MicroVision, Inc. Announces New License Agreement with a Leading Technology Company
May 09 2018 - 9:05AM
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced that it has entered into a license agreement with a
leading global technology company to allow the licensee to use
MicroVision’s display technology to manufacture and sell
display-only engines based on MicroVision reference designs.
The agreement grants a world wide, exclusive, five-year license to
display-only technology. In order to maintain exclusivity,
the licensee is required to purchase minimum quantities of
MEMS and ASICs from MicroVision.
“We are excited to announce this agreement with
a recognized world leader in the manufacturing and sale of
electronic products and components,” said Perry Mulligan,
MicroVision’s Chief Executive Officer. “This license
agreement for display-only products validates our product roadmap
and Go-To-Market strategy of targeting five key vertical markets.
We believe our licensee's manufacturing prowess and use of our
Laser Beam Scanning technology will assist MicroVision in lowering
product costs and securing new customers in the other verticals
that we serve.”
The licensee has agreed to pay MicroVision a
license fee of $10 million in 2018. An initial payment of $5
million is scheduled to be paid this quarter and a second payment
of $5 million is scheduled to be paid in October. As part of
the agreement, MicroVision expects to receive additional payments
for non-recurring engineering expenses and services associated with
process and product transfer and qualification milestones.
The agreement does not include a license to
MicroVision technology related to interactive displays, LiDAR and
3D sensing, or near-eye applications, such as augmented or virtual
reality, which remain key vertical markets for MicroVision.
About MicroVision
MicroVision is the creator of PicoP® display
technology, an ultra-miniature laser projection and sensing
solution. MicroVision’s patented technology is a single
platform that can enable projected displays, image capture and
interaction for a wide array of future-ready products in this
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, Washington.
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 providing solutions, payments,
financial benefits, lowering product costs, supply of components,
maintaining exclusivity, potential new customers, vertical markets
for MicroVision technology and products, potential products, new
capabilities, applications and features of MicroVision technology,
and those containing words such as “targeting,” “scheduled,”
“expects,” “validates,” and “believe,” are forward-looking
statements that involve 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® display 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.
MicroVision Investor Relations
Contacts:
Ted MoreauDarrow Associates, Inc.608.298.7369
tmoreau@darrowir.com
or
David H. AllenDarrow Associates,
Inc.408.427.4463dallen@darrowir.com
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