CogniVue Corporation

CogniVue Corporation
MtekVision Co. Ltd.

MtekVision Co. Ltd.

July 25, 2011 08:01 ET

CogniVue Achieves Significant Milestone in Conversion to Profit Centre

SEOUL, SOUTH KOREA and OTTAWA-GATINEAU, CANADA--(Marketwire - July 25, 2011) - Today MtekVision Co. Ltd. and CogniVue Corporation announced the completion of a midway milestone in CogniVue's 3 year plan for conversion to profit centre operation with more than 10 design-ins and 3 year sales revenues of over $50M.

MtekVision launched CogniVue Corporation on January 1st, 2010 as a separate private Canadian corporation focused on providing technology that targets the emerging need for image cognition processing across multiple high growth markets. With this mandate and proven core technology developed while operating as an MtekVision R&D cost center from 2005 to 2009, CogniVue has created a new class of embedded processor solutions called "Image Cognition Processors". CogniVue's Image Cognition Processors and associated embedded software toolkits are being used in a wide range of high volume markets such as advanced driver assistance systems and gesture recognition applications for consumer devices. CogniVue has secured major design-ins with several automotive Tier-1s for smart cameras in automotive applications with volume estimates of millions of units in the 2013-2015 time frame. CogniVue has also secured several other notable customers in a range of markets such as GG Telecom ("Spypoint") which is using CogniVue's low power CV2201 processor for a wireless hunting camera for consumers, Light Blue Optics which is using the CV2202 for a gesture recognition processor in their display projector products, and Zorg Industries (Smart Park Automotive Technologies), a major supplier to world-wide brand names such as AudioVox and Toyota, is using CV2201 for a smart rear camera capable of object detection and distance estimation.

Sungmin (Michael) Lee, CEO of MtekVision, stated "MtekVision has made the core technology developed by CogniVue a priority by continuously investing in its research and development. With devices now in production enabling the proliferation of embedded smart cameras into many markets, we have every confidence this image cognition processing technology will achieve significant growth into 2012 and 2013." Simon Morris, CEO of CogniVue, added, "We are pleased with the progress of our team and very much appreciate the support MtekVision has provided to get us to this milestone."

MtekVision Co. Ltd. recognizes CogniVue as a strategic business partner, owning 45% of CogniVue Corporation. MtekVision will benefit from both an increase in chip sales as chip supplier to CogniVue, but also an increase in the book value of CogniVue as CogniVue's valuation is expected to increase with its first round of equity financing later this year.

About CogniVue Corporation

CogniVue Corporation is a fabless semiconductor company specifically focused on providing a new class of processors, called Image Cognition Processors, to better enable image and video cognition. In particular CogniVue develops low-power programmable image cognition centric system-on-chip processors and software for automotive vision systems, and smart video monitoring markets. Founded in 2005, CogniVue is a privately held company headquartered in Ottawa-Gatineau, Canada. For more information, please visit www.cognivue.com.

About MtekVision Co. Ltd.

MtekVision Co. Ltd. (MTV) is a fabless semiconductor solution provider that develops innovative multimedia processing and image device IC solutions for mobile and portable devices. MtekVision provides a one-stop solution in meeting customers' needs with System-on-Chip (SoC) design, software platforms, development tools, system solutions and comprehensive technical support. MtekVision is Korea's largest fabless semiconductor company and has shipped over 300 million chips. Founded in 1999, MtekVision is headquartered in Seoul, Korea with offices world-wide. MTV is a public company traded on the Korean KOSDAQ Exchange. For more information, please visit www.mtekvision.com.

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