Kopin Announces Restructuring With Partial Spinout Of OLED Development Unit And Reduction In Force

• Kopin retains ownership of OLED Intellectual Property with exclusive bilateral license to newly formed Lightning Silicon, Inc. which will focus on advancing OLED microdisplay technologies and manufacturing strategies for the consumer AR and VR applications

• Kopin will retain 20% ownership in Lightning Silicon Technology, Inc. and receive royalties

• Lightning Silicon operates independently of Kopin

• Kopin further announces Reduction in Force due to increased efficiencies and profitability plan

Kopin Corporation, a leading developer and provider of transmissive and reflective active-matrix liquid crystal (LCDs), organic light emitting diode (OLED) and inorganic light emitting diode (LED) microdisplays, announces it has entered in a Technology License Agreement (the Agreement) with Lightning Silicon Technology, Inc. (Lightning Silicon), a California company. Lightning Silicon is a company formed by Dr. John C.C. Fan, Kopin’s Chairman of Board, and former Chief Executive Officer, to develop and supply advanced organic light emitting diode (OLED) microdisplays for the consumer augmented reality (AR) and virtual reality (VR) markets.

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“Consumer AR and VR products are projected to be a multi-billion-dollar markets”

“This Agreement is part of our plan to restore profitability to Kopin by focusing our resources on new and existing defense, industrial and consumer applications which are in line with our strategic plan,” said Mr. Michael Murray, Kopin’s Chief Executive Officer. “The agreement allows Kopin to reduce personnel, development and operational costs associated with OLED development, while continuing to both serve our core markets with all microdisplay technologies and participate in the consumer market upside, as it matures. In addition to the employees moving to Lightning Silicon, we also reduced headcount in our other product lines due in part to our operational improvement strategies providing increased efficiencies. As a result of the transactions above Kopin’s annualized payroll expense, excluding severance and similar benefits, are expected to decrease by approximately 25% since December 31, 2022,” said Mr. Murray.

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Under the terms of the Agreement Lightning Silicon will receive a license to certain Kopin intellectual property to develop, manufacture and sell OLED technologies for use in the consumer market. Kopin will receive an equity interest in Lightning Silicon and royalties from the sale of products related to the licenses. Kopin retains the ability and rights to develop, manufacture and sell OLED displays and complete optical solutions that include microdisplays to its core base in the defense and enterprise markets, as well as value added Consumer applications. We believe Kopin is the only provider that can offer fully integrated optical solutions with OLED, LCD, LCOS and micro-LED microdisplay technology, enabling it to provide the right technology for the application.

“Consumer AR and VR products are projected to be a multi-billion-dollar markets,” said Dr. John C.C. Fan, Kopin’s Chairman of the Board of Directors. “Lightning Silicon was founded to focus on further research and development of additional advanced OLED Displays and optics and lower cost manufacturing capabilities which will require additional investment and the establishment of low-cost production partnerships. To this end, Lightning Silicon is forming a close partnership with Lakeside Lightning Semiconductor Co. Ltd. based in Jiangsu, China who recently held a ground-breaking ceremony on a new 12” OLED fab to bring these advanced OLED microdisplays to market at high volume and low cost. The new 12” facility, together with Lakeside’s existing 8” wafer fab, is expected to provide large-volume, low-cost manufacturing capability to support AR and VR market demands,” said Dr. Fan.

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