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Microvision Raises $5 Million of New Capital and Converts $5 Million of Preferred Stock to Common Equity

BOTHELL, Wash.--(BUSINESS WIRE)--Aug. 9, 2005--Microvision, Inc. (Nasdaq:MVIS - News), a leader in light scanning technologies, today announced that it has raised $5 million (before issuance costs) from the private placement of 952,381 shares of common stock and warrants to purchase 214,578 shares of common stock. The warrants are exercisable for five years at an exercise price of $6.50 per share, subject to anti-dilution adjustment. In connection with the private placement, the holder of the company's preferred stock converted $5 million of its $10 million preferred stock holding issued in September 2004. As additional consideration for the conversion of the preferred stock, the company issued 124,170 shares of its common stock and adjusted the exercise price for the warrants to purchase 361,795 shares of common stock from $8.16 to $6.84 per share. Further details will be available in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

"This transaction improves our balance sheet in two important ways," said Microvision CEO Rick Rutkowski. "We added $5 million of new equity capital and converted half of the outstanding $10 million in preferred stock to common equity, thereby reducing our overall debt and our future dividend and principal repayment obligations."


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