global Electronics Brand to Collaborate on Display Engine for a Smartphone
Development Activities in 2014 to Support Possible Product Introduction in 2015
REDMOND, Wash.--(BUSINESS WIRE)-- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced that it is collaborating with a major global consumer electronics brand to develop a display engine for use in an innovative smartphone product.
This new customer, listed on the Fortune Global 500, is a leading name in consumer electronics. The companies plan to collaborate on this development activity targeting a possible second half 2015 product introduction.
“We are extremely pleased to be working with this industry-leading electronics brand on a display engine for a truly innovative product incorporating our revolutionary PicoP display technology,” said Alexander Tokman, president and CEO of MicroVision.
This design win, which is the culmination of months of design work and technical discussions, is the second for MicroVision with a major electronics brand on the Fortune Global 500. Previously the company announced a development agreement with another global electronics brand for a custom display module incorporating PicoP® display technology. MicroVision has announced that it is ramping up for volume production of key components with the goal to be ready in the second half of 2014.
MicroVision’s PicoP display technology provides a powerful display solution that projects 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. Whether 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. 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.
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 product and technology development, introductions and sales, as well as consumer demand, and those containing words such as “plan,” “goal,” “targeting,” “possible,” 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 June 5, 2014