Display and imaging products maker Microvision Inc said it has secured an initial purchase order from a consumer electronics original equipment manufacturer (OEM) to private label its PicoP display engine-based accessory laser Pico projector.
Microvision, which did not name the OEM, said the order is tied to a marketing and distribution agreement the company announced recently with an Asian distribution partner.
On the heels of announcing our first shipments of the SHOWWX laser pico projector, and receiving the purchase order from an international distributor, this is another significant milestone in our go-to-market strategy, Chief Executive Alexander Tokman said in a statement.
Microvision's PicoP display engine enables an ultra-miniature video projector, capable of producing color-rich, high resolution, large images yet small and low on power, to be directly embedded into mobile devices, such as cell phones.
In June, Microvision had said it would receive about $15 million of equity investment from Walsin Lihwa Corp's subsidiary Max Display Enterprises Ltd.
Shares of Redmond, Washington-based Microvision were at $5.52, up about 6 percent, Thursday on Nasdaq. They had earlier touched a high of $5.58.
(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Maju Samuel)