News Release from: Nallatech
Edited by the Electronicstalk Editorial Team on 14 February 2006

Nallatech finds funds for US expansion

FPGA computing specialist Nallatech has secured a $5 million funding facility from ETV Capital and Bridge Bank to fund its increased focus on the US market.

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FPGA computing specialist Nallatech has secured a $5 million funding facility from ETV Capital and Bridge Bank to fund its increased focus on the US market. The $5 million facility will be used to fund the implementation of the next phase of Nallatech's growth plan, which will see the majority of the company's resources focused on one of the fastest growing markets for high-performance FPGA computing solutions - the military and aerospace sector in the USA. The company will significantly increase its investment in US commercial activities during the first half of 2006 in order to meet the continuing growth in sales, including a doubling of headcount in the USA with the recruitment of additional sales and technical support staff.

'We are extremely pleased to partner with ETV Capital and Bridge Bank', said Craig Anderson, CEO of Nallatech.

'Together with the support and backing of our other financial investors, 3i and Scottish Equity Partners, this facility gives us the flexibility and financial resources we need to take advantage of the ever increasing demand for high-performance FPGA computing solutions in the US military and aerospace sector'.

'ETV Capital looks forward to working with Nallatech during this exciting growth phase'.

'ETV Capital believes that the innovative and international nature of the financing package put together by us and Bridge Bank is uniquely suited to Nallatech's financing requirements at this stage of the company's development', said a spokesman for ETC Capital.

'Bridge Bank is delighted to begin our relationship with Nallatech'.

'Nallatech is one of our key international technology clients and this exemplifies the Bank's commitment to serving technology companies with creative solutions', commented Michael J Field, Executive Vice President of Bridge Bank's Technology Banking Division.

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