Microvision, Inc. (NASDAQ:MVIS) announced that it has signed a license agreement for its PicoP® scanning technology with a Taiwanese ODM.

MicroVision and the ODM have signed a patent license agreement under which the ODM has a license to make and sell Laser Beam Scanning (LBS) engines. The engines the ODM is making incorporate components it is purchasing from third parties. Under the agreement, MicroVision would receive a royalty payment from the ODM for each LBS engine the ODM sells. This agreement is related to MicroVision’s recently announced co-marketing relationship with STMicroelectronics.

“We are pleased to enter into a patent license with this ODM for our LBS technology,” said Bharath Rajagopalan, Vice President of Business Development and Marketing at MicroVision. “We believe this agreement demonstrates the value of MicroVision’s LBS intellectual property and provides for new opportunities and potential products for LBS technology in the market.” (Original Source)

Shares of Microvision closed last Friday at $1.37, up $0.04 or 3.01%. MVIS has a 1-year high of $3.08 and a 1-year low of $0.89. The stock’s 50-day moving average is $1.23 and its 200-day moving average is $1.63.

On the ratings front, Aegis Capital Corp. analyst Michael Rindos initiated coverage with a Buy rating on MVIS and a price target of $2.90, in a report issued on August 8. The current price target represents a potential upside of 112% from where the stock is currently trading. According to TipRanks.com, Rindos has a yearly average return of 13.8%, a 50% success rate, and is ranked #1346 out of 4227 analysts.

MicroVision, Inc. is the creator of PicoP scanning technology, an ultra-miniature laser projection and sensing solution based on the laser beam scanning methodology pioneered by the company. MicroVision’s platform approach for this advanced display and sensing solution means that it can be adapted to a wide array of applications and form factors.