NuVision U.S., Inc., a Scottsdale-Based Manufacturer of High Performance Deep Black™ LCD and 1080p LED DLP® Televisions, has Received a Second Round of Funding from Mitsui Comtek Corp.
Scottsdale, Ariz. and Cupertino, Calif., Oct. 2, 2006 - NuVision U.S., Inc. (nuvision.com), a Scottsdale -based manufacturer of high performance Deep Black™ LCD and 1080p LED DLP® televisions, announced today that it has received a second round of funding from Mitsui Comtek Corp.
"Since we first aligned ourselves with Mitsui earlier in the year, NuVision has made significant advances," said Scott Deley, NuVision president & CEO. "This second investment by Mitsui is being made to help NuVision develop new products and capabilities to help it grow faster and further into the marketplace. We have had great interest from the investor community in NuVision, but Mitsui has been a great financial partner because it has also provided valuable technical expertise in product development, marketing, and strategic planning."
In connection with the funding, David Kaltsas, General Manager at Mitsui Comtek Corp, has been named to the Board of Directors of NuVision. Mitsui Comtek Corp is a subsidiary of Mitsui & Co, Ltd., the global trading company focusing on the IT & Electronics business in the U.S. market. Mitsui Comtek has been very active in enabling advanced display technologies to be launched into the consumer IT and CE markets through various strategic partnerships. Mitsui Comtek has been an early investor in a wide range of technology companies such as Gateway 2000, Nanosolar, and SiRF.
Jeffrey D. Buchanan, a member of the board of directors of NuVision and a Managing Senior Director of Alare Capital Partners, LLC, an Arizona -based strategic advisory and merchant banking firm, provided advice to NuVision in closing the funding. "This financing from Mitsui, along with the line of credit from Silicon Valley Bank, will be used to deliver NuVision's advanced products into the channel this fall," noted Buchanan.
Aimed at the discerning consumer who appreciates great performance, customer service, and sleek cosmetics, NuVision targets the CEDIA custom install channel and high -end A/V specialty retailers who professionally serve that same consumer.
In addition to announcing Mitsui's additional equity funding, NuVision has also recently displayed its new 1080p LED Illuminated DLP® television, 42" and 47"
1080p LCD monitors at CEDIA and also has brought industry veteran Charles Boornazian from D&M Holdings' Marantz brand on -board as the company's vice president - sales.
Images for the media available upon request (email charlie.leib@NuVision.com)
NuVision televisions are available through select retailers & custom installers nationwide. To locate a NuVision dealer near you please visit www.NuVision.com or call (877) 738 -7641
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