MicroVision Announces Definitive Agreements with Pioneer for HD PicoP Gen2 Display Engines Using Direct Green Lasers
April 10 2012 - 9:00AM
Business Wire
MicroVision, Inc. (NASDAQ:MVIS), the leader in innovative
ultra-miniature projection display technology, announced that it
has signed definitive agreements with Pioneer Corporation to
manufacture, distribute, license and supply MicroVision’s HD PicoP®
Gen2 display engine technology using direct green lasers (PicoP
Gen2). Under the agreements, Pioneer will produce PicoP Gen2
display engines for its own automotive aftermarket products and
will pay MicroVision royalties from sales of these products.
Pioneer plans to release its first aftermarket head-up display
product later this year.
Under the agreements, Pioneer will also manufacture and supply
key display engine subsystems to MicroVision for consumer,
industrial, and other applications. MicroVision began shipments of
PicoP Gen2 display engine samples to OEMs in February for
evaluation and is working to secure commitments from these
customers to design products that will use the PicoP Gen2 display
technology.
“We are pleased to have formalized the next step in our
collaboration with MicroVision to manufacture, distribute, and
supply the PicoP technology using direct green lasers, which we
expect to be commercially available soon,” commented Masanori
Kurosaki, Director, and in charge of Car Electronics Business of
Pioneer. “The PicoP technology is ideally suited for the innovative
automotive market applications that Pioneer is pursuing. Promoting
strategic collaborations with partners such as MicroVision, aligns
with our goals to develop new business and drive growth.”
This arrangement allows the companies to leverage Pioneer’s
advanced operational technologies and product distribution networks
to promote adoption of its automotive aftermarket products and
supports MicroVision’s continued transition to an “Image by PicoP”
ingredient brand model, which is expected over time to reduce
working capital requirements. Additional details of the
manufacturing, distribution, licensing and supply agreements were
not disclosed.
“We are delighted to have reached these agreements with Pioneer
whose cooperation on this PicoP Gen2 solution has been
outstanding,” stated Alexander Tokman, President and CEO of
MicroVision. “With the expected availability of direct green lasers
in the second quarter of this year, solid technical progress by
both of our teams, and the completion of these business agreements,
we are on track with our plan to make available our PicoP Gen2
display technology this year.”
About MicroVision
MicroVision provides the PicoP® display technology platform
which enables next-generation display and imaging products for pico
projectors, vehicle displays and wearable displays that interface
with mobile devices. The company’s projection display engine uses
highly efficient laser light sources that create vivid images with
high contrast and brightness.
For more information, visit us on:
Website: microvision.com
Blog: microvision.com/displayground
Twitter: twitter.com/microvision
Facebook: facebook.com/MicrovisionInc
YouTube: youtube.com/mvisvideo
Forward-Looking Statements
Certain statements contained in this release, including those
relating to future products and product applications, reduction in
working capital requirements, availability of direct green lasers,
and those using words such as “will,” “plans,” and “expect,” 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; 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.
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