Microvision Signs Development Contract with Major Consumer Electronics Distributor and Manufacturer To Create Pico Projectors For Mobile Applications
REDMOND, Wash.--(BUSINESS WIRE)--
Microvision (Nasdaq:MVIS), announced today that it has entered into a development agreement with one of the world's leading distributors and manufacturers of diverse consumer electronics products. Under the agreement, the consumer electronics company will be evaluating Microvision's advanced pico projector prototype displays for use with a variety of mobile devices including phones, laptops and personal media players. For confidentiality reasons, the name of the consumer electronics partner and terms of the agreement were not disclosed.
This is the second OEM agreement Microvision has announced to date that focuses on the development of the PicoP(TM) display for consumer mobility applications. PicoP is an ultra miniature display capable of projecting full color, high-resolution images and designed to be small and low power enough to be embedded directly into or attached to compact, portable consumer electronics devices, such as mobile phones, portable media players, laptops, digital cameras, camcorders and game consoles. According to the Consumer Electronics Association, the mobile electronics market in the United States alone is expected to reach $170 billion in 2008.
"One of our goals has always been to engage leaders and innovators in the markets that we plan to serve in order to create a new display paradigm for mobility users," said Alexander Tokman, President and CEO of Microvision. "This latest agreement with a global, diversified player in the consumer electronics sector marks yet another significant milestone in the execution of our go-to-market strategy."
"This and our other recent announcements illustrate the markets' significant desire to bring a better viewing experience to mobile device users. Sharing photos, watching videos, and giving presentations using today's tiny screens greatly limit everyone's enjoyment and experience. With Microvision's PicoP display technology, consumer electronics products will be able to project large, high resolution images from very small devices. We believe that consumers are eagerly awaiting this capability," concluded Tokman.
About Microvision (www.microvision.com)
Microvision provides a display technology platform to enable next-generation display and imaging products for pico projectors, vehicles displays, and wearable displays that interface to mobile devices. The company also manufactures and sells its bar code scanner product line which features the company's proprietary MEMS technology.
Forward-Looking Statements Disclaimer
Certain statements contained in this release, including those relating to product benefits and future applications, as well as statements containing words like "should" and other similar expressions, 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 financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; our dependence on the defense industry and a limited number of government development contracts; 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 the 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.
Released January 3, 2008