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Microvision Closed Private Placement of $10 Million of Exchangeable Convertible Notes

BOTHELL, Wash.--(BUSINESS WIRE)--March 11, 2005--Microvision, Inc. (Nasdaq:MVIS - News), a leader in light scanning technologies, today announced that it has completed the sale of $10 million aggregate principal amount of senior secured exchangeable convertible notes and warrants for an aggregate purchase price of $10 million to four institutional investors. The notes are convertible at the option of the holders into shares of Microvision common stock at a fixed conversion price of $6.84 per share or exchangeable into shares of Lumera Corporation common stock owned by Microvision at a fixed exchange price of $5.64 per share. The notes have a term of two years and scheduled repayments of principal over the last six quarters of the term. Interest on the notes will be at an annual rate of between 6% and 8%. Subject to conditions, interest is payable at Microvision's option in cash or Microvision common stock and principal is payable in cash, Microvision common stock or Lumera stock. The notes are secured by 1,750,000 shares of Lumera common stock owned by Microvision, which is the maximum number of shares of Lumera common stock transferable upon exchange and/or repayment of the notes. The warrants are exercisable for 462,330 shares of Microvision's common stock at $6.84 per share through March 11, 2010. The notes and the warrants are subject to anti-dilution adjustment under certain conditions. Further details will be available in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

Form 8-K for MICROVISION INC

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