MicroVision Receives Follow-On Component Order for Fortune Global 100 Customer
This $1.9 million order brings the total of component orders received to $3.8 million
REDMOND, Wash.--(BUSINESS WIRE)-- MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced it has received a $1.9 million purchase order for key components for a high definition display module being developed by its Fortune Global 100 customer.
This order follows previous orders announced in September of nearly $1.9 million. The value of component orders for this customer totals $3.8 million to date. The customer has informed MicroVision that it plans to incorporate the components from MicroVision in a high definition display module. The Fortune Global 100 company announced earlier this year that it aims to bring the display module to market for use in pico projectors and other devices with projector functionality. MicroVision is supporting the Fortune Global 100 on commercialization activities under a previously announced display module support services agreement.
Shipments of components from the orders announced in September are ongoing. MicroVision expects to fulfill this latest order in the first half of 2015. This order demonstrates MicroVision’s progress in bringing its patented scanned beam display technology to the consumer market under its “Image by PicoP®” licensing business model.
MicroVision’s PicoP® display technology provides a powerful display solution that projects high definition, focus free content from a tiny, low power display engine. MicroVision’s proprietary pico projection technology enables OEMs to deliver a high quality viewing experience to their customers by offering enhanced ways to view and share information. Whether for personal entertainment, social engagement, business collaboration, driver safety or in whatever way OEMs’ imaginations take them, PicoP display technology could be the exciting new element that consumers are searching for to elevate their mobile experience.
MicroVision is the creator of PicoP® display technology, an ultra-miniature laser pico projection solution for mobile consumer electronics, automotive head-up displays and other applications. MicroVision’s patented display technology helps OEMs break down display boundaries and offer enhanced visibility to mobile experiences. Nearly two decades of research has led MicroVision to become an independently recognized leader in the development of intellectual property. The company is based in Redmond, Wash.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
Certain statements contained in this release, including those relating to growth, future product and technology development and sales, and those containing words such as “expects,” “plans” ”aims,” 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; products incorporating our PicoP display engine may not achieve market acceptance, commercial partners may not perform under agreements as anticipated, we may be unsuccessful in identifying parties interested in paying any amounts or amounts we deem desirable for the purchase or license of IP assets, our or 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 December 8, 2014