Microvision Enters Into Joint Development Agreement with Major Asian Consumer Electronics Manufacturer

Microvision Enters Into Joint Development Agreement with Major Asian Consumer Electronics Manufacturer

Agreement Targets Development of High-Volume Design for Manufacturing of Microvision Proprietary Display Technology for Consumer Electronics and Automotive Applications

REDMOND, Wash.--(BUSINESS WIRE)--Microvision (Nasdaq:MVIS - News), the global leader in light scanning technologies for display and imaging products, announced today that it has entered into a joint development agreement with a major Asian consumer electronics manufacturer. The agreement focuses on development of high-volume design for manufacturing of Microvision's proprietary Integrated Photonics Module (IPM(TM)), a tiny display engine suitable for a variety of display applications, including ultra-miniature laser projectors for mobile phones.

Under the agreement, the parties will cooperate to optimize Microvision's IPM designs for high-volume manufacturing and may engage in marketing and product development discussions with prospective OEM customers. For confidentiality reasons, the name of the Asian manufacturer and other terms of the agreement were withheld. Potential applications for the IPM platform include ultra-miniature laser projectors for embedded or accessory solutions for mobile phones, personal media players, laptops and DVD players. Additional applications include lightweight color eyewear and heads-up displays for automobiles and airplanes. Target customers are major consumer electronics OEMs and large tier 1 automotive integrators.

"This agreement marks an important milestone on our roadmap to the commercialization of high-volume products based on the company's new proprietary IPM architecture," said Alexander Tokman, President and CEO of Microvision. "We are extremely pleased to be working closely with one of the world's leading developers and manufacturers of consumer electronics and commercial equipment and a company with a truly global reach. To execute on our plan to bring the IPM to market with the right performance, quality and cost in products such as an embedded or accessory ultra-miniature laser projector (PicoP(TM)) and automotive heads-up display, it is critically important for us to align ourselves with one or more proven, strategic manufacturing partners.

"We anticipate that our efforts with this world-leading consumer electronics partner will accelerate our time-to-market, and provide the potential for establishing the global capacity we require to serve large commercial markets with our IPM platform technology."

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.

Forward-Looking Statement

Certain statements contained in this release, including those relating to plans for product development and production volume, and future commercial arrangements as well as statements containing words like "believes," "expects," "anticipates," "target," "plans," "will", "could" 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: the risk that we will not achieve the expected goals of our development agreement, 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.