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<SEC-DOCUMENT>0001157523-09-003499.txt : 20090506
<SEC-HEADER>0001157523-09-003499.hdr.sgml : 20090506
<ACCEPTANCE-DATETIME>20090506161730
ACCESSION NUMBER:		0001157523-09-003499
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090506
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090506
DATE AS OF CHANGE:		20090506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MICROVISION INC
		CENTRAL INDEX KEY:			0000065770
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				911600822
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34170
		FILM NUMBER:		09801722

	BUSINESS ADDRESS:	
		STREET 1:		6222 185TH AVE NE
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052
		BUSINESS PHONE:		425-936-6847

	MAIL ADDRESS:	
		STREET 1:		6222 185TH AVE NE
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98052
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5958497.htm
<DESCRIPTION>MICROVISION, INC. 8-K
<TEXT>
<html>
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    <title></title>
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  <body style="font-family: Times New Roman; font-size: 10pt">
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.5 pt">


    <p style="text-align: center">
      <br>
      <font style="font-size: 14pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 14pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 14pt"></font><font style="font-size: 14pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt"><b>Pursuant to
      Section 13 or 15(d) of</b></font><br><font style="font-size: 12pt"><b>the
      Securities Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): </font><font style="font-size: 10pt; font-family: Times New Roman"><b>May
      6, 2009</b></font><br><font style="font-family: Times New Roman"><b>______________</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 14pt"><b>MICROVISION, INC.</b></font><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      Name of Registrant as Specified in Charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; width: 34%; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-21221</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; width: 33%; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>91-1600822</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Incorporation)
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>6222 185<sup>th</sup> Avenue NE </b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Redmond, Washington 98052</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of Principal Executive Offices) (Zip Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code: </font>&#160;<b>(425) 936-6847</b><br><br>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>(see General Instruction A.2. below)<font style="font-family: Times New Roman; font-size: 10pt">:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c)) </font>
    </p>
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 100%">


    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      2.02.&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b></font><br>
    </p>
    <p>
      The information in this Current Report is being furnished and shall not
      be deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended, or otherwise subject to the
      liabilities of that Section.&#160;&#160;The information in this Current Report
      shall not be incorporated by reference into any registration statement
      or other document pursuant to the Securities Act of 1933, as amended.
    </p>
    <p>

    </p>
    <p>
      On May 6, 2009, Microvision, Inc. issued a press release announcing its
      financial results for the quarter ended March 31, 2009.&#160;&#160;A copy of the
      press release is attached as Exhibit 99.1 and is incorporated herein by
      reference.<br><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      9.01.&#160;&#160;&#160;&#160;&#160;Financial Statements, </b></font><b>Pro
      Forma Financial Information <font style="font-family: Times New Roman; font-size: 10pt">and
      Exhibits.</font></b><br>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      (c)&#160;&#160;<i>Exhibits</i>.
    </p>
    <p style="text-align: left; text-indent: 60.0px">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;Microvision, Inc. Press Release Announcing Financial Results
      for the Quarter Ended March 31, 2009.
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            MICROVISION, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-bottom: 2.0px; text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Thomas M. Walker
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: center; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Thomas M. Walker
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: center; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: center; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Vice President, General Counsel &amp; Secretary</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 5%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 6, 2009
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5958497ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Microvision
      Reports First Quarter 2009 Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Company
      Continues Readiness Activities for Product Launch; Enters into Supply
      Agreement with Green Laser Manufacturer</b></font>
    </p>
    <p>
      REDMOND, Wash.--(BUSINESS WIRE)--May 6, 2009--Microvision, Inc.
      (NASDAQ:MVIS), a global leader in light scanning technologies, today
      reported operating and financial results for the first quarter of 2009.
    </p>
    <p>
      <b>Operating Results</b>
    </p>
    <p>
      &#8220;Two months ago we reported that we streamlined our 2009 operating plan
      by consolidating programs to focus on two primary opportunities:
      launching our first PicoP&#174; enabled accessory projector and working with
      potential customers to develop opportunities for PicoP embedded
      applications, including mobile phones for commercialization in 2010,&#8221;
      stated Alexander Tokman, President and CEO of Microvision. &#8220;We continue
      to execute on this plan and are in the final pre-commercialization phase
      which includes components and product reliability, life and other
      quality testing as well as manufacturing processes readiness testing.
    </p>
    <p>
      &#8220;The recently announced signing of a supply agreement with Corning for
      the delivery of G1000 green lasers is a major milestone of our
      go-to-market strategy for accessory and embedded pico projectors,&#8221;
      continued Tokman. &#8220;We expect that Corning will continue to ship
      pre-production samples in the next few months for our qualification
      testing and then ship initial production quantities of G1000 lasers soon
      thereafter to support our summer product launch.&#8221;
    </p>
    <p>
      Microvision continues to optimize its pre-production pico projectors and
      to incorporate additional enhancements into the production version of
      the accessory product. Asia Optical, the company&#8217;s contract
      manufacturing partner for the PicoP display engine and accessory
      projector product, continues to mature the manufacturing processes and
      tooling in anticipation of commercial production.
    </p>
    <p>
      &#8220;We continue to see strong interest from potential customers for our
      accessory projector product and the majority of these customers are also
      interested in developing embedded products and applications based on our
      technology,&#8221; said Tokman. &#8220;As we complete our product qualification
      testing, we plan to firm up the quantity and delivery timing with our
      OEM and distributor partners in addition to making allocations for
      direct sales of the accessory product.&#8221;
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      In January Microvision introduced its PicoP Evaluation Kit (PEK) program
      to enable product developers and integrators to develop products and
      applications that could utilize Microvision&#8217;s embedded PicoP display
      engine. The Company has received a tremendous number of inquiries for
      these samples and has already supplied PEKs to a number of global OEM
      customers.
    </p>
    <p>
      Microvision was recognized as one of the top 20 electronics companies
      worldwide in patent pipeline power for the second consecutive year by
      IEEE, a prestigious technical organization. Microvision was ranked 2<sup>nd</sup>
      in number of citations by other patents, a key IEEE metric to measure
      patent strength and value.
    </p>
    <p>
      <b>Financial Results</b>
    </p>
    <p>
      For the three months ended March 31, 2009, the company reported revenue
      of $951,000 compared to $1.5 million in the fourth quarter of 2008 and
      $2.6 million for the first quarter of 2008. As of March 31, 2009, the
      backlog totaled $617,000 compared to $1.2 million at December 31, 2008
      and $1.8 million at March 31, 2008. The decrease in revenue is primarily
      attributed to lower backlog at the beginning of 2009, which is a result
      of the company's strategy to focus most of its resources on
      commercializing PicoP products and decreased purchasing volume as a
      result of global economic conditions.
    </p>
    <p>
      The company reported an operating loss for the quarter ended March 31,
      2009 of $9.1 million compared to $10.2 million in the fourth quarter of
      2008 and $7.1 million for the first quarter of 2008. The year-over-year
      increase is primarily attributable to lower revenue in 2009 and
      increased headcount and other research and development costs associated
      with the company&#8217;s preparation for initial commercial introduction of
      its PicoP accessory product. The company took a number of steps to
      reduce its operational expenses and cash usage in the first quarter of
      2009 and expects to see additional impact from those reductions in the
      second quarter of 2009 and beyond.
    </p>
    <p>
      The company reported a net loss of $8.9 million, or $0.13 per share, for
      the quarter ended March 31, 2009 compared to $9.9 million, or $0.15 per
      share for the quarter ended December 31, 2008 and $5.0 million, or $0.09
      per share, for the first quarter of 2008.
    </p>
    <p>
      Net cash used in operating activities was $8.8 million for the quarter
      ended March 31, 2009 compared to $8.9 million for the fourth quarter of
      2008 and $5.3 million for the first quarter of 2008. The company ended
      the quarter with $19.1 million in cash, cash equivalents, and investment
      securities.
    </p>
    <p>
      <b>Conference Call</b>
    </p>
    <p>
      Microvision will host a conference call to discuss its first quarter
      2009 results and current business operations at 4:30 p.m. ET on May 6,
      2009. Participants may join the conference call by dialing 866-730-5767
      (for U.S. participants) or 857-350-1591 (for International participants)
      ten minutes prior to the start of the conference. The conference
      pass-code number is 78102334. Additionally, the call will be broadcast
      over the Internet and can be accessed from the company&#8217;s web site at <u>www.microvision.com/investors</u>.
      The web cast and information needed to access the telephone replay will
      be available through the same link following the conference call.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>About Microvision</b>
    </p>
    <p>
      Microvision provides the PicoP display technology platform designed to
      enable next-generation display and imaging products for pico projectors,
      vehicle displays, and wearable displays that interface with mobile
      devices. The company also manufactures and sells its bar code scanner
      product line which features the company's proprietary MEMS technology.
      For more information, visit our website at <u>www.microvision.com</u>
      and our corporate blog at <u>www.microvision.com/displayground</u>.
    </p>
    <p>
      <b>Forward Looking Statement</b>
    </p>
    <p>
      Certain statements contained in this release, including those relating
      to future product introductions, applications, business partnering
      expectations, sales, growth, business prospects and impact of cost
      reductions, as well as statements containing words like &#8220;expect,&#8221;
      &#8220;plan,&#8221; &#8220;could&#8221; 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: our ability to raise additional capital when needed; the risk
      of market acceptance of our technology and products, our financial and
      technical resources relative to those of our competitors; our planned
      future products dependence on advances in technology by other companies,
      our ability to keep up with rapid technological change; our ability to
      enforce our intellectual property rights and protect our proprietary
      technologies; the timing of commercial product launches and delays in
      product development; the ability to achieve key technical milestones in
      key products; our ability to secure needed third party manufacturing and
      sales resources, 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 the Company's Annual Report on Form 10-K filed with
      the SEC. Except as expressly required by the 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.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Microvision, Inc.</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Balance Sheet</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>(In thousands)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          March 31,
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="3">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2009
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2008
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current Assets
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          25,533
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Investment securities, available-for-sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,706
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,705
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accounts receivable, net of allowances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          502
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          537
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top" colspan="2">
          Costs and estimated earnings in excess of billings on uncompleted
          contracts
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          325
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          695
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Inventory
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,439
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,525
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          748
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          889
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          22,117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          31,884
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,701
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Restricted investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,332
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,332
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          47
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 25.0px" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,174
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          36,964
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Liabilities and Shareholders' Equity</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current Liabilities
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,299
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,487
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,574
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,545
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top" colspan="2">
          Billings in excess of costs and estimated earnings on uncompleted
          contracts
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          62
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Liability associated with common stock warrants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          151
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          331
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Current portion of capital lease obligations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          41
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          72
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          71
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,193
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,537
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Capital lease obligations, net of current portion
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term debt, net of current portion
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          322
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Deferred rent, net of current portion
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,332
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,409
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 40.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,862
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,313
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Common stock at par value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          68
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          320,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          319,662
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (37
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (38
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px" valign="top">
          Accumulated deficit
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (300,906
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (292,041
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 30.0px" valign="top">
          Total shareholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,312
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,651
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Total liabilities and shareholders' equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          27,174
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          36,964
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Microvision, Inc.</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Statement of Operations</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>(In thousands, except earnings per share data)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          Three months ended March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2009
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom" colspan="3">
          2008
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Contract revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,281
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Product revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          239
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          289
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 40.0px" valign="top">
          Total revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          951
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,570
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cost of contract revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          383
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          762
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Cost of product revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          241
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          339
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 40.0px" valign="top">
          Total cost of revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          624
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,101
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 15.0px" valign="top">
          Gross margin
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          327
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,469
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Research and development expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,610
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,426
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Sales, marketing, general and administrative expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,814
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,135
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 40.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,424
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,561
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Loss from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (9,097
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,092
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          64
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          412
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (13
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gain on derivative instruments, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          180
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,673
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (1
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (18
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Net loss
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (8,865
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (5,038
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Net loss per share - basic and diluted
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.13
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (0.09
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Weighted-average shares outstanding - basic and diluted
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          68,080
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          56,730
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Microvision, Inc.<br>Tiffany Bradford (investors),
      425-936-6847<br>or<br>Matt Nichols (media), 425-882-6657
    </p>
    <p>

    </p>
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