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Microvision Signs Offshore Engineering Development Center Agreement with NeST

REDMOND, Wash.--(BUSINESS WIRE)--Nov. 15, 2006--Microvision (NASDAQ:MVIS), the global leader in light scanning technologies for display and imaging products, announced today that it has entered into an agreement with Network Systems & Technologies (P) Ltd (NeST), a NeST group company, for establishing an offshore development center initially for the engineering design and development of the Company's laser barcode scanner product. Under the agreement, the NeST engineering team will work as an extension of the Microvision product development team in Redmond, Washington on product enhancements and cost reduction.

"The NeST offshore development center should enable us to achieve several important goals consistent with our business strategy," said Sid Madhavan, Vice President of Engineering. "First, we expect quicker response to our customers' requests for feature enhancements and stronger cost position. Second, the relationship with NeST allows us to maintain the focus in engineering on our Integrated Photonics Module (IPM(TM)) platform activities targeted towards high volume products such as miniature laser projectors and heads-up displays for automobiles and airplanes. The NeST software, electronics and mechanical teams will complement our engineering teams to enable round-the-clock development on our barcode scanner and future products. NeST has a strong history of delivering quality products to companies like GE, Hitachi, Toshiba and Mitsubishi and we are very pleased to be working with them."

Mr. N Jehangir, Vice Chairman and Managing Director of the NeST Group stated, "Our world-class competencies in engineering and manufacturing coupled with process orientation and Six Sigma culture will help Microvision attain reduced time to market at an optimal cost."

Added Mr. Sasi Kumar, who is heading the software division of NeST in Trivandrum, India, "NeST's software division, being focused on leading edge product development, is delighted to add yet another technology innovator to our client list and we are excited about this relationship with Microvision."

About Microvision www.microvision.com

Headquartered in Redmond, Wash., 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 consumer, medical, industrial, professional and military products.

About NeST www.nestsoftware.com

NeST, an International Corporate group of over 25 companies employing more than 2000 people worldwide, has a global export business turnover in excess of $200 million. The Group has a strong presence in futuristic Computer & Communication technology areas like Networking, Fiber Optics, RF & Microwave and Software. NeST has many hardware and software facilities spread across Trivandrum, Cochin, Bangalore and Mysore in India and in the USA. All of these units are ISO 9001 certified. The software units of the group operating at Trivandrum and Cochin are assessed at CMM Level 5. Apart from the software development facility in India, the Group has setup a number of world class manufacturing facilities and has established worldwide operations with offices which provides onsite consulting and development services in the United States, Canada, Australia, Japan, United Kingdom & Qatar.

Forward-Looking Statements Disclaimer

Certain statements contained in this release, including those relating to expected results, plans for product development, future cost reductions, future product benefits, as well as statements containing words like "expects," and other similar expressions, 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: our ability to raise additional capital when needed; risks related to Lumera's business and the market for its equity, 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 and other risk factors identified from time to time in the company's SEC reports, 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.

1 comments:

At November 16, 2006 at 3:16 AM Anonymous said...

I don't know the potential size of the market for this product, but I hope it snowballs in popularity to become a significant revenue enhancer for Microvision.

 

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