Microvision Enhances Patent Position Through Purchase of Motorola Portfolio
The Company Adds Over 190 Patents Addressing Pico Projection and Display Technologies
REDMOND, Wash.--(BUSINESS WIRE)-- Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced it has purchased a significant patent portfolio from Motorola, Inc. that will extend the company's intellectual property leadership in pico projection and display technology.
The portfolio purchased from Motorola's subsidiary, Symbol Technologies, Inc., is the largest, broadest and earliest filed laser pico projection and display portfolio outside of Microvision's. Motorola's Symbol portfolio includes applications such as automotive head up display, 3D projection, range finding, portable media devices, image capture and laptop applications. The portfolio complements Microvision's already extensive and highly-rated patent assets and brings Microvision's total patent count to more than 500 patents, patents pending and licensed patents worldwide.
"Our fundamental mission as a company is to continuously innovate and anticipate the market's needs before others do," said Alexander Tokman, President and CEO. "We firmly believe in the significant market opportunity for pico projectors, automotive displays, gaming devices and eyewear and the Motorola/Symbol patent portfolio presents a unique opportunity to enhance our key asset and substantially extend our leadership position in this space."
Microvision has been recognized for the innovation, impact and breadth of its intellectual property by two prestigious industry organizations. In 2010, the company's IP portfolio was ranked thirteenth among all global electronics companies by the Institute of Electrical and Electronics Engineers (IEEE), achieving the highest ranking of a U.S. company. The company has ranked in IEEE's top 20 for the last three years, each year showing an improved rating. In 2009, Microvision was recognized by the Patent Board, in association with the Wall Street Journal, for the second year in a row as a top 50 IP portfolio holder with its ranking of thirty-eighth among all global industrial companies.
Microvision provides the PicoP(R) display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company's projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com) and corporate blog (www.microvision.com/displayground).
Certain statements contained in this release, including those relating to future market opportunities and applications, 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; 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 November 5, 2010