Wednesday July 16 8:13 AM EDT
Company Press Release
Source: Microvision, Inc.
Microvision Under Contract With Third Commercial Developer of Helmet-Mounted Display Systems
Virtual Retinal Display to Be Used in Helmet Systems for Fighter Aircraft
SEATTLE, July 16 /PRNewswire/ -_ Following the announcement of its recent development contracts from Ericsson Saab Avionics and The Boeing Company, Microvision, Inc. (Nasdaq:MVIS) today announced that it has accepted a third commercial development contract to incorporate its Virtual Retinal Display(TM) (VRD(TM)) technology into advanced helmet-mounted display (HMD) systems for fixed wing military aircraft. For confidentiality reasons, neither the name of the contracting company nor the financial terms of the contract were disclosed.
Under the terms of the agreement, the contracting company will initially fund the development of helmet-mounted displays containing Microvision's patented Virtual Retinal Display(TM) (VRD(TM)) technology. Microvision's VRD technology will replace the conventional cathode ray tube (CRT) display now in use in the company's helmet-mounted systems. Delivery of the first system will occur in October, with the second system following in January 1998. The prototype systems are intended to serve as the first step in a collaborative effort between the two companies to develop one or more HMD products for the fixed-wing aircraft market.
Andrew Lee, Vice President of Sales and Marketing for Microvision, said, ``Advanced HMDs are expected to be an integral part of new builds and upgrades for jet fighters over the coming years. The Teal Group, a leading market research firm, estimates that approximately 2,800 jet fighters worth more than $110.1 billion will be built worldwide in the next 10 years. This collaboration seeks to capitalize on the enormous potential for VRD technology to significantly advance the state of the art in air crew systems capabilities.
``We believe that Microvision's VRD technology can offer a rapid and continuous path to achieving the highest quality user interfaces in order to leverage a whole array of increasingly sophisticated cockpit systems and technology.''
About The Company
Microvision, based in Seattle, Washington, is developing and commercializing its VRD technology, which allows electronically generated images and information to be projected onto the retina of the viewer's eye.
The VRD scans a low power beam of light to "paint" rows of pixels onto the
eye, creating a high resolution, full-motion image without the use of
electronic screens of any kind. The company's objective is to be a leading
provider of personal display products and imaging technology in a broad range
of military, professional and consumer applications. For additional
information, find the company's website at mvis.com.
Forward-looking statements
The information set forth in this release includes ``forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. Certain factors that realistically could cause results to differ materially from those projected in the company's forward-looking statements are set forth in the company's Annual Report on Form 10-KSB and quarterly reports on Form 10-QSB, as filed with the Securities and Exchange Commission.
For more information on Microvision Inc. via fax, at no cost dial 800-PRO-INFO, ticker symbol MVIS.
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SOURCE: Microvision, Inc.
Contact: Todd McIntyre of Microvision, 206-623-7055, ext. 17; or Paula Berg, general information, or Lynn Chaffier, analysts, of FRB San Francisco, 415-986-1591, for Microvision
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More news for referenced ticker symbols: MVIS, and related industries: aerospace, airlines, computer.
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