Nitronex Closes $6 Million Financing; Company Names New CEO.Business Editors RALEIGH, N.C.--(BUSINESS WIRE)--April 9, 2004 Nitronex, a privately held manufacturer of gallium nitride An alloy of gallium and nitrogen (GaN) that is used in semiconductor devices for lasers and LEDs, including blue lasers. Gallium nitride has the thermal and chemical stability required in laser applications. See gallium arsenide. (GaN) based radio frequency (RF) power transistors, today announced that it closed $6 million in additional funding from existing investors including Alliance Technology Ventures, TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général Ventures, and VantagePoint Venture Partners. The funds will be used to accelerate new product development and sales and marketing activities. To date, the Company has raised $50 million in venture funding. Nitronex also announced that Charles E. Shalvoy has joined the Company as Executive Chairman and acting CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Shalvoy was most recently President and CEO of Conductus conductus: see motet. Inc., a leading manufacturer of superconducting su·per·con·duct·ing adj. Having, exhibiting, or capable of superconductivity: "a revolutionary superconducting magnetic propulsion system" Colin Nickerson. products for wireless networks. Prior to Conductus, he was President and COO of Therma-Wave and throughout his career has held senior management positions with Aehr Test Systems, Emerson Electric Corporation, and Raychem Corporation. He is a graduate of the University of Notre Dame Notre Dame IPA: [nɔtʁ dam] is French for Our Lady, referring to the Virgin Mary. In the United States of America, Notre Dame and Stanford University Stanford University, at Stanford, Calif.; coeducational; chartered 1885, opened 1891 as Leland Stanford Junior Univ. (still the legal name). The original campus was designed by Frederick Law Olmsted. David Starr Jordan was its first president. Graduate School of Business. "I am excited about the opportunities at Nitronex as we begin to see customer adoption of the technology in many large, rapidly growing markets," commented Shalvoy. "We believe our GaN on silicon technology can provide significant performance and cost advantages in a number of markets and we expect to introduce our first power transistor products for the wireless market later this year." "Shalvoy brings tremendous CEO experience to the Nitronex team. We are delighted to have him on-board On board usually means to be traveling on some vehicle. For example, Baby On Board. Compare with overboard. Metaphorically, the term on-board is often used to refer to some piece of technology that is integrated in a moving vehicle, for example: The Company's patented GaN on silicon technology provides significant performance and cost advantages for a number of important markets including next generation wireless and LED applications, military communications Military communications, or Signals, is a field of military activities, tactics and equipment dealing with communications. First of all, military communications are battlefield (combat) communications, including intercommunication with a higher command or country's , and automotive electronics. Nitronex expects to introduce new power transistor products for power amplifier Power amplifier The final stage in multistage amplifiers, such as audio amplifiers and radio transmitters, designed to deliver appreciable power to the load. and base station equipment manufacturers later this year. About Nitronex Corporation (www.nitronex.com) Nitronex is a privately held developer and manufacturer of advanced Gallium Nitride on Silicon based products and innovative technology for the worldwide electronics industry. About Alliance Technology Ventures (www.atv.com) Based in Atlanta, GA, Alliance Technology Ventures (ATV) is a venture capital firm with over $250 million under management focused on investing in early-stage companies in the semiconductor, communication component, and life science industries. All of ATV's investment professionals have been directly involved in building early-stage companies and leverage that experience to help their portfolio companies grow through the progressive stages of research, development and commercialization. About TPG Ventures (www.tpgvc.com) TPG Ventures was founded in 2001 with $500M of capital and a team of experts to catalyze cat·a·lyze v. To modify, especially to increase, the rate of a chemical reaction by catalysis. catalyze to cause or produce catalysis. the creation of new businesses. Its investment focus is on early stage and acceleration round opportunities in information technology and biotechnology -- with an emerging practice in consumer companies. TPG Ventures is also an affiliate of the Texas Pacific Group, a private equity investment firm and the initial sponsor of the firm. About VantagePoint Venture Partners (www.vpvp.com) VantagePoint Venture Partners is one of the nation's most prominent venture firms, with $2.5 billion in committed capital in four funds. As an active multi-stage investor, the Firm provides funding and resources for all stages of a company's lifecycle from seed round through late stage and privately negotiated investments in public companies. VantagePoint is based on a full-service 'Partner-Team' approach that provides entrepreneurs with a blend of technology, venture capital, operations, marketing, and corporate-finance expertise. The Firm focuses on technology investments in the Communications, Semiconductor, and Software sectors as well as related growth industries including CleanTech, Healthcare Commerce and Internet 3.0. More information about VantagePoint is available at www.vpvp.com. |
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