Syntax-Brillian Secures $15.5 Million Strategic Investment
Syntax-Brillian Corporation announced recently that it has raised approximately $15.5 million in a strategic financing with investors including an entity controlled by John Jung-Jyh Wu, President and CEO of TCV Group, the company's primary supplier of plastic injection molded parts, and WesTech Electronics Limited of Singapore, a provider of electronic components for Syntax-Brillian's award-winning Olevia branded TVs.
The investment comprises 2,118,172 shares of common stock priced at $7.32 per share and three-year warrants to purchase 211,817 shares of common stock at an exercise price of $8.78 per share, exercisable beginning September 27, 2007.
This investment provides capital to continue Syntax-Brillian's growth, including expanding its manufacturing base and supporting the company's efforts to continue elevating awareness of the Olevia brand among consumers worldwide. “We're impressed with Syntax-Brillian's rapid ascent in the North American HDTV market and its potential to continue to capture market share into the future. We look forward to working closely, as a partner, with Syntax-Brillian to support its volume requirements as it builds recognition of the Olevia brand for HDTV excellence,” said Mr. Wu of TCV.
“This investment by key executives of TCV Group and WesTech once again validates our strategic direction and ongoing success,” said Syntax-Brillian CEO Vincent Sollitto. “This investment further aligns the interests of Syntax-Brillian and its shareholders with those of our valued supply chain members as we continue to work together to develop even more exciting next-generation digital entertainment products.”
Syntax-Brillian Corporation is one of the world's leading manufacturers and marketers of LCD and LCoS(TM) HDTVs and digital entertainment products. The company's lead products include its Olevia brand (www.olevia.com) of widescreen HDTV-ready and HD-built-in LCD TVs -- one of the fastest growing global TV brands -- and its Gen II LCoS(TM) 720p and 1080p rear-projection HDTVs for the high-end video/audio market. Syntax-Brillian's global supply chain, Asian operations and North American sales channels position the company as a market leader in consumer and high-end HDTV and digital entertainment products.
For more information, please visit www.syntaxbrillian.com