ELK RIVER, MN -- Cymbet Corp. announced that it has completed a recapitalization of the company in connection with a $20 million equity investment led by U.S.-based Island Shore Investments (ISI). This significant investment and restructuring will eliminate the majority of long- and short-term debt, fund the completion of new products and provide significant working capital to expand Cymbet's business in important international markets. ISI and the other investors are highly successful operators and investors in the semiconductor industry with significant experience growing companies like Cymbet in the international electronic component marketplace.
"In today's challenging capital markets, Cymbet has been pursuing industry partners that share our vision of the company's potential." said Bill Priesmeyer Cymbet CEO. "We are fortunate to have new shareholders who both understand that potential and are financially committed to the success of our global sales and product development efforts."
Cymbet, a privately held clean technology company, is the world leader in solid-state energy storage solutions for microelectronic systems. The company's EnerChip devices are the first eco-friendly rechargeable solid state batteries that provide electronic systems designers new embedded power capabilities. Cymbet has manufacturing facilities in Lubbock, Texas, in partnership with X-FAB, and in Elk River, Minnesota.
Cymbet will use this investment to significantly expand sales, marketing and technical support resources in Asia and Europe. Cymbet also will bring to market new exciting devices such as the CBC34123 Real Time Clock with integrated EnerChip battery that will be used by Cymbet's customers to create innovative, miniature, integrated products that solve the most challenging applications.
Cymbet Corp. is the leader in solid-state energy storage technology. The company is the first to market eco-friendly rechargeable storage devices that provide embedded systems designers with new embedded energy capabilities. The company's EnerChip solid state batteries with integrated power management enable new concepts in energy storage application for ICs and new products for medical, sensor, RFID, industrial control, communications and portable electronic devices.