|By Business Wire||
|February 24, 2014 09:07 AM EST||
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today confirmed that its patented PicoP® display technology has been adopted as part of a pico projector module that a leading Fortune Global 100 consumers electronics company announced it is developing1. MicroVision has been supporting the Fortune Global 100 since April 2013 in its development of this high definition (HD) display engine. The module is expected to showcase the benefits of laser beam scanning technology for pico projectors.
MicroVision is the pioneer in laser beam scanning display technology, holding more than 500 patents including proprietary MEMS and control algorithms. The Fortune Global 100 is a leader in semiconductor lasers and optical technology and announced that it aims to bring this module to market for use in pico projectors and other devices with projector functionality. MicroVision believes the announcement by this global leader in consumer electronics is a very positive development for the emerging pico projection market.
“We are honored that this consumer electronics leader known for its innovative and high quality products has incorporated PicoP display technology in its pico projector module,” said Alexander Tokman, president and CEO, MicroVision. “The result is a display engine with the image quality and performance that could be at the heart of products that delight consumers.”
In a recent market research report, Pico Projector Market by Technology, Type, Product Model, Brightness, Application, Geography, Forecasts to 2020, the firm Markets and Markets calls pico projectors “an emerging technology set to revolutionize the global projector market.” The report forecasts significant growth of over 40% CAGR over seven years reaching $10B by 2020.
The Markets and Markets report also calls out the importance of lasers in spurring growth in the pico projector market: “Lasers are the key technology to improve handheld projectors and lasers will be the dominant light source in the future. High performance and low cost laser light sources will revolutionize the handheld projector market which will be fuelling the growth of the market.”
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 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 could be the exciting new element that consumers are searching for to elevate their mobile experience.
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.
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.
Certain statements contained in this release, including those relating to market growth, market demand product and technology development by third parties, product benefits and those containing words such as “expects,” “could,” and “aims” 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: 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; dependence on third parties to develop, manufacture, sell and 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.