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MicroVision Announces Positive 2013 Operating Results; Sets 2014 Objectives
Company Makes Significant Progress towards Commercialization of Its Patented PicoP® Display Technology and Reduces Cash Used in Operations by 39 Percent
REDMOND, Wash.--(BUSINESS WIRE)--March 6, 2014--MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced its 2013 operating and financial results and an overview of its 2014 business objectives.
2013 Operating Results
MicroVision made significant progress on all three of its key operating goals in 2013 which included:
- Securing design wins and enlisting customers to license revolutionary PicoP® display technology and supporting them through development cycles
- Strengthening the supply chain for key components of PicoP display technology to offer multiple sources to OEMs as they prepare to bring their products to market
- Aggressively managing cash used in operations
New Customer Opportunities
In consumer electronics, one of its target markets, MicroVision secured a development agreement with a Fortune Global 100 brand in April 2013. That company recently announced its progress in the development of its pico projection module which incorporates proprietary MicroVision PicoP display technology. The consumer electronics company also announced that it aims to bring the module to market for use in pico projectors and other devices with projection functionality. MicroVision and the company are engaged in commercial negotiations while the development program continues, which is expected through the spring of 2014.
MicroVision is in detailed, confidential discussions and negotiations with other prospective customers in the consumer electronics space including large brand name electronics manufacturers and smaller niche consumer electronics OEMs who are interested in a variety of consumer electronics products utilizing PicoP display technology.
In the automotive sector, the second target market for MicroVision, the company continues its engagement and support of a Global Tier One automotive supplier as previously announced in September 2013. In addition, late in the fourth quarter 2013, MicroVision signed an agreement with a leading global vehicle OEM to deliver HUD prototype systems for the OEM’s evaluation and testing as part of its program to deploy HUD in the OEM’s vehicles.
The following information was filed by Microvision, Inc. (MVIS) on Thursday, March 6, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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