Microvision Receives $34.1 Million from the Call of Public Warrants
REDMOND, Wash.--(BUSINESS WIRE)--
Microvision, Inc. (NASDAQ:MVIS), a global leader in innovative ultra-miniature projection display and image capture products for mobility applications, announced today it has received $34.1 million in proceeds from the exercise of approximately 12.9 million public warrants. Last month the company exercised its right to call its publicly traded warrants (NASDAQ:MVISW) issued in connection with the company's June 2006 financing transaction. Forty five thousand warrants were not exercised by warrant holders and will be redeemed by the Company at a cost to the company of $448.
"The cash inflow from the exercise of the public warrants allows us additional operational runway to execute on our near- and longer-term objectives," stated Jeff Wilson, Chief Financial Officer. "Our primary goal remains to accelerate the path to market for high-volume consumer and automotive products based on the PicoP(TM) platform and create long-term value for our shareholders."
About Microvision (www.microvision.com)
Microvision provides a display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle 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 time to market for future products, product applications and benefits, 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.
Source: Microvision, Inc.
Released July 16, 2007