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Microcap & Penny Stocks : Microvision (MVIS)
MVIS 0.770+15.0%Feb 6 9:30 AM EST
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To: N. Hopman who wrote (32)12/3/1996 12:39:00 AM
From: Richard Rutkowski   of 7721
 
Nothing like a little cut and paste...I knew I had this somewhere...

The VRD concept was developed at the University of Washington's Human Interface Technology Lab (the "HIT Lab") by a team of engineers and technicians. In 1993, the Company acquired the exclusive rights to the VRD technology under a license agreement with the University of Washington. The License agreement calls for Microvision to pay the University a License Fee of $5.13 million in quarterly installments over a four year period commencing in October 1993 and ongoing royalties based on revenue received by Microvision from technology licensed from the University. The agreement stipulates that Microvision may elect to apply its License Fee payments to contract research at the University's Human Interface Technology Laboratory. Pursuant to this election the company has continued to sponsor research and development related to the VRD technology at the HIT Lab through a research agreement between the University and the Company, and has invested over $4 million to date in this project. Under the terms of this research agreement, all technology developed under Microvision's sponsorship becomes subject to the exclusive license to Microvision. To date UW research has focused on component and systems solutions related to the technical viability and practical commercialization of the VRD.
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