eMagin corporation - Page 19

Sensics announced the immediate availability of a revolutionary line of upgrade-able high-performance head-mounted displays (HMDs). An upgrade-able panoramic HMD is a new and exciting concept that is exclusively offered by Sensics. It provides customers with dozens of high-resolution, panoramic HMD configurations to meet a very wide range of performance and budget requirements. At the same time, it delivers peace of mind and investment protection: should requirements change, customers are able to cost-effectively upgrade to panoramic models with even higher performance.

The new upgrade-able piSight configurations are immediately available and start under $35,000. The piSight uses eMagin OLED microdisplay modules.

Sagem Defense Securite has entered into a multi-year contract with eMagin to provide the microdisplays for its FELIN program. FELIN is the French Army's integrated soldier system. eMagin has already begun production to support this program, which will require more than 37,000 microdisplays through the life of the contract. The program schedule calls for Sagem to integrate the microdisplays over the next 72 months into the lightweight, ergonomic soldier systems for the active French Army regiments.

Revenue for the three and six months ended June 30, 2006 of $1.7 million and $3.3 million increased 157% and 147% respectively from $0.7 million and $1.3 million at June 30, 2005.

"Many of the displays produced last quarter will go toward building Z800 3DVisor systems for V3i's initial $1 million order. The remaining displays as well as ongoing production will support the building demand we see in the military and commercial OEM market segments. Recent OEM design wins in the first half of 2006 have led to greater visibility as these design wins convert to contracts. Clearly the advantages our OLEDs bring to applications have been proven in the field and now we're starting to see financial results through the initiation of large production orders."

eMagin and the U.S. Army will work together to develop a testing methodology to measure the useful life of AMOLED Microdisplays.

Under the terms of this Cooperative Research and Development Agreement (CRADA), eMagin and NVESD will develop better ways to assess the applicability of active matrix OLED displays in military systems on the basis of their usable lifetimes. Current methodologies for measuring lifetime of non-emissive displays, such as LCDs, do not apply to emissive displays like OLED devices. Rather, the display's lifetime depends on the specific application and can be much longer than most conventional models predict.

eMagin Corporation will provide several thousand microdisplays to Icuiti for production of its Tac-Eye(tm) display system. The agreement calls for an initial delivery of one thousand units with additional units to follow.

The Tac-Eye system combines ultra-low-power electronics and eMagin's industry-leading OLED microdisplays to deliver up to six hours of operation on a lithium battery. Brightness controls allow the operator to adjust for lighting conditions, daylight to darkness. Its high-contrast SVGA (800x600 triad pixels) OLED display combines with Icuiti's Quantum Optics (tm) to provide imaging from a wearable computer, laptop, thermal imager or vehicle-mounted computer system.

OLED microdisplays from eMagin provide power-efficient information displays for Liteye Systems' new LE-700 and LE-750 head-mounted displays (HMDs). Based on Liteye's new patented prismatic optic, the new 700 series HMDs also take advantage of the company's patented universal mount, which lets users locate the display in virtually any position.
The LE-750 provides a see-through configuration that fulfills the rest.

Like all Liteye personal displays, the 700 series is built rugged and water tight for use in any environment. It employs eMagin OLED microdisplays for power efficiency and ready operation, even in extreme heat and cold. Its new prismatic optic provides the clearest image and the greatest eye relief of any product in its class.

Revenue for the three months ended March 31, 2006 of $1.6 million increased 138% from $690,000 at March 31, 2005.

Net loss and loss per share applicable to common stock for the three months ended March 31, 2006 was $5.2 million or $0.05 per share and included $792,000 of non-cash expense associated with the expensing of stock options. This compares to a net loss of $3.5 million or $0.04 per share during the three ended March 31, 2005. Options were not expensed prior to 2006.

Building on the momentum of its recent SDK releases, the company is also moving aggressively to make 3D gaming more accessible, lowering the price of the award-winning Z800 3DVisor from its introductory price of $899 to $549. "We're seeing the initial adoption of our SDK by game developers, which has come at a time when we've been able to improve our OLED display production, so the time was right to make this move," said Susan Jones, executive vice president and chief marketing officer, eMagin Corporation. "The release and regular updates to our software developers' kit and collaboration with leading companies highlight our commitment to 3D virtual imaging in general and the gaming market specifically."

eMagin Corporation today announced the first four product offerings of its breakthrough OLED-XL(TM) microdisplay portfolio. eMagin's proprietary OLED-XL displays provide a new level of high performance imaging, with up to 410,000 hours luminance life, the widest temperature range, and the lowest power requirement of any commercially available SVGA resolution microdisplay system.

There are many good things to say about EyeBud 800's video quality: from what we've seen so far, it looks like eMagin's display and video processing are both more than up to snuff, rendering iTunes Music Store videos and user-ripped content with a level of clarity and color fidelity that is unmatched by the other wearable displays we've seen. The reason for this: eMagin's OLED display is simply superior to the LCDs we've seen in similar devices, especially in resolution (800x600), contrast, and saturation. What's most immediately noticeable is that there's nothing washed out about the video, which you can adjust in brightness to your liking: the blacks are close to true black, the whites are bright, and though the human eye can't discern them all, there are 24 million colors inbetween. No matter; they're vivid, and better than on most LCDs. Additionally, moving images looked better than we'd expected given the quality of the original iTMS videos - artifacting and other issues were hardly noticeable on the iTMS content we saw, and despite the high resolution, we didn't see evidence of over-defined pixels. To trot out a trite phrase, this was like watching a TV trapped inside a headset, and though we wouldn't say it was like watching a 60" HDTV in a living room, it was a lot closer than the other iPod options out there. Both of the iLounge editors who tested the 800 walked away impressed.

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