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ISE Sells $6.7-million Share to North Arrows.

Heavy-duty hybrid electric drive system manufacturer ISE Corporation announced last week it has sold a $6.7-million equity share to New Jersey investment house North Arrows, LLC.

According to ISE, the purchase includes a $5.5-million preferred stock investment by North Arrows-ISE Investment LLC, an affiliate of North Arrows, LLC, a $500,000 preferred stock investment from existing ISE investors and the conversion of approximately $700,000 of convertible debt into preferred stock.

ISE said money from the transaction will go toward marketing, upgrading production facilities and other general corporate purposes.

"We believe we now have the strong financial backing to support our volume production expansion, establishment of a strong service network, and intensified product R&D efforts to ensure our customers always have the best systems available," said ISE CEO and president David Mazaika.

Contact: Matt Umbs, ISE, phone 619-287-8785 ext.150, e-mail mumbs@isecorp.com.

(EIN STAFF: 12/08)
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Publication:Electric and Hybrid Vehicles Today
Article Type:Brief Article
Geographic Code:1USA
Date:Dec 14, 2004
Words:151
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