REDMOND, Wash., May 22, 2012 (BUSINESS WIRE) —
MicroVision, Inc. (nasdq:MVIS) announced today that it received a
notice on May 16, 2012 from The Nasdaq Stock Market advising the company
that for 30 consecutive trading days preceding the date of the notice
the company was not in compliance with the $50,000,000 minimum market
value of listed securities required for continued listing on The Nasdaq
Global Market pursuant to Nasdaq’s listing requirements. In accordance
with Nasdaq’s listing rules, the company has 180 calendar days, or until
November 12, 2012, to regain compliance with this requirement. This
notification is simply a notice of deficiency, not of imminent
delisting, and has no current effect on the listing or trading of
MicroVision’s common stock on The Nasdaq Global Market.

During the 180-day compliance period, MicroVision can regain compliance
if the market value of its listed securities closes at $50,000,000 or
more for a minimum of 10 consecutive business days. The company could
also regain compliance with Nasdaq’s continued listing requirements by
reporting stockholders’ equity of $10 million or more. If the company
does not regain compliance by November 12, 2012, Nasdaq will notify the
company that its securities are subject to delisting.

The company intends to continue to aggressively execute its business
plan to significantly reduce expenses and secure customers for its next
generation HD PicoP(R) display technology based on direct green
lasers (PicoP Gen2). MicroVision recently demonstrated progress in
commercializing its PicoP Gen2 display technology. The announcement by
Pioneer Corporation of July availability of its Cyber
Navi AR Head Up Display that uses embedded PicoP Gen2 display
technology validates the readiness of MicroVision’s display technology
and the commercial availability of direct green lasers. The company
expects revenue from sales of components to Pioneer and royalties from
sales of the product.

The company has taken steps to secure financing and reduce operating
expenses to strengthen its financial position. On May 10, 2012, the
company announced a $5M
equity investment from private investors. In its Q1
earnings press release MicroVision reiterated its transition to a
B2B, ingredient brand business model whereby it would license its
patented PicoP display technology to OEMs and ODMs securing licensing
and royalty revenue as well as revenue from component sales of MEMs and
ASICS, the proprietary elements of PicoP Gen2. Pioneer is MicroVision’s
first customer under this ingredient brand business model. Under this
model the company plans to reduce its cash used in operations by as much
as 50% from Q1 2012 levels. The savings from these actions should start
to take effect starting in Q3 2012.

About MicroVision MicroVision provides the PicoP(R)
display technology platform designed to enable next-generation display
and imaging products for consumer devices, vehicle displays and wearable
displays. The company’s PicoP projection display technology uses highly
efficient laser light sources which can create vivid images with high
contrast and brightness.

MicroVision is an independently recognized leader in the development of
intellectual property. MicroVision has been recognized by IEEE as a top
20 IP portfolio among all global electronics companies, and the top U.S.
Company in the rankings. MicroVision’s intellectual property portfolio
has also been recognized by the Patent Board, in association with the
Wall Street Journal, as a top 50 IP portfolio among all global
industrial companies. The Patent Board has developed more than 50
indicators that track global patent activity relating to companies’
innovation, technology, and science strengths. MicroVision’s
intellectual property portfolio is further recognized by having been
added to the Ocean Tomo 300 Patent Index. The Index is priced and
published by the NYSE Euronext . The index is objectively
based on the value of intellectual property compared to competitors.

For more information, visit us on:

Website:
www.microvision.com Blog:

www.microvision.com/displayground Twitter:

www.twitter.com/microvision Facebook:

www.facebook.com/MicrovisionInc YouTube:

www.youtube.com/mvisvideo

MicroVision and PicoP are trademarks of MicroVision Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.

Forward-looking Statements Certain statements contained in
this release, including those relating to MicroVision’s expectations,
intentions or strategies, are forward-looking statements that involve a
number of risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. These
risks and uncertainties include, but are not limited to, the risk that
MicroVision may not meet regain compliance with the continued listing
standards of the Nasdaq Stock Market; capital market risks; our ability
to raise additional capital when needed; our, or our customers’, failure
to perform under open purchase orders; our financial and technical
resources relative to those of our competitors; our ability to keep up
with rapid technological change; government regulation of our
technologies; our ability to enforce our intellectual property rights
and protect our proprietary technologies; the ability to obtain
additional contract awards; the timing of commercial product launches
and delays in product development; the ability to achieve key technical
milestones in key products; dependence on third parties to develop,
manufacture, sell and market our products; potential product liability
claims; and other risk factors identified from time to time in the
company’s SEC reports, including our Annual Report on Form 10-K and
Quarterly Report on Form 10-Q filed with the SEC. Except as expressly
required by federal securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, changes in circumstances or
any other reason.

SOURCE: MicroVision

        
        Investors: 
        MicroVision, Inc. 
        Tiffany Bradford, 425-882-6629 
        or 
        Media/PR: 
        Edelman 
        Callie Snyder, 503-471-6816
        

Copyright Business Wire 2012