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 MEMS 1, ASICs 2 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.