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Spatialight Receives Purchase Agreement From DeoCom Worth $27 Million Friday March 16, 5:00 am ET Production Commences of LCoS Microdisplays for Head Mounted Display Units
NOVATO, Calif., March 16 /PRNewswire-FirstCall/ -- SpatiaLight, Inc. (Nasdaq: HDTV - News), a leading developer and manufacturer of ultra high-resolution Liquid Crystal on Silicon (LCoS) microdisplays, announced today that it has entered into a Purchase Agreement with DeoCom of South Korea. The agreement was consummated on March 9, 2007, and provides the terms and conditions under which SpatiaLight will supply DeoCom with LCoS imagers and associated products for Head Mounted Display applications over a period of three years. The estimated value of product expected to be sold by SpatiaLight under this agreement, given DeoCom's forecast, is over $27 Million. SpatiaLight has received a firm purchase order for the first 1,000 units to be delivered under this agreement and has commenced production of LCoS microdisplays for use in DeoCom's Head Mounted Display (HMD) units to fulfill this order. ADVERTISEMENT
Dr. Michael Jin, Chief Technology Officer of SpatiaLight, stated, "Technically, this product is similar to our core product, the T3, but with some modifications to the cell fabrication that allow for a faster response time. Several small drive circuitry and firmware modifications enable single panel operation, as well In addition to single panel designs, DeoCom also intends to manufacture the 'glasses' in a dual panel, dual channel configuration. This '3-D' HMD is capable of stereoscopic operation, and will therefore support some very exciting 3D applications. This is a new, intriguing and growing market segment."
David Hakala, SpatiaLight Chairman and Chief Executive Officer, said, "We are very pleased to have entered into this agreement that grew out of our memorandum of understanding signed in January. This marks an important point in our drive to diversify our customer base. To our knowledge, this is the first and only 1920 x 1080p near-to-eye product to be announced in the marketplace, let alone manufactured. We believe that this will become an important product segment for business travelers, gamers and anyone who wants total immersion while using video-based equipment. We anticipate that DeoCom will demonstrate this product in the near future to well known Tier 1 US companies in the gaming, personal computer and personal mobile electronics industries. We believe the market segments addressed by this product have tremendous growth potential and believe this is only the beginning of opportunities for this category of product."
About DeoCom
DeoCom, founded in Korea in 2000, is a developer and manufacturer of innovative near-to-eye (NTE) display products and is focused on selling near-to-eye high resolution display products into the consumer and professional markets. DeoCom introduced its first model of head mounted NTE displays in Korea in July of 2001 and continues to be a leader in the industry.
About SpatiaLight
SpatiaLight, Inc., founded in 1989, manufactures high-resolution LCoS microdisplays for use in high-definition televisions and other display applications. The company manufactures its products at its production facility in South Korea. SpatiaLight is committed to developing microdisplay technologies that will be the standard for the next generation of high definition televisions and to providing OEMs with the most cost effective, high-resolution microdisplays in the industry.
This news release includes forward-looking statements that reflect SpatiaLight's current expectations about its future results, performance, prospects and opportunities. SpatiaLight has tried to identify these forward- looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available to SpatiaLight and are subject to a number of risks, uncertainties and other factors that could cause SpatiaLight's actual results, performance, prospects or opportunities in the remainder of 2007 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are outlined in the Company's filings with the U.S. Securities and Exchange Commission, including its most recent reports on Form 10-Q and 10-K.
SpatiaLight Announces Year-End Results for 2006 Friday March 16, 6:00 am ET Emphasis for 2007 to Be New Products and Customer Diversification
NOVATO, Calif., March 16 /PRNewswire-FirstCall/ -- SpatiaLight, Inc. (Nasdaq: HDTV - News), a developer and manufacturer of ultra high-resolution microdisplays, today reported its year-end financial results for 2006. ADVERTISEMENT
For the year ended December 31, 2006, the Company reported revenues of $474,004, as compared to $238,000 in revenues achieved in 2005. Net loss for the 2006 fiscal year was $18,967,000, or a loss of $0.47 per basic and diluted share, versus a net loss of $14,025,000, or a loss of $0.39 per share for the year ended December 31, 2005.
"This past year was an extremely challenging one for our Company. We successfully resolved the technical and quality issues in meeting the numerous specification change requests by our primary customer LG Electronics (LGE), and demonstrated our capability to ramp production and supply LGE's needs and requirements. Unfortunately, as described in more detail in our recently filed Form 10-K for fiscal year 2006, we were recently informed by LGE of their intention to stop the manufacturing of all rear projection televisions," said Dave Hakala, SpatiaLight's Chairman and Chief Executive Officer. He continued, "the fact is that we have focused too much on LGE as a customer, and on LCoS imagers for high definition rear projection television (RPTV) as our only product. We started to address these issues some time ago and are now in the process of implementing a new direction for the Company that builds upon our key strengths and utilizes our key assets. Our focus for 2007 will be in developing and bringing to market new products in the Near-To Eye category, such as Head Mounted Displays in cooperation with DeoCom of Korea, as well as micro-projector products which we are co-developing with SI InfoComm and SCRAM Technologies. We believe both of these new product categories have substantial growth potential. In the projection television product category, we are continuing to look for opportunities both in terms of new customers in China and elsewhere, as well as with new products such as the LED/LCoS light engine being co-developed by SpatiaLight and Foreal Spectrum. We expect that this new class of product, using long-lived solid state light sources with improved color gamut and low power consumption, will be successful and well accepted in the marketplace."
The Company will hold a conference call and webcast to discuss its 2006 results and outlook for 2007 at 8:30 a.m. EDT (5:30 a.m. PDT) on Friday, March 16, 2007. The general public is invited to listen to the call on the web at http://www.spatialight.com.
About SpatiaLight
SpatiaLight, Inc., founded in 1989 in Novato, Calif., manufactures high- resolution LCoS microdisplays for use in a variety of display applications, including high definition television. Providing resolution of more than 6.2 million pixels, each SpatiaLight LCoS set incorporates three proprietary imagEngine(TM) microdisplays. The company manufactures its products at facilities in Novato and at its larger production facility in South Korea. The company is committed to developing microdisplay technologies that will be the standard for the next generation of high definition televisions and to providing OEMs with the most cost effective, high-resolution microdisplays in the industry.
This news release includes forward-looking statements that reflect SpatiaLight's current expectations about its future results, performance, prospects and opportunities. SpatiaLight has tried to identify these forward- looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available to SpatiaLight and are subject to a number of risks, uncertainties and other factors that could cause SpatiaLight's actual results, performance, prospects or opportunities in the remainder of 2007 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are outlined in the Company's filings with the U. S. Securities and Exchange Commission, including its most recent reports on Forms 10-Q and 10-K.
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The Company will hold a conference call and webcast to discuss its 2006 results and outlook for 2007 at 8:30 a.m. EDT (5:30 a.m. PDT) on Friday, March 16, 2007. The general public is invited to listen to the call on the web at http://www.spatialight.com.Posts: 6410 | Registered: Jul 2006
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