Spatialight, Inc., incorporated in 1989, is engaged in the business of manufacturing high-resolution liquid crystal on silicon micro displays. The Company's customers are original equipment manufacturers (OEMs) engaged in the business of manufacturing high-definition televisions or manufacturing light engines for incorporation into high-definition televisions. Its core product is LCoS Set. Its micro displays are high-resolution liquid crystal displays. They are constructed with a silicon chip, a layer of liquid crystals and a glass cover plate in contrast to the more common construction of liquid crystals sandwiched between two glass plates. The Company's displays are also known as, and commonly referred to as, liquid crystal on silicon (LCoS), liquid crystal displays (LCD), active matrix liquid crystal displays and spatial light modulators. LCoS Set comprises three of the Company's SpatiaLight imagEngine LCoS micro displays. Spatialight is focused on manufacturing one model of its LCoS Sets, the T-3 LCoS Set model, which has a 1920 pixels by 1080 pixels configuration. The Company has previously manufactured and continues to have in inventory its T-1 LCoS Set model, which has a 1280 pixels by 960 pixels configuration. In July 2004, Spatialight entered into an agreement with LG Electronics, Inc. (LG Electronics) providing the Company to sell a specially tailored version of its T-3 LCoS Sets to LG Electronics. In August 2005, the Company received a purchase order from LG Electronics for its purchase from the Company of an aggregate minimum quantity of 9,300 LCoS Sets for the period July through December 2005. Spatialight later agreed with LG Electronics to move the initial six-month delivery period to November 2005 through April 2006. The Company subsequently agreed with LG Electronics that the initial purchase order for 9, 300 LCoS Sets may be filled over a period of time that will extend beyond April 2006. In November and December 2005, the Company delivered a limited quantity of production LCoS Sets to LG Electronics based upon a revised delivery schedule. The Company has delivered limited quantities of its T-3 LCoS Sets to its Taiwanese customer, ThinTek Optronics Corp. The majority of these sales occurred during the year ended December 31, 2005. Spatialight has delivered limited quantities of its micro display products to its Chinese customers. One of its original Chinese customers, Skyworth Display LTD. (Skyworth), has commenced sales of televisions utilizing the Company's display units incorporating its T-1 LCoS Sets into the Chinese educational market. The Company is working with a number of OEM customers and prospective customers, located primarily in South Korea, Japan, Taiwan and China, to use its micro display products in their high-definition television end-product applications. In high-volume applications, Spatialight expects to continue custom designing its micro display products to fit a specific manufacturer's need for a specific product. Its LCoS Sets can be incorporated into a variety of products, such as high-definition televisions, rear-projection computer monitors, video projectors and head mounted displays. Spatialight competes with Sony, JVC, Aurora, Syntax-Brillian and eLCOS.

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