eMagin corporation - Page 20

Sensics today announced the commercial availability of the piSight TM, a high-end panoramic virtual reality (VR) display system that delivers an unprecedented feeling of space and mass in a lightweight head-mounted display. The product of nearly a decade of research supported by NASA and a global car company, piSight uses a breakthrough patented optical design that provides for a 3D wrap-around visual sensation with 150° field of view, 2200x1200 pixels per eye in full color.

The head-mounted display weighs only 2 lbs (1 Kg) and includes an integrated six-degree motion tracker for a fully-immersive VR experience. It uses 24 eMagin OLED microdisplays.

Revenue for the three months ended December 31, 2005 of $1.3 million increased 146% from $518,000 at December 31, 2004. Full year revenue of $3.7 million increased 4% from $3.6 million in 2004. Backlog remains consistent at approximately $28 million.
Net loss and loss per share applicable to common stock for the three and twelve months ended December 31, 2005 was $4.8 million, or $0.05 per share and $16.5 million, or $0.19 per share as compared to a net loss of $3.0 million or $0.04 per share and $12.7 million, or $0.20 per share during the three and twelve month periods ended December 31, 2004.
Balance sheet showed $6.8 million in cash at December 31, 2005 and inventory of $3.8 million.

eMagin Corporation is supplying SVGA 3D OLED microdisplays for NordicNeuroLab's new VisualSystem. The VisualSystem product provides true 3D visual stimuli for fMRI (functional magnetic resonance imaging) applications.

According to Dr. Tormod Thomsen, Managing Director, NordicNeuroLabs, "Studies show that visual stimulation for fMRI measurements are more reliable with direct input through video goggles than with the conventional use of projection screens. eMagin's OLED microdisplays provide the contrast, color, and 3D capability to deliver the convincing visual stimuli required."

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The Eyebud 800 personal display delivers high-resolution video from any video-capable iPod or other personal video player. The SVGA (800 x 600) display delivers full-color video at a full 60 Hz from handhelds delivering SVGA, NTSC, or PAL signals. Its nearly 40-degree field of view provides a virtual image equivalent to a 105-inch display viewed from 12 ft. To complete the personal theatre experience, the display system also includes high quality stereo earbuds and a noise-canceling microphone.

With funding from the Naval Research Office, Virtually Better designed "Virtual Iraq" to support exposure therapy of anxiety disorders resulting from the high-stress environment. The treatment involves exposing the patient to a virtual environment containing the feared situation rather than taking the patient into the actual environment or having the patient imagine the stimulus. The virtual environment is controlled by the therapist through a computer keyboard ensuring full control of the exposure to the programmed situations. Virtual reality exposure treatment allows the therapist to manipulate situations to best suit the individual patient during a standard therapy hour (usually 45-50 minutes) and within the confines of the therapist's office.

Virtually Better chose to include eMagin's Z800 3DVisor as the medium for delivering the VR exposure. "It delivered the level of immersion we needed for successful treatments," said Ken Graaf, chief executive officer, Virtually Better. "The combination of the OLED displays delivering 3D stereovision and the wide field of view were a natural fit for the simulations we have been developing." Besides "Virtual Iraq," Virtually Better applications currently include Virtual Airplane, Virtual Audiences, Virtual Heights, Virtual Storm, and Virtual Vietnam. Built on the eMagin's proven OLED technology base, the Z800 3DVisor provides full-color, 360-degree, 3D stereovision through its state-of-the-art head tracking and SVGA 3D OLED microdisplays. With stereo earbuds and a noise-canceling microphone, the Visor enables group training scenarios as well as individual-based training and therapy sessions.

Revenue for the three months ended September 30, 2005 of $1.1 million was sequentially up 69% from second quarter. Revenue for the three and nine months ended September 30, 2005 was $1.1 million and $2.5 million as compared to $1.1 million and $3.1 million for the same periods ended September 30, 2004.

Net loss and loss per share applicable to common stock for the three and nine months ended September 30, 2005 was $3.8 million, or $0.05 per share and $11.7 million, or $0.14 per share as compared to a net loss of $1.8 million or $0.03 per share and $9.8 million, or $0.16 per share during the three and nine month periods ended September 30, 2004.

Balance sheet showed $5.1 million in working capital at September 30, 2005 as compared to $14.9 million on December 31, 2004. In October a private placement of stock and warrants was completed increasing cash $8.4 million after expenses.

"I'm pleased to report that we have made significant progress on many fronts this quarter. This quarter marked a milestone when we began shipping our first direct-to-consumer product, our Z800 3DVisor, which delivers capabilities beyond those of most current professional simulation headsets. We believe that this product represents a major breakthrough for the emerging virtual imaging industry," said Gary Jones, chief executive officer of eMagin.

eMagin Corp. has teamed with the Univ. of Michigan's Solid-State Electronics Laboratory (SSEL) to win a Small Business Technology Transfer (STTR) contract from The Office of Naval Research to study novel approaches for thin-film encapsulation. This research will enable small, lightweight displays and, potentially, flexible displays. For this project, eMagin and the Univ. of Michigan team will demonstrate a rugged and reliable thin-film encapsulation method for OLED displays.

"This award will advance technology to foster new generations of displays," said Susan Jones, executive vice president and chief marketing officer, eMagin Corp., in a statement. "The promise of this research is a rugged, low-cost encapsulation technique and process that can be applied to microdisplays as well as larger format OLED devices." According to professor Jerzy Kanicki, head of the Organic & Molecular Electronics research group at the University of Michigan, "This project should enable us to move key technology from the lab to the customer and enable a whole new generation of display products."

Financially strapped display technology supplier eMagin Corp. has entered into definitive agreements with investors for the purchase of $9.14 million of common stock and warrants.

Under the agreements, investors agreed to purchase 16,623,636 shares of common stock at a price of 55 cents per share and warrants to purchase up to 6,649,455 shares of common stock at an exercise price of $1.00 per share exercisable after seven months and expiring Oct. 20, 2010. The investors will also receive warrants to purchase up to 3,324,727 shares at an exercise price of $1 per share exercisable after March 31, 2007, and expiring Oct. 20, 2010.

Liteye Systems announced today that it has placed an order for initial production quantities of OLED microdisplays manufactured by eMagin Corporation to fill orders received from military and industrial customers in the United States, Europe, and Australia. Liteye has been developing low-power rugged monocular displays based on eMagin's OLED microdisplays for more than two years.
Kenneth Geyer, vice president of development, Liteye Systems, noted that the new orders come from numerous military and industrial customers who are moving from the testing and evaluation phase into deployment. "The outlook for 2006 and 2007 is bright as we anticipate additional programs moving into deployment phases."
Geyer noted that Liteye products are now in use in areas as diverse as dismounted soldier programs, infrared cameras, telemedicine, portable ultrasound, and the maintenance and repair markets.

eMagin Corporation is providing its microdisplays for Simrad Optronics' LP10TL Target Locator. The LP10TL is a fully integrated fire control solution.
The LP10TL provides instant target coordinates and fall-of-shot correction. The device is menu-driven and works well with field measurement devices, thermal cameras, terminals, gyros, and similar equipment. Providing dual 7x or 12x magnification and operating effectively from temperatures as low as -30 degrees C, the target locator system also incorporates GPS, digital magnetic compass, and a high-resolution OLED display. Its modular design offers a large number of possible configurations to meet each customer's specific requirements.

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