MicroVision Secures Deal with Leading Global Electronics Brand
MicroVision (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display technology, today announced a development agreement with a prominent electronics company to incorporate MicroVision's ground breaking PicoP® display technology into a display engine that could enable a variety of new products.
Under the agreement MicroVision is supporting the OEM's development of a display engine based on patented PicoP display technology and includes $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.
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