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Microvision Signs $10 Million Convertible Preferred Stock Agreement

BOTHELL, Wash.--(BUSINESS WIRE)--Sept. 10, 2004--Microvision, Inc. (Nasdaq:MVIS - News), a leader in light scanning technologies, today announced that it has entered into an agreement with a single institutional investor for the sale of $10 million of convertible preferred stock and warrants. The preferred stock matures on September 10, 2007, at which time it is payable in either cash or registered common stock, at the election of Microvision and is convertible into 1,447,178 shares of common stock, based on a conversion price of $6.91 per share. Microvision can force conversion if the common stock price exceeds $12.09 per share. A 3.5% annual dividend is payable quarterly in either cash or in registered common stock, at the election of Microvision. The warrants will be exercisable for 361,795 shares of common stock at $8.16 per share through September 10, 2009.

"We are pleased to be strengthening our balance sheet and working with a new institutional investor," said Microvision CEO Rick Rutkowski. "Establishing long-term relationships with high quality investors is an important piece of our overall financing strategy. We believe that a stronger balance sheet, an expanded investor base and our equity position in Lumera should enable us to pursue a variety of alternatives in future financings. We are particularly excited about the growth opportunities we are seeing now and we look forward to continuing to report on our successes."
This is how Associated Press reported this news:

Microvision to Sell Convertible Stock

BOTHELL, Wash. (AP) -- Microvision Inc., a maker of retinal scanning display technology for X-ray viewing and 3-D computer games, said Friday that it agreed to sell $10 million convertible stock and warrants to a single institutional investor.

The preferred stock matures on Sept. 10, 2007, and is convertible into 1.45 million common shares.

Microvision CEO Rick Rutkowski said, "We believe that a stronger balance sheet, an expanded investor base and our equity position in Lumera should enable us to pursue a variety of alternatives in future financings."
X-ray viewing and 3-D computer games? Okay...hey AP, we also have a product called Nomad Expert Technician System...


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