Microvision gets $3 million, partners with SGI

July 24, 2002 — Microvision Inc., a Bothell, Wash., developer of MEMS-based retinal scanning displays, announced a $3 million private placement and a co-marketing agreement with Silicon Graphics Inc.

The placement consisted of 937,500 shares of registered common stock at $3.25 per share, as well as 234,375 shares of common stock purchase warrants exercisable at $4.80 per share through July 22, 2007. Two undisclosed institutional investors participated. A company spokesman said the fundraising was part of an ongoing strategy to secure operating cash before the company needs it.

In an unrelated announcement, Microvision said it entered a co-marketing agreement with SGI, the Mountain View, Calif., provider of high-performance computing equipment. Microvision’s Nomad Personal Display will be connected with SGI’s Onyx family visual supercomputer and co-marketed as a visual area networking solution.


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