MicroVision Awarded Development and Supply Contract for Laser Beam Scanning System by a Leading Technology Company
April 20 2017 - 9:00AM
Business Wire
Contract includes $24 million for non-recurring
development fees and other items and includes an upfront
payment
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced that it has signed a significant contract with a major
technology company to develop a Laser Beam Scanning (LBS) display
system and to produce MicroVision specific components.
Under this agreement, MicroVision would develop a new generation
of MEMS1, ASICs2 and related firmware for a high resolution, LBS
based product the technology company is planning to produce.
MicroVision would receive up to $24 million including $14 million
in fees for development work that is expected to span 21 months and
an upfront payment for other items. The development fees would be
paid contingent on completion of milestones in 2017 and 2018.
Further details on the milestone timing, amounts related to the
milestones, quantity of components and other details of the
contract are not being made public.
“We believe the LBS display markets have tremendous opportunity
for growth, and we are extremely pleased that a major technology
company has decided to work with MicroVision and our PicoP®
scanning technology in the development of its product,” said
Alexander Tokman, president and CEO of MicroVision. “We believe
that our systems expertise and the ability of our patented LBS
technology to create a display that produces high resolution images
from a low power, small form factor engine were key contributors to
winning this business.”
MicroVision’s patented PicoP® scanning technology is well suited
to support a wide array of applications including pico projection,
interactive pico projection, 3D LiDAR sensing for applications such
as advanced driver assistance systems (ADAS), robotics and
industrial applications, and Augmented and Virtual Reality
(AR/VR).
1 Micro-electrical mechanical systems (MEMS)2
Application-specific integrated circuits (ASICS)
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution based on the
laser beam scanning methodology pioneered by the company.
MicroVision's platform approach for this advanced display and
sensing solution means that it can be adapted to a wide array of
applications and form factors. It is an advanced solution for a
rapidly evolving, always-on world. Extensive research has led
MicroVision to become an independently recognized leader in the
development of intellectual property. MicroVision’s IP portfolio
has been recognized by the Patent Board as a top 50 IP portfolio
among global industrial companies and has been included in the
Ocean Tomo 300 Patent Index. The company is based in Redmond,
Wash.
For more information, visit the company’s website at
www.microvision.com, on Facebook at www.facebook.com/MicroVisionInc
or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those
relating to future non-recurring and other payments, benefits of
the announced agreement, performance of obligations of the company
under the announced agreement, future product and product
applications, market growth, and operating results 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: our ability to timely meet the
milestones under and otherwise comply with the terms of the
announced agreement, the performance of the technology company of
its obligations under the announced agreement, our ability to raise
additional capital when needed; products incorporating our PicoP®
scanning technology may not achieve market acceptance, commercial
partners may not perform under agreements as anticipated, we may be
unsuccessful in identifying parties interested in paying any
amounts or amounts we deem desirable for the purchase or license of
IP assets, our or our customers failure to perform under open
purchase orders; our financial and technical resources relative to
those of our competitors; our ability to keep up with rapid
technological change; 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 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170420005496/en/
MicroVision, Inc.Dawn Goetter, 425-882-6629
(investors)ir@microvision.comorNicole Cobuzio, 732-212-0823 ext.
102 (media)nicolec@lotus823.com
Microvision (NASDAQ:MVIS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Microvision (NASDAQ:MVIS)
Historical Stock Chart
From Sep 2023 to Sep 2024