Microvision Enters Development Agreement with Asian Consumer Electronics Manufacturer to Create Accessory Pico Projector for Mobile Phones and Other Devices
REDMOND, Wash.--(BUSINESS WIRE)--
Microvision (NASDAQ:MVIS), the leader in light scanning technologies for display and imaging products, announced today it has entered into a development agreement with one of the world's largest consumer electronics manufacturers of mobile phones, digital cameras and personal media players.
Under the agreement, the manufacturing partner will integrate Microvision's proprietary PicoP(TM) display engine into fully functional stand-alone projector prototypes. The projector prototypes are expected to be marketed to leading consumer electronics companies for private labeling and distribution for mobile applications including mobile phones and other devices. The accessory prototypes will incorporate the PicoP display engine that is being developed by Microvision's other strategic supply chain partners. For confidentiality reasons and at the request of the manufacturing partner, Microvision is not releasing the partner's name or details regarding the expected timing of the product launch.
"In our pursuit of high volume consumer and automotive applications we are partnering with world leading manufacturers to bring the PicoP, our ultra-miniature, low power projection display technology to market," stated Alexander Tokman, Microvision President and CEO. "This agreement is another example of our commitment to accelerate PicoP's path to market by leveraging the extensive integration and manufacturing capabilities of one of the world's largest suppliers of mobile phones, digital cameras and personal media players."
The PicoP accessory projector is expected to be the size of today's feature-rich cell phones and will provide consumers with a 'large screen viewing experience' by projecting multimedia content from their mobile phones and other devices. The PicoP accessory projector is designed to deliver a large, full-color, WVGA display that is always in focus even when projecting onto curved surfaces. Applications for the accessory projector could include watching mobile television, movies, personal videos, photographs, web surfing, gaming and various business applications.
About Microvision www.microvision.com
Microvision provides the PicoP display technology platform designed 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 future products and product applications, as well as statements containing words like "expects," "could," 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 October 23, 2007