June 22, 2009
Investment Arm of Waslin Lihwa Corporation Invests $15 Million in Private Equity for Microvision, Inc.
Based in Redmond, Washington and with offices in Taipei, Taiwan, Microvision announced today that they had just secured $15 million in private equity with the vc arm of bare copper wire and cable manufacturer, Waslin Lihwa Corporation. Microvisionâ€™s subsidiary, Max Display Enterprise, Ltd. also participated in the funding.
Microvision is a company that designs the next generation of projectors, barcode scanners, and wearable displays. The products are truly revolutionary in the nano technology industry, because the devices that Microvision manufactures are based on Microvisionâ€™s Pico Platform. The PicoP display technology allows for the manufacturing of projectors that are the size of a regular cell phone. This radical technology also allows for the manufacturing of wearable displays that can be worn like a pair of sunglasses, which for the video game industry, can take virtual reality to a new level. This technology can also be used to scan barcodes with a device no bigger than a cell phone or iPod. Microvision manufactures all of these amazing gadgets and more. Microvisionâ€™s PicoP display technology can also be used to create amazing car displays that can project important vehicular data on the base of the windshield.
As part of the agreement with Waslin Lihwa for the equity purchase, Waslin Lihwa Corporation will buy 8,076,239 shares of Microvisionâ€™s company stock. Furthermore, each share will be sold for $1.8537 per share and the above mentioned price is a 15% discount of stock closing price from the 30 day trading session through June 18, 2009. As for this, Waslin Lihwa will provide Microvision with $15 million in cash as aggregate consideration.
According to the chairman of Waslin Lihwa, Yu-Lon Ciao, Microvision is well positioned in the marketplace with its product prototype. The PicoP display platform can be used to introduce a wide array of amazing products to the marketplace and generate great revenues.
According to Microvisionâ€™s president and CEO, Alexander Tokman, having Waslin Lihwa onboard is great for the company. Having Waslin Lihwa as an investor will allow Microvision to have easier access to the materials needed and reinforce its supply chain, since before this investment, Waslin Lihwa has been a key supplier of materials for Microvision.
Waslin Lihwa is the largest copper wire and cable manufacturer in the greater China region. The company has also moved into the tech industry and has become an international company. Furthermore, Waslin Lihwa is also the parent company of Touch Micro-Systems Corporation, which is a company that is a market leader in the micro-electro mechanical systems platforms. Waslin Lihwa was founded in the early 1990s.
For more information on Microvision, click here.