MicroVision Receives $3.5 Million Order for its PicoP Display Engine
ESPlus Co. Ltd launches its PicoP-enabled media player today
REDMOND, Wash.--(BUSINESS WIRE)-- MicroVision, Inc. (NASDAQ: MVIS), the leader in innovative ultra-miniature projection display technology, announced today that it has received a $3.5 million follow-on order for its current-generation PicoP® laser projection display engine from ESPlus Company Ltd., a Korean consumer electronics manufacturer. The order is scheduled for shipment during the fourth quarter of 2011.
An earlier order of approximately $500,000 was delivered in the third quarter to support initial production of the customer’s mobile media player released this week at the Korea Electronics Show. ESPlus has stated that its plans are to fulfill existing customer orders during the fourth quarter of this year and place additional orders for PicoP engines in future quarters.
“We are pleased to support ESPlus’ exciting go-to-market and roadmap plans which are expected to utilize both the current and future generations of our PicoP laser display engines,” said Alexander Tokman, president and CEO of MicroVision. “This order supports one of our three primary goals for 2011 -- to increase year-over-year revenue.”
MicroVision provides the PicoP 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 PicoP display engine uses highly efficient laser light sources that create vivid images with high contrast and brightness. For more information, visit us on:
Our company website: microvision.com
Our corporate blog: microvision.com/displayground
MicroVision, SHOWWX, SHOWWX+ 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 future orders, future deliveries, future and those using words such as “expect,” and “plan” 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 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.
Tiffany Bradford, 425-882-6629
Callie Snyder, 503-471-6816
Source: MicroVision, Inc.
Released October 12, 2011