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Lumera Awarded New Development Contract

Posted on: Monday, 23 June 2003, 06:00 CDT

BOTHELL, Wash.--(BUSINESS WIRE)--June 23, 2003--Lumera Corporation, a majority owned subsidiary of Microvision, Inc. (Nasdaq:MVIS), announced today it has been awarded a new development contract with a major supplier to U.S. government agencies.

In addition, the company announced that it has finalized a statement of work for a potential contract with a U.S. government agency. Final details are now being negotiated and completion of the contract is expected soon. Details of the contract and statement of work are confidential.

"This new work relates to advanced optical modulator development that is synergistic with our ongoing development work on advanced optical modulators for commercial applications," said Tom Mino, Lumera's CEO. "These new efforts are the direct result of our ability to provide a tunable range of electro-optic chromophores and polymers."

Lumera is developing and commercializing a new class of electro-optic materials and devices that utilize proprietary polymer compounds and processing technologies. These new devices and materials are expected to dramatically improve performance and reduce costs of electro-optic components for telecommunications, phased array antenna systems, optical computing, optical signal processing and optical interconnects. The properties of these materials are expected to enable new applications in other technologies such as organic light emitting diode displays, low k dielectrics and coating materials.

About Lumera

A subsidiary of Microvision, Inc., Lumera is a leader in the development of electro-optic devices based on proprietary optical polymers. The company plans to deliver superior and unique component solutions to optical systems suppliers. Lumera plans to supply standard and custom components to systems providers in multiple high-growth product categories. Additional information can be found at Lumera's Web site at http://www.lumera.com.

About Microvision: www.microvision.com

Headquartered in Bothell, Wash., Microvision Inc. is the developer of patented scanned beam technology for display and imaging applications. The company's technology has applications in a broad range of military, medical, industrial, professional and consumer information products.

Microvision has been working with Canon, BMW, Johnson & Johnson's Ethicon subsidiary and others to develop a number of display and image capture product applications based on its proprietary scanned beam technology. The company also recently concluded a field trial with America Honda Motor Company for automotive maintenance and repair applications for its Nomad Augmented Display that achieved a 39% increase in mechanic productivity. Microvision has also signed an agreement with NCR to market its Flic laser bar code scanner under a private label.

Forward Looking Statement

Certain statements contained in this release, including those relating to potential contracts, expected component performance and cost reduction, enabling of new application, development plans and product applications, as well as statements containing words like "believe,""expect,""plans" and other similar expressions, are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: market acceptance of our technologies and products; our ability to obtain financing; 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 and to develop partnership opportunities; the timing of commercial product launches; the ability to achieve key technical milestones in key products; and other risk factors identified from time to time in the company's SEC reports, including in its Annual Report on 10-K for the year ended December 31, 2002 and its Quarterly Reports on Form 10-Q.

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