MicroVision Inks Development Deal with OEM
REDMOND, Wash., April 4, 2013 — MicroVision has entered into a development agreement with an undisclosed global electronics company to incorporate its PicoP display technology into a display engine that could enable a variety of new products.
Under the terms of the deal, MicroVision will receive $4.6 million in development fees over a 13-month period. The companies have begun commercial negotiations with the expectation that licensing and component supply agreements will constitute the next stage leading to the OEM’s introduction of commercial products.
“The execution of this latest agreement further solidifies our strategy to leverage our core expertise and that of our OEM partners to capture substantial new opportunities for PicoP display technology in our target markets,” said Alexander Tokman, president and CEO of MicroVision. “We believe this agreement, a milestone advancement of our ‘Image by PicoP’ licensing business model, helps build our pipeline for potential significant future revenue.”
MicroVision’s PicoP display technology is an ultraminiature laser projection solution for mobile consumer electronics, automotive head-up displays and other applications.
For more information, visit: www.microvision.com