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Microvision Executes Agreement With Bosch On Automotive Display
Microvision Executes Agreement With Bosch On Automotive DisplayCompanies to Pursue Definitive Agreement to Develop Head-Up Displays for Mass Production
BOTHELL, Wash.--(BUSINESS WIRE)--Sept. 19, 2005--Microvision, Inc. (Nasdaq:MVIS - News), the world leader in the development of scanned beam displays and imaging products, announced today that it has signed a non-binding Letter of Intent with Robert Bosch GmbH to formalize the ongoing collaboration of the two companies in exploring the development and commercial production of a laser scanning automotive head-up display (HUD). Under the terms of the agreement, the parties have expressed their intent to work toward signing a binding contract or contracts to develop HUD(s) for future mass production for the automotive market.
"Our go-to-market strategy for the automotive HUD has been to partner with a major automotive supplier," said Todd McIntyre, senior vice president for business development. "During the last year we have developed an excellent collaborative relationship with Bosch. With 2004 revenue of $40 billion Euro, Bosch is ranked as the world's largest 'Tier 1' automotive supplier and has an outstanding reputation for innovation and quality in automotive electronics. They are a leading provider of instrumentation and information and entertainment solutions to many of the major automotive OEMs and we are very excited at the prospect of working with them to bring a laser scanning HUD to market.
"The market for HUDs is expected to grow dramatically, from 100,000 units last year to over 4 million units by 2010. The primary catalyst driving demand today is the growing adoption of GPS-based turn-by-turn navigation products. Drivers value the HUD feature because it enhances safety by ensuring that their eyes remain focused on the road while accessing navigation and other information."
Microvision has pioneered the development of a laser scanning HUD based on its proprietary scanning micromirror technology that offers important advantages over competing flat panel-based products: the package size is about one-half the size of existing head-up displays which significantly reduces the room required for installation; contrast is exceptional, especially in night conditions, which means drivers only see the content being displayed with no visible background glow; and images can be aligned electronically to each windscreen, significantly reducing the time required for factory installation. Other advantages over flat panel technology include vivid colors, lower power and less heat dissipation.
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