DGAP-News: Fallbrook Technologies Inc. Raises US $39 Million in Series E Financing to Accelerate Commercialization of NuVinci(R) Transmission Technology
ID: 310737
07.12.2010 14:00
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SAN DIEGO, Dec. 7, 2010 (GLOBE NEWSWIRE) -- Fallbrook Technologies Inc., a
company dedicated to improving the performance and flexibility of transmissions
for engine and human-powered devices, today announced that it has raised
approximately US $39 million in a Series E Preferred Stock private placement
financing. This brings Fallbrook's cumulative financing to approximately US $95
million since 2000.
The majority portion of the investment in the private placement financing was
made by a new international investor, Macquarie Capital Markets Canada Ltd.,
and its related parties ('Macquarie'). Other new international investors
included Sustainable Asset Management ('SAM'), of Switzerland, and Ningbo
Shentong Auto Decorations Co., Ltd. ('Shentong'), of China. There was also
significant participation from existing investors including NGEN Partners, of
California, and Robeco, of The Netherlands. CIBC World Markets Inc. and Mackie
Research Capital Corporation acted as agents on a portion of the Series E
fundraising.
As part of Macquarie's financing, Sean McIntyre, a Managing Director at
Macquarie will join the Board of Directors of Fallbrook. McIntyre stated: 'The
financing is consistent with Macquarie's approach to providing strategic
capital to clients to enable them to pursue growth initiatives.'
'The additional capital will support the commercial development of our
innovative and proprietary NuVinci(r) transmission technology into our five
current target markets,' said William G. Klehm III, Chairman and CEO of
Fallbrook. 'The potential of our NuVinci technology to impact diverse markets,
such as transportation and wind power, allowed us to attract new and
experienced investors like Macquarie, SAM and Shentong, as well as to receive
additional support from our existing investors.'
Fallbrook launched the NuVinci(r) N360, the second generation of its award
winning continuously variable bicycle drivetrain, this summer and recently
announced its entry into the automotive market with its NuVinci Delta Series?,
a line of accessory drives and primary transmissions that increase fuel
efficiency and vehicle performance. Fallbrook is also developing transmission
technologies for electric vehicle, small wind power and lawn care applications.
'Fallbrook is entering an exciting new phase as we transition from development
to an emphasis on commercialization,' Mr. Klehm stated. 'As potential partners
actively seek us out, we will carefully assess these opportunities and our
funding requirements to ensure that we maximize Fallbrook's commercial success
and stockholder value.'
Fallbrook plans to use the net proceeds from the Series E financing for working
capital, product development and general corporate purposes.
About Fallbrook Technologies Inc.
Fallbrook Technologies Inc. (Fallbrook) is a technology company dedicated to
improving the performance and flexibility of transmissions for vehicles and
equipment. Fallbrook's NuVinci(r) continuously variable planetary (CVP)
technology is applicable to machines that use a transmission such as bicycles,
light electric vehicles, automobiles, agricultural equipment, and wind
turbines, among others. NuVinci technology offers companies the flexibility to
design and produce next-generation products that are better tailored to their
unique business, market and competitive requirements.
Fallbrook has built an extensive portfolio of over 375 patents and patent
applications worldwide. Fallbrook intends to continue its research and
development activities to enhance the performance and capabilities of NuVinci
technology.
For more information, visit www.fallbrooktech.com
? 2010 by Fallbrook Technologies Inc. All rights reserved.
CONTACT: Fallbrook Technologies Inc.
Barry F. Berkov
(619) 549-3680
bberkov@fallbrooktech.com
News Source: NASDAQ OMX
07.12.2010 Dissemination of a Corporate News, transmitted by DGAP -
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Fallbrook Technologies Inc.
US
Phone:
Fax:
E-mail:
Internet:
ISIN: US9901381908
WKN:
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Datum: 07.12.2010 - 14:00 Uhr
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