Microvision Enters Into Joint Development Agreement with Second Major Manufacturing Partner

Microvision Enters Into Joint Development Agreement with Second Major Manufacturing Partner

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 second leading manufacturing partner. Similar to the development agreement announced in November 2006, this 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. For confidentiality reasons, the name of the 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.

"We are very excited to be engaged with a second global design and manufacturing partner which brings a unique high-volume optical components development and manufacturing expertise for optimization of Microvision's new proprietary IPM technology," said Alexander Tokman, President and CEO of Microvision. "This agreement positions Microvision well to execute on our commercialization roadmap to bring IPM-based products to market with the right levels of performance, quality and cost for high-volume consumer and automotive applications.

"To be successful long term, it is important to have at least two reliable sources of development and potential supply for our display engine because we intend to serve several large commercial markets with multiple prospective global OEMs."

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, potential applications and future customers, execution of our business plan and as well as statements containing words like "intends," "will," 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.