MicroVision, Inc. (NASDAQ:MVIS), the leader in innovative ultra-miniature laser display technology, today announced that it has entered into a development agreement with a major automotive manufacturer to incorporate MicroVision’s PicoP® head-up display (PicoHUD™) technology into its test vehicles. The agreement represents the first-of-its-kind for MicroVision, offering a clear path toward commercialization of its PicoHUD technology inside a mass production car model targeted for introduction in 2014. Under the contract, MicroVision, the automotive manufacturer and its Tier 1 supplier will work together to develop advanced HUD prototypes that include the next-generation PicoP display engine based on direct green lasers. These prototypes are intended for installation in early test vehicles for specific upcoming models already identified on the automobile manufacturer’s production roadmap. It is anticipated that the first phase will be followed by a series of milestones that may result in introduction of the HUD into a production vehicle. At the request of the partner, its name, the name of its Tier 1 supplier and other details of the contract are being withheld. “Automotive HUD applications offer a real opportunity to make roads safer for us all, by placing critical information directly in front of drivers, keeping them focused on the road,” said Alexander Tokman, president and CEO of MicroVision. “We are excited by the renewed interest from global automotive manufacturers to adopt our display technology for in-vehicle HUD applications. This contract serves as further validation of our PicoP engine’s suitability for a wide range of display solutions beyond handheld projectors.” MicroVision’s PicoHUD technology allows information such as vehicle monitoring, navigation, radio controls, and other information to be projected directly on the windshield of a vehicle. With critical information being displayed within the driver’s direct line of sight, distractions caused by looking down at center console panels or instrument clusters are eliminated. At the core of the PicoHUD is MicroVision’s PicoP ultra-miniature laser display technology that offers a higher degree of design flexibility and programmability compared to other technologies. The PicoHUD technology can enable automotive designers to create head-up displays with industry-leading brightness, contrast and color saturation, while its infinite focus ability provides manufacturers with added flexibility to create irregular display surfaces that can be shaped to meet a variety of vehicle styles and space constraints.
The automotive HUD prototype will utilize the next-generation PicoP display engine based on direct green lasers, which is expected to enable high-performance, low-cost embedded solutions for OEMs serving the mobile consumer and automotive markets.MicroVision is also collaborating with Pioneer Corporation, which intends to commercialize its aftermarket automotive HUD based on PicoP technology in 2012. 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’s PicoP display engine uses highly efficient laser light sources that create vivid images with high contrast and brightness. For more information, visit us on: Our company website: microvision.com Our corporate blog: microvision.com/displayground Twitter: twitter.com/microvision Facebook: facebook.com/MicrovisionInc YouTube: youtube.com/mvisvideo MicroVision, PicoHUD 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 integration of PicoHUD technology into production car models or HUD products, future product development and operating results and those using words such as “anticipate”, “intend,” “expect,” “target” and “plan” 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 raise additional capital when needed; 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.