Microvision Announces $1M Contract Award from Lockheed Martin Corporation to Develop Low-Profile See-Through Eyewear Displays

Microvision Announces $1M Contract Award from Lockheed Martin Corporation to Develop Low-Profile See-Through Eyewear Displays

REDMOND, Wash. - (Business Wire) Microvision, Inc. (NASDAQ: MVIS) announced today that it has been awarded a $1,000,000 subcontract by Lockheed Martin Corporation. This subcontract is part of DARPA’s Urban Leader Tactical Response, Awareness & Visualization (ULTRA-Vis) program, an advanced technology development initiative, whose objective it is to build a soldier-worn system that provides non-line-of-sight command and control in distributed urban operations for dismounted warfighters. Under the subcontract, Microvision will develop a daylight-readable, see-through, low-profile, ergonomic eyewear display.

DARPA has created the ULTRA-Vis program to bring real-time tactical see-through heads-up information to ground soldiers in order to increase their safety and situational awareness in urban environments. Although tactical information is available to ground soldiers today, existing head-mounted displays and legacy system architectures have prevented this information from being delivered in a low-profile, see-through iconic mode. When integrated to an advanced information management system, Microvision’s eyewear display could enable users to receive visual commands, view geo-registered iconic representations, and receive other full-color image content overlaid on their view.

“Microvision is very pleased to work with Lockheed Martin to advance the development of see-through eyewear displays in support of the DARPA ULTRA-Vis program,” said Ian Brown, Microvision’s Vice President of Sales and Marketing. “By designing Microvision’s ultra-miniature PicoP® Display Engine and our thin, clear Substrate Guided Relay (SGR) Optics into a wearable display, we have the potential to bring battery operable, low-profile, see-through, full-color eyewear displays to users. This eyewear display development could enable information content to be overlaid in the user’s field-of-view in operational environments, providing a critical information advantage. Additionally, this display could be used in other applications, where real-time content is needed to improve situational awareness, such as combat support and logistics.”

About Microvision

Microvision provides the PicoP display technology platform designed to enable next-generation display and imaging products for pico projectors, vehicle displays, and wearable displays that interface with mobile devices. The company also manufactures and sells its bar code scanner product line which features the company's proprietary MEMS technology. For more information, visit our website at www.microvision.com and our corporate blog at www.microvision.com/displayground.

Forward-Looking Statement

Certain statements contained in this release, including those relating to product development, potential product benefits, and statements using words such as “expect”, “potential” and “could” 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: capital market risks, our ability to raise additional capital when needed; 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 and other filings, 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.