SpatiaLight, Inc., a manufacturer of state-of-the-art liquid crystal on silicon (LCoS) microdisplay products, announced today that it has entered into two purchase order agreements.
SpatiaLight signed an agreement with SVA Information Industry Co., Ltd. (SVA), a leading Chinese television manufacturer and the only such manufacturer based in Shanghai, for the purchase by SVA of 2,205 SpatiaLight display units. SpatiaLight also signed an agreement with Global Display Limited, a Chinese television manufacturer, for the purchase by Global Display of 2000 SpatiaLight display units.
The purchase order agreement with SVA is the result of an agreement of principal terms which SpatiaLight and SVA entered into in October 2001, in contemplation of a definitive purchase order. SpatiaLight has worked closely with SVA and made specially tailored modifications to its SpatiaLight imagEngine microdisplays for SVA's development of a line of state-of-the-art 16×9 format, 720P High Definition LCoS televisions. SVA has confirmed its intention to SpatiaLight, originally provided for in the agreement of principal terms, to order significant quantities of display units in SVA's first and second full years of production.
The purchase order provides for initial integration, certification and product introduction phases followed by deliveries of display units for commercial sale purposes. Pursuant to the terms of the purchase order, the obligations of SVA will be backed by letters of credit in SpatiaLight's favor. The purchase order is subject to customary terms and conditions pertaining to the purchase by SVA of the 2,205 display units.
Pursuant to the purchase order agreement with Global Display, an initial shipment of twenty display units has been scheduled for delivery later this month. Additional shipments will be made periodically according to a schedule to be determined by the parties. The purchase order is subject to customary terms and conditions pertaining to the purchase by Global Display of the 2000 display units. Global Display was formed in 2002 as a subsidiary of the holding company Global-Tech Appliances, Inc., to be a private label manufacturer of high-end televisions for sale in the United States market.