Microvision, Inc (NASDAQ:MVIS), which happens to be one of the industry’s leaders in innovative ultra-miniature projection display and sensing technology, has today moved forward to express its dedication towards the development of a Laser Beam Scanning (LBS) display system as well as in the production of the MicroVision specific components.
The company has shown its dedication and commitment through the signing up of a significant contract with one of the most-renowned technology companies and the deal is expected to push through to help the company make tremendous steps forward in terms of generating high revenues.
The new agreement will as a matter of fact see to it that a lot of things come to pass. It is indeed this particular agreement that MicroVision hopes to move ahead to develop a new generation of ASICs2 , MEMS1 and the rest of the related firmware for a high resolution, LBS based product the top company has lined up for production.
According to some of the top trusted sources, it has been revealed that indeed MicroVision was indeed in line to actually obtain about some $24 million including $14 million in fees for development work that is expected to continue for 21 months not forgetting a set upfront to cater for a wide range of the other related items.
According to some of the company’s top executives, hopes are that the development fees would be fully settled upon the completion of milestones in 2017 and 2018.More details regarding the milestone timing, quantity of components, the amounts related to the milestones as well as the other details of the contract will be held back from the public eye.
The president and CEO of MicroVision in a statement said, “We believe the LBS display markets have tremendous opportunity for growth, and we are extremely pleased that a major technology provider has decided to work with MicroVision and our PicoP® scanning technology in the development of its product.
We believe that our systems expertise and the ability of our patented LBS technology to create a display that produce high resolution images from a low power, small form factor engine were major contributors to winning this business.”
The future is not something we can speculate over, we just have to wait and see in as much as it seems bright.
