MicroVision secures development agreement

Under the agreement MicroVision is supporting the OEM’s development of a display engine based on patented PicoP display technology and includes USD 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.” PicoP display technology, is a ultra-miniature laser projection solution for mobile consumer electronics, automotive head-up displays and other applications.