MicroVision (NASDAQ: MVIS) announced that it secured a development agreement with a leading global electronics brand to incorporate MicroVisions PicoP display technology into a display engine that could enable a variety of new products.
MicroVision will supporting the OEMs 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. Commercial negotiations have began with the expectation that licensing and component supply agreements would constitute the next stage of engagement leading to the OEMs introduction of commercial products. At the request of MicroVisions OEM customer, its name and other details of the contract are being kept confidential.
Alexander Tokman , president and CEO of MicroVision, commented:
We are pleased to sign this agreement and begin development with a Fortune Global 100 electronics giant. 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.
About MicroVisions PicoP display technology:
Image by PicoP licensing business model allows OEMs to create differentiation in their products by integrating MicroVisions proprietary, advanced display technology. PicoP display technology is a powerful, patented solution that projects high definition, focus free content from a tiny, low power display engine. MicroVisions technology enables OEMs to deliver a high quality consumer viewing experience to their customers by offering new and 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 can be the new and exciting element that consumers are searching for to elevate their mobile content viewing experience.
According to Steve Koenig , director of industry analysis for the Consumer Electronics Association (CEA), revenues for the consumer electronics (CE) industry are projected to reach a new record-high of $209.6 billion in 2013. Consumer adoption of smartphones and tablets continues to expand briskly, as mobile connected devices take center stage in todays connected, digital lifestyle.