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MicroVision Announces Definitive Agreements With Pioneer For HD PicoP Gen2 Display Engines Using Direct Green Lasers

MicroVision, Inc. (NASDAQ:MVIS), the leader in innovative ultra-miniature projection display technology, announced that it has signed definitive agreements with Pioneer Corporation to manufacture, distribute, license and supply MicroVision’s HD PicoP® Gen2 display engine technology using direct green lasers (PicoP Gen2). Under the agreements, Pioneer will produce PicoP Gen2 display engines for its own automotive aftermarket products and will pay MicroVision royalties from sales of these products. Pioneer plans to release its first aftermarket head-up display product later this year.

Under the agreements, Pioneer will also manufacture and supply key display engine subsystems to MicroVision for consumer, industrial, and other applications. MicroVision began shipments of PicoP Gen2 display engine samples to OEMs in February for evaluation and is working to secure commitments from these customers to design products that will use the PicoP Gen2 display technology.

“We are pleased to have formalized the next step in our collaboration with MicroVision to manufacture, distribute, and supply the PicoP technology using direct green lasers, which we expect to be commercially available soon,” commented Masanori Kurosaki, Director, and in charge of Car Electronics Business of Pioneer. “The PicoP technology is ideally suited for the innovative automotive market applications that Pioneer is pursuing. Promoting strategic collaborations with partners such as MicroVision, aligns with our goals to develop new business and drive growth.”

This arrangement allows the companies to leverage Pioneer’s advanced operational technologies and product distribution networks to promote adoption of its automotive aftermarket products and supports MicroVision’s continued transition to an “Image by PicoP” ingredient brand model, which is expected over time to reduce working capital requirements. Additional details of the manufacturing, distribution, licensing and supply agreements were not disclosed.

“We are delighted to have reached these agreements with Pioneer whose cooperation on this PicoP Gen2 solution has been outstanding,” stated Alexander Tokman, President and CEO of MicroVision. “With the expected availability of direct green lasers in the second quarter of this year, solid technical progress by both of our teams, and the completion of these business agreements, we are on track with our plan to make available our PicoP Gen2 display technology this year.”

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