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  • Microvision Secures $15M
Jun 2009
TAIPEI, Taiwan and REDMOND, Wash. June 26, 2009 – Microvision Inc. has announced that Walsin Lihwa Corp., through its subsidiary Max Display Enterprises Limited, has agreed to invest approximately $15 million in Microvision. The investment was expected to be completed on June 22, 2009.

Under the terms of the securities purchase agreement, Walsin Lihwa’s subsidiary was to purchase 8,076,239 shares of Microvision’s common stock at a price of $1.8573 per share, which represents a 15 percent discount to the average closing price of Microvision’s common stock over the 30 trading days through June 18, 2009.

Walsin Lihwa’s subsidiary also will be issued a warrant to purchase 2,019,060 shares of Microvision’s common stock at an exercise price of $2.1850 per share, exercisable until June 22, 2012. Microvision would receive an aggregate consideration of approximately $15 million in cash.

Walsin Lihwa is the parent company of Touch Micro-system Technology Corp. (TMT), a leading provider of micro-electro mechanical system (MEMS) technology platforms. Microvision has worked for a number of years with both Walsin Lihwa and then TMT, as manufacturers of Microvision’s MEMS chips. Walsin Lihwa is a leading manufacturer of copper wire, specialty steel and power cables and wire in the Greater China region and has invested in high-tech companies since the 1990s, including in the areas of electronic components, optoelectronics, printed circuit boards and semiconductor ventures.

“Walsin Lihwa continues to seek further growth based on innovations,” said Yu-Lon Chiao, chairman of Walsin Lihwa. “We believe Microvision is well positioned with its PicoP technology to take advantage of large, emerging market opportunities.”

“We are pleased to welcome Walsin Lihwa as an investor to Microvision in addition to being a key enabling strategic supply chain partner in our go-to-market strategy,” said Alexander Tokman, president and chief executive officer of Microvision. “We look forward to continuing the strong working relationship we have developed with Walsin Lihwa over the years.”

Microvision has agreed to register the shares of its common stock sold as part of this transaction, and register the shares of its common stock issuable upon exercise of the warrant for resale under the Securities Act of 1933, as amended.

The securities have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under such act and applicable state securities laws or an applicable exemption from those registration requirements.

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A sub-field of photonics that pertains to an electronic device that responds to optical power, emits or modifies optical radiation, or utilizes optical radiation for its internal operation. Any device that functions as an electrical-to-optical or optical-to-electrical transducer. Electro-optic often is used erroneously as a synonym.
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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