BOTHELL, Wash., August 26 -- Microvision Inc. and Lumera Corp., its majority owned subsidiary, announced today that Lumera has closed a $1.89 million preferred stock financing with new and existing investors. Microvision invested $867,550 in the financing and maintains its majority ownership in Lumera.
"This completes the first stage in our strategy to raise capital to fund our operations through 2004 and beyond," said Tom Mino, Lumera's CEO. "We continue to actively pursue additional financing including the sale of additional preferred stock and the potential investment by strategic partners."
"Lumera is doing an excellent job in leveraging its platform technology to identify new markets, and we are enthusiastic about the new product directions Lumera is pursuing," said Microvision CEO Rick Rutkowski.
Lumera is developing a new class of electro-optic materials and devices that use proprietary polymer compounds and processing technologies. Lumera said it expects to be able to sell and license its technology in a variety of forms, including custom polymer materials, coated wafers and discrete and integrated component devices, both packaged and unpackaged. Microvision develops high-resolution displays and imaging systems based on its silicon micromirror technology.
For more information, visit: www.lumera.com