Agreement includes payment of an $8 million up-front license fee
REDMOND, Wash.--(BUSINESS WIRE)--Mar. 5, 2015-- MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature projection display technology, today announced it has signed a multi-year license agreement with its Fortune Global 100 partner for MicroVision PicoP® display technology. The license agreement marks an important milestone in the ongoing relationship between the two companies that began in April 2013.
The license agreement grants the Fortune Global 100 company a non-exclusive license to MicroVision PicoP display technology for use in display modules it manufactures and sells. As part of the agreement, MicroVision expects to receive an $8 million up-front license fee later this month. In addition to the initial up-front license fee, MicroVision will also receive royalties for display modules sold by the Fortune Global 100 company. Further terms of the license agreement are confidential for competitive reasons.
“This is a significant step forward for MicroVision and PicoP display technology. By licensing our technology to a leading global consumer electronics brand we have the potential to significantly expand the reach of our PicoP display technology on a scale commensurate with a company known for technology innovation and its global reach,” said Alexander Tokman, president and CEO of MicroVision. “This milestone is a credit to the hard work of both teams, and we look forward to making this endeavor successful and enduring for both companies.”
The completion of the license agreement is a very significant step in this business relationship. The two companies began joint development on a display module incorporating PicoP display technology in April 2013. The development phase was completed in 2014, and the Fortune Global 100 company contracted with MicroVision for commercialization support services which are ongoing. The license agreement represents a milestone achievement in MicroVision’s execution of its ingredient brand licensing business model. The Fortune Global 100 company will also purchase proprietary components from MicroVision for incorporation in its display modules pursuant to the license agreement. |
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