Microvision Raises $12.375 Million Through Equity Financing Facility

REDMOND, Wash.--(BUSINESS WIRE)-- Microvision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, announced today that it has raised $12.375 million pursuant to a previously announced equity financing facility with Azimuth Opportunity, Ltd.

Microvision issued 6,277,275 shares of its common stock to Azimuth for an aggregate purchase price of $12,500,000. Microvision received proceeds from the sale of these shares of approximately $12,375,000 after deducting a placement agent fee of $125,000 paid to Reedland Capital Partners, an Institutional Division of Financial West Group, member FINRA/SIPC, in connection with this issuance. Microvision intends to use the net proceeds of the offering for general corporate purposes, including, but not limited to, working capital and capital expenditures.

On August 17, 2010, Microvision had announced that it had secured a committed equity financing facility under which it may sell up to $60 million of its shares of common stock to Azimuth over a 24-month period.

About Microvision

Microvision provides the PicoP^(R) 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 projection display engine uses highly efficient laser light sources which can create vivid images with high contrast and brightness. For more information, visit the company's website (www.microvision.com) and corporate blog (www.microvision.com/displayground).

Forward-Looking Statements

Certain statements contained in this release, including those using words such as "intends", 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; 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 September 28, 2010