MicroVision may sell Azimuth $35M in common stock

September 14, 2011 – BUSINESS WIRE — MicroVision Inc. (Nasdaq:MVIS) secured a committed equity financing facility, wherein it can sell Azimuth Opportunity Ltd. up to $35 million of its shares of common stock over a 24-month period.

The facility enables MicroVision to "raise money to progress the development of the next-generation high-definition PicoP display engine" for pico projectors, vehicle displays, and wearable displays, commented Jeff Wilson, MicroVision CFO.

MicroVision may not issue more than 22,030,737 shares in connection with the facility, which is less than 20% of MicroVision’s outstanding shares of common stock on September 8, 2011.

Details: MicroVision is not obligated to use the facility and remains free to enter into and consummate other equity and debt financing transactions. MicroVision will determine, at its sole discretion, the timing, dollar amount and floor price per share for any draw under this facility, subject to certain limitations. When and if MicroVision elects to use the facility, the number and price of shares sold in each draw will be determined by a contractual formula and the investor will purchase shares at a pre-negotiated discount to either the volume-weighted-average price of MicroVision’s common stock over a multi-day pricing period or the floor price determined by MicroVision. The actual amount of funds that can be raised under this facility will depend on the number of shares actually sold under the agreement and the market value of MicroVision’s stock during the pricing period of each sale.

The shares of MicroVision common stock offered and sold to Azimuth have been registered on its existing registration statement on Form S-3 (File No. 333-175419). The registration statement also covers the sale of those shares from time to time by Azimuth to the public.

Reedland Capital Partners, an Institutional Division of Financial West Group, member FINRA/SIPC, will act as placement agent and receive a fee for its services at the time of any draw under the facility.

MicroVision makes the PicoP display technology platform, which uses highly efficient laser light sources that can create vivid images with high contrast and brightness. For more information, visit www.microvision.com.

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