|U.S. Army Adds $1.6 Million to Microvision Development Contract for Wearable Displays for Mobile Medics; Company to Deliver Prototype Demonstration Unit|
BOTHELL, Wash.--(BUSINESS WIRE)--May 5, 2003--Microvision, Inc. (Nasdaq:MVIS), a leader in light scanning technologies, today announced that it has been awarded a $1.6 million addition to an existing development contract from the U.S. Army's Medical Research and Material Command (USAMRMC), Telemedicine and Advanced Technology Research Center (TATRC).
The contract funds the continued development of a mobile, personal display system for medical applications. The company anticipates delivering its first prototype demonstration units by the end of the year. Microvision was first awarded a $3.3 million contract in December of 2001 and its first contract addition of $1.1 million in August of 2002.
The contract supports the Army's development of a mobile medical system that enables military surgical personnel and medics to access and transmit critical medical data via a head-worn display, wearable computer, and wireless network. Under the contract, Microvision is to design, integrate, and test a head-worn, mobile Augmented Vision System based on its unique scanned beam display technology to meet the Army's medical system specification.
"Microvision expects to deliver a prototype of a unique and powerful wearable display that demonstrates how our products can enhance safety and effectiveness in this critical aspect of military operations," said Rick Rutkowski, Microvision's CEO. "We look forward to working with TATRC to test prototypes in field situations which we believe will demonstrate the full range of the display's potential to address the future of battlefield medicine."
"We are excited about our expanding role with the Army and appreciate the support we have received from Congress, particularly the Washington delegation and their support of this program. Their support of this technology will pay real dividends for our men and women in uniform."
Mr. Rutkowski added, "our expectation has been, and continues to be, that this effort will help pave the way for subsequent additions to the Nomad product line that will feature enhancements in overall ergonomic design, form factor, and performance; enhancements that we believe will benefit a variety of military, medical, aviation and industrial applications."
Headquartered in Bothell, Wash., Microvision Inc. is the developer of a patented retinal scanning display technology and a world leader in micro miniature optical scanning technology for display and imaging applications. The company's technology has applications in a broad range of military, medical, industrial, professional and consumer information products.
U.S. Army Policy
This release refers to U.S. Army Award Number DAMD17-02-2-0005. The U.S. Army Medical Research Acquisition Activity, 820 Chandler Street, Fort Detrick MD 21702-5014 is the awarding and administering acquisition office. The content does not necessarily reflect the position or the policy of the Government; and no official endorsement should be inferred.
Forward Looking Statement Disclaimer
Certain statements contained in this release, including those relating to product development, potential performance, product applications and enhancements, as well as statements containing words like "believe," "expect," and other similar expressions, 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: market acceptance of our technologies and products; our ability to obtain financing; 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 and to develop partnership opportunities; the timing of commercial product launches; the ability to achieve key technical milestones in key products; and other risk factors identified from time to time in the company's SEC reports, including in its Annual Report on 10-K for the year ended December 31, 2002 and its Quarterly Reports on Form 10-Q.
CONTACT: Microvision, Inc. Matt Nichols, 425/415-6657 (Media)
Brian Heagler, 425/415-6794 (Investors)
SOURCE: Microvision, Inc.