REDMOND, Wash.--(BUSINESS WIRE)--MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced that it has received a $6.7 million order for its small form factor display engine (model PSE-0403-103) from an Asian electronics device manufacturer. The customer plans to embed the MicroVision display engines in smartphones.
The electronics Original Equipment Manufacturer (OEM) plans to launch the smartphone product later this year in China and other markets where it has existing distribution of its products. Currently MicroVision expects to begin shipping engines to the OEM in the second quarter of 2017 with a large majority of the units shipping by the end of 2017. Actual timing of shipments of the PSE-0403-103 to this OEM will be finalized in line with the OEM’s product launch timing. Other details of the product or agreement between MicroVision and the OEM are confidential.
This order demonstrates how the small form factor display engine MicroVision announced in November 2016 is suited to applications where small size and power efficiency are required and where flexible design of the module is needed by the OEM. The electronics OEM that is designing the smartphone with an embedded projector required an electronics board layout that varied from the standard form of MicroVision’s PSE-0403-101 display engine. MicroVision was able to quickly design a form factor that met the requirements of the OEM and could be manufactured by MicroVision’s supply chain partner. This module, PSE-0403-103, uses the same MEMS and ASICS1 components as the standard MicroVision PSE-0403-101 engine with a configuration that supports the design of the OEM’s product.
MicroVision began shipping samples of its small form factor display engine to customers, including this OEM, in December 2016.
1 Micro-electrical mechanical systems (MEMS) and 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 fulfillment of purchase orders
and future product and product applications 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; 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.
