Highlights include signing agreement for in-vehicle PicoP head-up display with major car maker and expanding SHOWWX™ distribution in Apple channels
Press Release Source: MicroVision, Inc. On Thursday July 21, 2011, 8:10 am EDT
REDMOND, Wash.--(BUSINESS WIRE)-- MicroVision, Inc. (NASDAQ:MVIS - News), the leader in innovative ultra-miniature projection display technology, today announced its operating and financial results for the second quarter of 2011.
During the quarter the company continued to execute on its three key initiatives for 2011: progressing the development of the next-generation high-definition (HD) PicoP® display engine with Pioneer Corporation, adding new distribution partners for the SHOWWX family of pico projectors, and significantly reducing its cash used in operations compared to last year. The company also signed a first-of-its-kind agreement with a major automobile manufacturer, offering a clear initial path toward commercialization of its PicoP head-up display technology (PicoHUD™) inside a mass-production car model targeted for introduction in 2014.
“We are realizing the results from the business plan we announced and implemented in late 2010 and early 2011,” stated Alexander Tokman, president and CEO of MicroVision. “While we continue to reduce cash used in operations, the team is actively engaged in expanding our distribution network for the SHOWWX product line and closing important business development opportunities.”
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