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Business Wire, April 24, 2008

Company Successfully Showcases Progress at Major Industry Forums, Enters into Agreements with New Supply Chain Partners, and Signs Distribution Agreement for New Bar Code Product

REDMOND, Wash. -- Microvision, Inc. (NASDAQ:MVIS), a global leader in light scanning technologies, today reported operating and financial results for the first quarter of 2008.

Operating Results

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"Following the successful unveiling of the accessory projector prototype named SHOW[TM] at the 2008 Consumer Electronics Show, our momentum continued with strong showings at two other premier industry tradeshows; the 2008 GSMA World Mobile Congress in Barcelona, and the CTIA Wireless 2008 in Las Vegas," stated Alexander Tokman, Microvision President and CEO. "In addition to demonstrating our SHOW prototype at these events, Motorola and Microvision demonstrated in private meetings the first PicoP[TM] display engine embedded inside a fully-functioning prototype mobile device.

"We continue to see strong interest from prospective partners several of whom are currently evaluating our technology for their accessory and embedded PicoP consumer applications. We remain focused on the priorities needed to support the initial introduction of an accessory product based on our proprietary PicoP display engine. This year we have taken significant steps in enhancing the supply chain structure to support global commercialization of the PicoP enabled products, including signing two additional development agreements with high volume manufacturing partners to strengthen our go to market strategy. Additionally, we have made important progress on miniaturization and power reduction for the accessory and embedded products.

"We are also pleased to announce that at the end of first quarter, we signed a master distribution agreement and received an initial purchase order from Brightpoint North America L.P., one of the world's largest distributors of wireless products, for our MEMS-based ROV[TM] bar code scanner designed specifically to support growing mobility markets. We expect this agreement should allow us to leverage Brightpoint's global distribution capabilities to increase market penetration of ROV," concluded Tokman.

Highlights for the first quarter of 2008 include:

PicoP Projector Displays

* Successfully unveiled at the 2008 CES, the SHOW prototype, a PDA-sized, fully self-contained, battery operated, full-color laser projector intended for mobile device applications.

* Announced a development contract with a one of the world's leading consumer electronics conglomerates to evaluate Microvision's advanced pico projector prototype displays for use with a variety of mobile devices, including mobile phones, laptops, personal media players and digital cameras.

* Successfully demonstrated our technology at the 2008 GSMA Mobile World Congress and CTIA Wireless 2008 shows, where in addition to SHOW, Microvision and Motorola demonstrated in private settings the first fully-functioning prototype mobile device with a PicoP display engine embedded inside.

PicoP Supply Chain

* Signed development agreements with two high volume manufacturing partners to strengthen the go to market strategy for PicoP based products. These agreements represent important steps in developing the supply chain in preparation for high volume manufacturing of PicoP based products.

Automotive displays

* Subsequent to the end of the first quarter delivered a prototype instrument cluster display based on the PicoP engine to one of our global Tier 1 automotive customers. The Tier 1 customer plans to use the deliverables to market to and establish product requirements for this display application with leading global automotive manufacturers in Asia and Europe.

Eyewear displays

* Delivered advanced prototypes of a helmet mounted display to General Dynamics under the Mounted Warrior contract. General Dynamics plans to use these next generation prototypes to market the see-through, color capabilities of a soldier-worn helmet-mounted display to military and federal customers to gain a stronger understanding of this segment's market viability and potential.

Bar Code Scanners

* Signed a master distribution agreement with Brightpoint for the ROV, Microvision's laser based bar code scanner which incorporates Microvision's core MEMS scanning mirror technology. The agreement is accompanied by an initial purchase order. Brightpoint is a global leader in the distribution of wireless devices and provider of customized logistics services to the wireless industry. Brightpoint handled roughly 83 million mobile devices last year, totaling $4.3 billion in revenue. Brightpoint's clients include such global companies as Nokia, Motorola, AT&T, Sprint, Cingular, HTC, and Verizon.

Financial Results

For the three months ended March 31, 2008, the company reported revenue of $2.6 million compared to $2.2 million for the same period in 2007. As of March 31, 2008, the backlog totaled $1.9 million compared to $6.9 million at March 31, 2007. The decrease in backlog from 2007 is primarily attributed to completion of government and commercial development contracts in 2007 and early 2008. Many of the company's customers are currently using the deliverables that resulted from these contracts to market Microvision's PicoP technology to their customers with the goal of determining the next steps in the commercialization process.

Business Services Industry

2008 Ad

Business Wire, April 24, 2008

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