Business
Investment
Investment.
About this update from Truetide Plc
[{"type":"text","content":"\n Braveheart Investment Group plc\n13 February 2008\n\n13 February 2008\n\n Braveheart Investment Group plc\n ('Braveheart' or the 'Group')\n\n Investment in Elonics\n\nBraveheart (AIM: BRH), the technology commercialisation and investment\nmanagement company, announces that it has led a £2 million funding round into\nLivingston based Elonics Limited. Other investors included the Scottish Venture\nFund and private investors Sir Tom Farmer and Brian Souter.\n\nElonics was founded in 2003 and is the developer of 'DigitalTune', a flexible\nradio tuner chip technology platform that can be configured to support different\nstandards and frequencies for a number of applications. Elonics' DigitalTune\ntechnology will initially be used to develop the E4000 chip, a flexible TV tuner\nfor portable and handheld devices such as smart phones, laptops, etc.\n\nThe market for flexible tuner chips for mobile and handheld devices is currently\nsmall but is predicted to grow rapidly over the next few years. Elonics has a\ncomprehensive patent portfolio that places it in a strong position to capitalise\non future developments in this fast evolving field.\n\nThe E4000 is currently undergoing prototype development and evaluation and the\nfunding is designed to provide working capital to enable Elonics to complete the\ndevelopment of the product and take it to market by the third quarter of 2008.\n\nCommenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart\nsaid, 'Elonics' DigitalTune technology will enable the company to provide a low\ncost and flexible tuner chip that will place it in an ideal position to take\nadvantage of future growth in the market for mobile TV. The size of the\ninvestment we have made demonstrates the confidence we have in the potential of\nElonics' technology and management and consolidates Braveheart's reputation as\none of the key supporters of innovation in this field.'\n\nDavid Srodzinski, Chief Executive of Elonics, said; 'We have worked tirelessly\nover the last 3 years to refine our platform CMOS multi-standard RF technology.\nWe have now moved from concept to successful evaluation at multiple prospect\nsites throughout the world with a multi-standard Tuner product. The funding\ncomes at an excellent time for us as the markets are rapidly growing and\nprospect feedback is very good indeed'.\n\nNeil...