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Microvision Enters Agreement to Develop Automotive Head-Up Display with Global Tier 1 Partner

REDMOND, Wash.--(BUSINESS WIRE)--Microvision (NASDAQ:MVIS - News), the leader in light scanning technologies for display and imaging products, announced today that it has entered into a development agreement with a major global Tier 1 automotive supplier to develop a commercial scanned-beam head-up display (HUD) product for automotive applications. For confidentiality reasons, the name of the Tier 1 supplier and the details of the contract were withheld.

Under the agreement, the Tier 1 and Microvision will design and produce a series of advanced HUD samples, including devices specifically designed to be compatible with demanding automotive environmental requirements. The Tier 1 supplier, working in collaboration with Microvision, is expected to use the HUD samples for the purpose of demonstrating the unique display performance and inherent robustness of Microvision's proprietary laser based scanned-beam display technology, as well as refining the final commercial product requirements.

"We are thrilled to be entering into a collaboration with a world-leading automotive Tier 1 supplier to accelerate the commercialization of our scanned-beam HUD technology," said Alexander Tokman, President and CEO of Microvision. It achieves two critical objectives for us this year. First, this development effort will directly leverage our new Integrated Photonics Module(TM) (IPM) platform. Second, this agreement is also an important milestone, consistent with the strategy and timeline that we have articulated to our stakeholders earlier this year, for getting the company on a solid path to exciting commercial products. We look forward to sharing additional details of our developing relationship with this Tier 1 supplier in the future."

About Microvision: www.microvision.com

Headquartered in Redmond, WA, Microvision, Inc. is the world leader in the development of high-resolution displays and imaging systems based on the company's proprietary silicon micro-mirror technology. The company's technology has applications in a broad range of military, medical, industrial, professional and consumer products.

Forward-Looking Statement

Certain statements contained in this release, including those relating to future commercialization of technology, and product applications, and statements using words such as "expects," are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: capital market risks, our ability to raise additional capital when needed; market acceptance of our technologies and products; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; our dependence on the defense industry and a limited number of government development contracts; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards; the timing of commercial product launches and delays in product development; the ability to achieve key technical milestones in key products; dependence on third parties to develop, manufacture, sell and market our products; potential product liability claims, risks related to Lumera's business and the market for its equity and other risk factors identified from time to time in the company's SEC reports and other filings, including the Company's Annual Report on Form 10-K filed with the SEC. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or any other reason.

3 comments:

At September 27, 2006 at 12:03 PM Anonymous said...

Where's The Beef?

 
At September 27, 2006 at 4:15 PM Anonymous said...

What's new here? Were'nt they already working with a tier 1 oem supplier?

 
At September 27, 2006 at 7:59 PM Anonymous said...

whole new ballgame now, gents. this is a commercialization agreement, not just about delivering a prototype for evaluation.

 

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