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Microcap & Penny Stocks : Microvision (MVIS) -- Ignore unavailable to you. Want to Upgrade?

To: Josef Svejk who wrote (1890)	1/27/1999 8:36:00 AM
From: bob	Read Replies (1) \| Respond to of 7721

Company Press Release SOURCE: Microvision, Inc. Microvision Completes $5 Million Private Placement SEATTLE, Jan. 27 /PRNewswire/ -- Microvision (Nasdaq: MVIS - news, MVISW - news), developer of Vartual Retinal Display(TM) (VRD)(TM) technology, today announced that it has placed $5 million of preferred stock with a private investor. The conversion price is fixed at $12.50 so that the preferred stock is convertible into 400,000 shares of common stock. The preferred stock carries an annual dividend of 4.0%. The company has the right to force conversion should the stock trade at 150% of the conversion price for ten consecutive trading days. The company is not obligated to register the underlying shares of common stock until six months following the closing. The investor also has two short-term options to purchase up to $3.5 million of additional preferred stock: a six-month option to purchase $1.6 million of preferred stock convertible at $16.00 a share and a nine-month option to purchase $1.92 million of preferred stock convertible at $19.20 a share. ''We place great importance on developing relationships with investors who are clearly committed to Microvision's business plan and long-term potential,'' said Rick Rukkowski, Microvision president and CEO. ''We believe we have established an important financial and business relationship that will be a significant asset to the company in the coming years.'' Richard Raisig, Microvision CFO, stated, ''We selected this financing option from among several proposals made to the company, and we are very pleased with the terms of this transaction. The quality and longer-term focus of the investor were important factors in our decision. This financing substantially strengthens the company's balance sheet in support of the company's continued strong growth.'' About Microvision Headquartered in Seattle, Microvision, Inc. (Nasdaq: MVIS - news, MVISW - news) is the developer of the patented Virtual Retinal Display(TM) (VRD(TM)) technology that uses a rapidly scanning 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. The company was founded in 1993. Additional information can be found at the company's website 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-KSB and Quarterly Reports on Form 10-QSB, as filed with the Securities and Exchange Commission. SOURCE: Microvision, Inc.