MicroVision announces development agreement with Fortune Global 100 electronics company

Redmond, WA--MicroVision (NASDAQ: MVIS), which makes ultraminiature projection displays, now has a development agreement with a prominent electronics original equipment manufacturer (OEM) to incorporate MicroVision’s technology into a display engine for the OEM's new products. At the request of MicroVision’s OEM customer, its name and other details of the contract are being kept confidential.

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The agreement includes $4.6 million in development fees to go to MicroVision over the next 13 months to support the OEM’s development of a display engine based on MicroVision's PicoP display technology. The two companies have begun commercial negotiations, expecting licensing and component-supply agreements to follow and ultimately the OEM’s introduction of commercial products.

MicroVision says that its PicoP display technology projects high-definition, focus-free content from a small, low-power display engine. MicroVision’s technology enables OEMs to deliver a high quality consumer viewing experience to their customers by offering new and enhanced ways to view and share information. According to Steve Koenig, director of industry analysis for the Consumer Electronics Association (CEA), revenues for the consumer electronics (CE) industry are projected to reach a record-high of $209.6 billion in 2013. “Consumer adoption of smartphones and tablets continues to expand briskly, as mobile connected devices take center stage in today’s connected, digital lifestyle," he notes.

For more information, see www.microvision.com