Financial

Asia Optical says that they plan to ship 2 million LCoS pico projector modules in 2012 - half of them embedded in smart phones and half in external pico projectors. Apparently most of these projector phones (if not all) will be launched by China-based vendors, probably to the Chinese market.

Asia Optical managed to decrease the production cost of an LCoS module to below $20.

Microvision announced that they completed the public offer successfully, and raised $9.8 million (after expenses). Microvision sold 17,948,716 shares of its common stock and warrants to purchase 8,974,358 shares of its common stock at a price to the public of $0.585 per share and accompanying warrant, as well as warrants to purchase 1,251,092 additional shares sold upon exercise by the underwriter (Oppenheimer).

Yesterday we reported that Microvision plans to raise money via a public share offer - and today the company released more details. The company plans to raise about $10.5 million - offering 17,948,716 units at $0.585. Each unit will have one common stock and one five-year warrant to buy 0.5 shares at an exercise price of $0.78.

Microvision also granted the underwriter (Oppenheimer) a 30-day option to buy additional 2,692,306 shares of common stock and warrants to purchase an additional 1,346,153 shares of common stock, solely to cover over-allotments.

Microvision announced a plan to raise money via a public offering of common stock and warrents. Oppenheimer & Co. Inc. will act as underwriter in the offering. They didn't say how much money they intend to raise, I guess we'll learn more in the coming weeks.

When Microvision announced their results for 3Q 2011 a few weeks ago, they said that they only have $9.4 in cash, and net loss for the quarter was $7.4 million - so obviously they need to raise money quickly. They do have an agreement with Azimuth to raise up to $35 million, but they company says that the public stock offering will probably mean the termination of the Azimuth agreement.

Microvision announced their 3Q 2011 financial results. The company reported $1.8 million in revenue (up 41% compared to 3Q 2010). Backlog is $5.1 million (including the $3.5 million from ESPlus). Net loss was $7.8 million (it was $11.9 in 3Q 2010). The company had $9.4 million in cash - which means they will soon have to raise more money.

The company is progressing in the development of their next-gen HD PicoP display engine, which is planned for release in the first half of 2012. Early samples of the new engine have been built - using direct green lasers from three different manufacturers.

MicroVision announced a $4 million order for the PicoP engine from Korea's ESPlus Company. $500,000 worth of PicoP modules were already shipped in 3Q 2011 and the rest will be shipped till the end of 2011.

Microvision says that EPlus uses their engine in their recently released media-player projector, the Seeser. This is a bit confusing as the official Seeser specifications claim the resolution is 800x600 - while the PicoP resolution is 848x480. It seems likely that the specification is wrong, and hopefully this will be sorted out soon.

Microvision announced that they entered into their third agreement with Azimuth Opportunity - to secure $35 million in financing. Microvision already raised $100 million from Azimuth since 2010 (see here and here). In this current agreement (which lasts for 2 years), if executed, Azimuth will buy just over 22 million Microvision shares.