Earlier this year, the two companies executed a joint development agreement to develop two critical components of the PicoP display engine: a laser light source module using direct red, blue, and green lasers and a separate display engine subsystem based on MicroVision's patented PicoP laser scanning technology. Both are key pieces of the next-generation PicoP display engine that will offer OEMs significant commercial advantages in price, size, power, and performance for embedded solutions ranging from cell phones and eyewear, to airplanes and automobiles.
The MOU establishes the framework of a future manufacturing and commercial distribution agreement for PicoP-based display engines to be used in consumer, after-market and embedded automotive products. Pioneer has announced it is targeting commercial introduction of an in-vehicle HUD using PicoP technology into the consumer market in 2012.
"Pioneer has a strong history of bringing cutting edge technologies to mass markets," stated Alexander Tokman, president and CEO of MicroVision. "We believe that by combining our respective market and product development capabilities, and leveraging best practices in manufacturing, MicroVision and Pioneer can accelerate introducing next-generation laser display products while reducing the total cost for both companies in getting there."
Both Pioneer and MicroVision were recently recognized as finalists for the CEATEC Innovation Awards for 2010. Pioneer was recognized in the Automotive category for its demonstration of a HUD using laser scanning technology provided by MicroVision, and MicroVision was recognized in the Components category for its SHOWWX(TM) laser pico projector, powered by the PicoP display engine.
MicroVision provides the PicoP(R) display technology platform designed to enable 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 which can create vivid images with high contrast and brightness. For more information, visit us on:
Our company website: www.microvision.com
Our corporate blog: www.microvision.com/displayground
Certain statements contained in this release, including those relating to future development and commercialization, which includes the risk that no definitive agreements result from the memorandum of understanding, and those using words such as "will" and "believe" 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.
Tiffany Bradford, 425-882-6629 (investors)
Callie Snyder, 503-471-6816 (media/PR)