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I realize that many MVIS Blog readers are very busy executives with little time to spare reading the minute details in an hour-plus long conference call. With that in mind, allow me to present the 1Q05 Conference Call Executive Summary:

1. 2Q05 revenue guidance of $4.8-5.0M represents record quarterly revenue for the company.

2. Nomad: Focus is on pending key distribution agreement with major automotive solutions provider.

3. 'Beachhead application' for Nomad to launch in June, involves connecting Nomad to to "instruments or tools that are already in use in the dealership, large installed base and readily discernable ROI." Andrew Lee, VP of Sales suggests Rick is 'understating' the significance of this application during the call.

4. Major Japanese systems integrator ($2.5B company) completed test marketing phase with Nomad very successfully, enter into agreement with them very likely this summer. Two trials in Germany yielding very positive results with major manufacturers.

5. Military Nomad: Focus is on "formal qualification of the product for NSN number (national stocking number) -- streamlines future acquisitions, makes Nomad more of a catalog type of product authorized for government purchase."

6. Flic: Focus is on new channel partners, emerging mobile data capture applications for mobile sales and service forces.

7. "Will be in Boston at Society for Information Display on May 22-27, you’ll get to see an array of products including the Virtual Cockpit, Auto HUD, Nomad and new prototype efforts."

8. For Auto HUD: "Should be entering into third OEM development contract with major carmaker, a very significant one."

9. Laser Printer Engine has been delivered to customer, one of the world's largest printer manufacturers. Product timeline currently unknown.

10. LED Widescreen System: "Our design eliminates [complex, bulky optics] and reduces this to a system of two simple lenses, complexity in other areas. Performance, cost, package potential of this leapfrogs anything else in the market. We are talking about something quite disruptive in some very very large markets. Entertainment systems, electronic gaming."

11. EVF: "Focused on production partners for LED parts of the system [EELEDs]. Begun dialogue with certain companies in Asia to advance that. We are achieving unmatched color saturation in the industry."

12. Mentioned potential contract award from Raytheon. "We've been contacted twice to bid on military contracts with significant defense contractors in addition with the work we're doing with General Dynamics. Those are opportunities that are coming to us in addition to opportunities with Microsoft and others."

13. Microsoft as co-marketing partner for Nomad in automotive and manufacturing verticals: "With MSFT will straddle auto service domain as well as manufacturing domain. Leverage MSFT to build and grow that awareness, leverage pending distribution partner to gain physical presence. Important catalyst in gaining traction."

14. Steve Willey: "Strong belief in [consumer electronics] industry of need for high performance highly miniaturized virtual display. Horse race. Staggering volumes for consumer products."

15. Closing remarks: "2Q looking very strong, 3Q will benefit from significant new relationships put in place during the current quarter. Very excited, General Dynamics, Microsoft and others are key to the strategy. R&D productivity, product development pipeline very encouraging. Nature of tech developments and business case developing."

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