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2006 Microvision Annual Report

Excerpt from CEO Letter, be sure to check it out in its entirety:

What a difference, a year makes! Last January during my first month as CEO of Microvision, we began the reinvention of the Company around our new strategic imperatives. This was a tremendous challenge, and one that was paramount to defining the future of Microvision.We focused our efforts on the new direction and strategy and executed an important and successful turnaround of our Company. The goal set in 2006, and our relentless focus in 2007, is to accelerate the path to market for differentiating high volume consumer and automotive products based on our newly introduced display engine while streamlining operating costs.

In February of 2006, I outlined what all of you should expect from us as a Company going forward. The main points included:

» Making market- and customer-driven decisions and being agile in response to market changes;
» Setting clear direction and focusing on a few vital opportunities;
» Mitigating go-to-market risks by assuming more active control of external dependencies that could inhibit Microvision reaching its goals;
» Developing a lean enterprise;
» Exhibiting quality in everything we do; and
» Building a culture of growth and accountability where each employee has direct ownership and stake in the Company’s future.

We diligently followed these guidelines and as a result, 2006 was truly a transformational year for Microvision. We defined and executed a new blueprint for the Company introducing significant changes at every level. These changes included:

» Direction: Moved away from niche markets and products, and focused on exciting high volume consumer and automotive markets;
» Strategy and Focus: Defined a multi-year strategic roadmap and reduced the number of programs from 30 to 5;
» Organization: Restructured the Company to improve focus and reduce operating costs;
» Leadership Team: Built a new senior management team and reconstituted a new Board of Directors;
» Financials: Simplified the Company’s capital structure, raised significant capital and retired the debt securities; and
» Results Oriented Culture: Set new standards for execution and accountability and substantially achieved operating objectives set for 2006.

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