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COLOR KINETICS CLOSES SECOND ROUND OF FINANCING
Armen Capital Management Leads Investor Group — $4.3 million raised
Color Kinetics Incorporated, the pioneer of full spectrum digital lighting,
today announces the completion of its second round of equity financing,
with Armen Capital Management signing on as lead investor. Other investors
include SAC Capital, Burch Investment Group and several private individuals,
including some involved in the company's initial financing round.
The $4.3 million investment will be used primarily to broaden product offerings
based on Chromacore™, Color Kinetics LED-based (light emitting diode)
patent-pending digital colored lighting technology, and to expand marketing,
sales and distribution efforts. According to industry leaders, LED lighting
is expected to become a multi-billion market in the next ten years.
Lead investor Armen Capital Management specializes in investments in public
and private securities and advises companies on financing and structural
issues. It boasts an impressive record of success in previous transactions
including Immunex Corporation and Antigenics, LLC.
"We are extremely excited about Color Kinetics and its revolutionary Chromacore
technology," noted Garo Armen, PhD, President, Armen Capital Management.
"Through our investment, and our board level participation, we look forward
to assisting this innovative leader in reaching the next level of growth
by capitalizing on its first to market position in a rapidly expanding industry."
George Mueller, CEO of Color Kinetics, was equally excited about the new
partnership. "The financial and strategic expertise of Armen Capital Management
is an exciting addition to a management team which will continue to focus
on growth and strengthening our competitive position in an industry which
our products quite literally define. Additionally, our private investors
add significant value through their deep ties and a wealth of expertise
within our strategic markets. With this funding, we look forward to helping
create a brighter and more colorful world."
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