MicroVision Ships Initial Production Display Engines to Asian Electronics Device Manufacturer
Company expects volume shipments to commence in July 2017
REDMOND, Wash.--(BUSINESS WIRE)-- MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced that it reached its production readiness milestone on-schedule and has begun shipments of its small form factor display engine to its customer, an Asian electronics device manufacturer.
The engines in this initial shipment to the Asian OEM are part of a $6.7 million order for a customized display engine, PSE-0403-103, to be embedded in a smartphone. MicroVision plans to begin volume shipments in July, and expects a large majority of the units in this order to be shipped by the end of 2017.
For its smartphone design, the customer required an electronics board layout that varied from the standard form of MicroVision’s PSE-0403-101 display engine. MicroVision was able to quickly design an engine that met the customer’s requirements and could be manufactured by MicroVision’s supply chain partner. This module, PSE-0403-103, uses the same MEMS and ASICS1 components as the standard MicroVision PSE-0403-101 engine and has the same performance characteristics including an always-in-focus, high definition image from a small, low power engine. The flexibility to meet customers’ specific design requirements for an engine product is a benefit of working with MicroVision and the company’s PicoP® scanning technology platform.
1 Micro-electrical mechanical systems (MEMS) and Application-specific integrated circuits (ASICS)
MicroVision is the creator of PicoP® scanning technology, an ultra-miniature laser projection and sensing solution based on the laser beam scanning methodology pioneered by the company. MicroVision's platform approach for this advanced display and sensing solution means that it can be adapted to a wide array of applications and form factors. It is an advanced solution for a rapidly evolving, always-on world. MicroVision’s business model and product line offering includes display and sensing engines, licensing its patented technology and selling components to licensees for incorporation into their scanning engines.
Extensive research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision’s IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and has been included in the Ocean Tomo 300 Patent Index. 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 using words such as plans, expects or similar words and those relating to shipping schedules, future product and product applications 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® scanning technology 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.
Released June 27, 2017