MVIS Chairman of the Board Purchases 35,000 MVIS Shares

Princeton Capital Management

The Power of YES

Investing in Science-Based Companies Yields Unique Advances and Returns



"While many workers look upon retirement as a time of leisure, Jim Fitzpatrick thought it presented an ideal opportunity to start his own investment firm. Fitzpatrick, 80, has a long, rich history of small-cap investment management. He served as a financial economist with Moody's and managed assets at top firms such as Citicorp, Smith Barney and The YMCA Retirement Fund. After retiring, Fitzpatrick founded Princeton Capital Management in 1988.



Princeton Capital provides investment management services for individual investors, trusts, endowment funds, foundations and retirement funds. The firm also provides Fitzpatrick an outlet for his passion and expertise: Finding young companies with both growth potential and scientific creativity. Ten years ago, Fitzpatrick started the Young Enterprise Shares (YES) Program to focus on such companies. "Investing in science-based enterprises creates unique advances," says Joe Self, a member of Fitzpatrick's management team.



Fitzpatrick also monitors sizes of markets and who the buyers are. "If your buyer is the government, purchasing is subject it to all the capriciousness of politics and it isn't always the best product that wins," he says. For this reason, Fitzpatrick tries to avoid military stocks unless they support civilian or daily life as well. He also isn't interested in a strong balance sheet. "If a company is small and growing, it should be relying on external financing -- it is definitional," he says. "If you have a strong balance sheet it is a testament to growing slowly. You can't find many strong, growing companies with strong balance sheets!"



Fitzpatrick looks to science and technology the way some managers use GDP and currency statistics. "Not many investors integrate the general and the scientific the way that we do. I turn to science for strategic clues," he says. "While nothing is foolproof, science provides guides that you can really count on."



...Microvision (MVIS) has a patented retinal scanning display technology which uses a small, wearable projector to cast moving images directly onto the wearer's retina. "It's the most mind-blowing technology of a tender company and Microvision is holding three wildcards that could be major," says Fitzpatrick."





Jim Fitzpatrick

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Princeton Capital is the fifth largest institutional owner of Microvision, with a total of 404,950 shares as of 6/30/2004. During Q2 2004, Princeton Capital increased their Microvision stake by 238,200 shares, or 142.85%.

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