MicroVision, Inc. Announces Progress in Key Automotive Long Range Lidar Feature Development
November 10 2020 - 8:00AM
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative laser
beam scanning technology, today announced that it has made
important progress in the development of its first-generation MEMS
Dynamic Scanning Long Range Lidar (LRL) sensor module, including
continued progress toward meeting key automotive industry
requirements, which the Company believes will facilitate its
development objective of producing hardware for demonstration and
benchmarking by April 2021. These initial product tests
demonstrated key features including an ability to achieve a range
of 200 meters and continued functionality when exposed to sunlight,
lidar sensors of other vehicles and other rogue signals. The
Company believes continued progress on developing these features
will be important in supporting its pursuit of potential strategic
alternatives, which could include a sale or merger of the Company.
“We expect that automotive industry standards
will call for long range automotive lidar products to detect a
target with 10% reflectance at 200 meters, which would give a lidar
sensor the ability to detect a piece of tire on the roadway at that
range and enable a vehicle to maneuver away from such hazards at
highway speed. I believe the MicroVision team is on track to have
our first generation LRL sensor module achieve this goal in
addition to having high resolution at full range,” said Sumit
Sharma, Chief Executive Officer of MicroVision. “Our initial
product tests have also demonstrated that the sensor module has the
ability to suppress noise from sunlight and other light sources
with our new, proprietary MEMS scanning technique, which we expect
will also be a key feature of any future product. I also believe
gaining confidence in our ability to implement these features in
our sensor module puts MicroVision on track to meet key lidar
technology requirements for automotive OEMs and gives MicroVision a
strategic advantage in the LRL space.”
“We are excited about the progress we are making
in the development of our first-generation MEMS scanning LRL sensor
module,” continued Mr. Sharma. “By developing and demonstrating
these core features early, we facilitate our ability to have
hardware available for testing in the April 2021 timeframe.”
About MicroVision
MicroVision is the creator of
PicoP® scanning technology, an ultra-miniature sensing and
projection solution based on the laser beam scanning methodology
pioneered by the Company. MicroVision’s platform approach for this
sensing and display solution means that its technology can be
adapted to a wide array of applications and form factors. We
combine our hardware, software, and algorithms to unlock value for
our customers by providing them a differentiated 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,
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 pursuing strategic opportunities,
progress in the development of a long range lidar sensor module,
ability to meet key automotive industry requirements, ability to
have hardware available for testing in the April 2021 timeframe,
demonstration of key lidar features, ability to achieve development
goals, potential automotive industry standards, availability and
performance of features in future products, confidence in the
Company’s ability to implement features in future products,
strategic advantages of the Company’s technology, applications and
features of MicroVision technology, and those containing words such
as “believes,” “facilitate,” “expect” and “believe” are
forward-looking statements that involve risks and uncertainties.
Factors that could cause actual results to differ materially from
those projected in our forward-looking statements include the risk
that the Company may not succeed in finding licensing or other
strategic solutions, including a potential sale of the Company,
with acceptable timing, benefits or costs, our ability to operate
with limited cash or to raise additional capital when needed;
market acceptance of our technologies and products or for products
incorporating our technologies; the failure of our commercial
partners to perform as expected under our agreements, including
from the impact of the COVID-19 (coronavirus); our ability to
identify parties interested in paying any amounts or amounts we
deem desirable for the purchase or license of intellectual property
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 and develop partnership opportunities; 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; our
ability to maintain our listing on the Nasdaq Stock Market, 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. These factors are not intended to represent a
complete list of the general or specific factors that may affect
us. It should be recognized that other factors, including general
economic factors and business strategies, may be significant, now
or in the future, and the factors set forth in this release may
affect us to a greater extent than indicated. 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.
Investor Relations Contact
David H. AllenDarrow Associates,
Inc.408.427.4463dallen@darrowir.com
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