MicroVision Receives Purchase Orders in Excess of $4M from Pioneer Corporation for PicoP® Gen2 Technology
REDMOND, Wash.--(BUSINESS WIRE)-- 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.
Tiffany Bradford, 425-882-6629
Callie Snyder, 503-471-6816
Source: MicroVision, Inc.
Released May 31, 2012