Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : The Critical Investing Workshop -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (8242)	3/20/2000 9:30:00 AM
From: Dealer	Respond to of 35685

CREE--Microvision to Receive $25 Million Investment From Cree and General Electric Pension Trust to Push Development of Displays for Mobile Internet Cree and Microvision Will Increase Pace on Development of Enabling Light Sources PR NEWSWIRE - March 20, 2000 06:30 BOTHELL, Wash., Mar 20, 2000 /PRNewswire via COMTEX/ -- Microvision, Inc. (Nasdaq: MVIS) announced today that Cree, Inc. (Nasdaq: CREE) and General Electric Pension Trust (GEPT) have agreed to invest $25 million to accelerate development of Microvision's retinal scanning display solutions for integration into mobile handsets and mobile headsets targeted at the rapidly emerging wireless Internet market. By 2004, more end-users will access the Internet via handheld mobile terminals than wireline connections, according to the ARC Group, a leading provider of wireless market data. Of the projected 1 billion Internet subscribers, 750 million will use mobile terminals. While most analysts agree that the convergence of wireless communications and the Internet will create huge demand for new kinds of mobile terminal technology, one of the most frequently cited concerns is the small size of the displays planned for these portable devices. Microvision's retinal scanning display solves this problem by vibrating a silicon-based micro-mirror to scan a low power beam of light across the viewer's eye, creating the effect of viewing a full-sized high-resolution computer monitor. The mobile terminals envisioned by Microvision can be configured as handheld devices that will scan the beam through a small lens to be positioned around 3 to 4 inches from the eye, or as a lightweight wearable display connected to a wireless transceiver. Bill Bragin, Vice President of GE Investment Corporation, said "We believe that mobile Internet presents an opportunity as a major growth market for new kinds of communication devices. The quality and perceived size of the displayed image will directly impact the usage of mobile data services, and Microvision's retinal scanning display technology will help accelerate the growth of this exciting market." Neal Hunter, Chairman and CEO of Cree, stated "We've enjoyed an excellent working relationship with Microvision and continue to make progress in developing light sources for the company's scanned-beam displays. We're keenly aware of the demand for greater display functionality that is anticipated as mobile Internet becomes a reality. We believe that development of Microvision's retinal scanning microdisplay along with our light sources will provide superior functionality than currently exists." Rick Rutkowski, Microvision President and CEO, said "We're delighted to be reinforcing our collaboration with Cree, and we welcome GEPT -- who has been a significant shareholder in Cree for a number of years -- as a new investor in Microvision. It is the right time to move aggressively to deliver a display solution that is uniquely suited to the performance and cost requirements for mobile Internet devices, and Microvision enjoys the technical momentum and financial strength to do so." As part of the development effort, Microvision and Cree will augment their ongoing work to develop high brightness LEDs for integration with Microvision's proprietary MEMS (micro electromechanical systems) optical scanner technology to enable low-cost, high-resolution displays for mobile devices. Microvision has elected to extend its existing research contract with Cree into 2001, and has committed an additional $7.5 million to the project through May of 2002. Microvision's contract with Cree will also continue to focus on the development of blue and green semiconductor lasers for display and imaging applications that require higher power light sources. Microvision confirmed that each partner would purchase $12.5 million of Microvision common stock at $50 per share for a total of $25 million. The transaction will be completed upon effectiveness of a registration statement to be filed by the company. The transaction contains a provision that would allow the purchase price to be reset at closing in the event that the volume-weighted average for the 25 days preceding effectiveness is below $50. In no event would the price be less than $45 per share. About Microvision Headquartered in Bothell, Wash., Microvision, Inc. is the developer of the patented Retinal Scanning Display technology that uses a rapidly scanned beam of light to project images on the eye's retina, allowing the viewer to see large, full-motion images without the need for a conventional display screen. Microvision's objective is to be a leading provider of personal display products and imaging technology in a broad range of military, medical, industrial, professional and consumer applications. Additional information can be found at the company's Web site at mvis.com. Forward-Looking Statement The information set forth in this release includes "forward-looking statements" within the meaning of 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-K and Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission. SOURCE Microvision, Inc.