MicroVision Secures Agreement with Leading Global Electronics Brand

  MicroVision Secures Agreement with Leading Global Electronics Brand

 MicroVision helps OEMs fuel the next generation of innovation in electronics

Business Wire

REDMOND, Wash. -- April 3, 2013

MicroVision (NASDAQ: MVIS), a leader in innovative ultra-miniature projection
display technology, today announced a development agreement with a prominent
electronics company to incorporate MicroVision’s ground breaking PicoP®
display technology into a display engine that could enable a variety of new
products.

Under the agreement MicroVision is supporting the OEM’s development of a
display engine based on patented PicoP display technology and includes $4.6
million in development fees to MicroVision over the next 13 months. The
companies have begun commercial negotiations with the expectation that
licensing and component supply agreements would constitute the next stage of
engagement leading to the OEM’s introduction of commercial products. At the
request of MicroVision’s OEM customer, its name and other details of the
contract are being kept confidential.

“We are pleased to sign this agreement and begin development with a Fortune
Global 100 electronics giant,” said Alexander Tokman, president and CEO of
MicroVision. “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. We believe this agreement, a milestone advancement of our
“Image by PicoP®” licensing business model, helps build our pipeline for
potential significant future revenue.”

The company’s “Image by PicoP®” licensing business model allows OEMs to create
differentiation in their products by integrating MicroVision’s proprietary,
advanced display technology. PicoP display technology is a powerful, patented
solution that projects high definition, focus free content from a tiny, low
power display engine. MicroVision’s technology enables OEMs to deliver a high
quality consumer viewing experience to their customers by offering new and
enhanced ways to view and share information. Whether for personal
entertainment, social engagement, business collaboration, driver safety or in
whatever way OEMs’ imaginations take them, PicoP display technology can be the
new and exciting element that consumers are searching for to elevate their
mobile content viewing experience.

Fueling the next generation of innovation is at the core of MicroVision’s
business objectives. Helping to propel the success of MicroVision’s business
model is the continued growth and demand for mobile connected devices.
According to Steve Koenig, director of industry analysis for the Consumer
Electronics Association (CEA), revenues for the consumer electronics (CE)
industry are projected to reach a new record-high of $209.6 billion in 2013.
“Consumer adoption of smartphones and tablets continues to expand briskly, as
mobile connected devices take center stage in today’s connected, digital
lifestyle.”

Emerging trends are redefining the prominence of visual content in consumers’
use of mobile devices as documented in recent studies such as the Harvard
Business Review’s look at “How People Really Use Mobile” and Cisco’s Visual
Networking Index. MicroVision’s PicoP display technology is ideally suited to
enhance the way consumers view and interact with the content the mobile
ecosystem is producing beyond the constraints of the small screen.

About MicroVision

MicroVision is the creator of PicoP® display technology, an ultra-miniature
laser projection solution for mobile consumer electronics, automotive head-up
displays and other applications. MicroVision’s patented display technology
helps OEMs break down display boundaries and offer enhanced visibility to
mobile experiences. Nearly two decades of research has led MicroVision to
become an independently recognized leader in the development of intellectual
property. MicroVision’s IP portfolio has been recognized by the Patent Board
as a top 50 IP portfolio among global industrial companies and is also
included in the Ocean Tomo 300 Patent Index. The company is based in Redmond,
Wash.

For more information, visit the company’s website at www.microvision.com, on
Facebook at www.facebook.com/MicroVisionInc or follow MicroVision on Twitter
at @MicroVision.

MicroVision and PicoP are trademarks of MicroVision, Inc. in the United States
and other countries. All other trademarks are the properties of their
respective owners.

Forward-Looking Statements

Certain statements contained in this release, including those relating to
contract benefits, strategy, future products and technology development are
forward-looking statements that involve a number of risks and uncertainties.
Factors that could cause actual results to differ materially from those
projected in the company's forward-looking statements include the following:
we may be unable to successfully perform our obligations under the agreement,
our contract party may not perform its obligations under the agreement, our
ability to raise additional capital when needed; products incorporating our
PicoP display engine may not achieve market acceptance, commercial partners
may not perform under agreements as anticipated, we may be unsuccessful in
identifying parties interested in paying any amounts or amounts we deem
desirable for the purchase or license of IP assets, our or our customers'
failure to perform under open purchase orders; our financial and technical
resources relative to those of our competitors; our ability to keep up with
rapid technological change; government regulation of our technologies; our
ability to enforce our intellectual property rights and protect our
proprietary technologies; the ability to obtain additional contract awards;
the timing of commercial product launches and delays in product development;
the ability to achieve key technical milestones in key products; OEM customers
and other third parties may not develop, manufacture, sell or market our
products; potential product liability claims; and other risk factors
identified from time to time in the company's SEC reports, including the
company's Annual Report on Form 10-K filed with the SEC. Except as expressly
required by federal securities laws, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events, changes in circumstances or any other reason.

Contact:

Investors:
MicroVision, Inc.
Dawn Goetter, 425-882-6629
or
Media/PR:
Edelman
Callie Snyder, 503-471-6816