Thursday, August 23, 2007

Syntax-Brillian Lands $20M Strategic Investment

High-definition television manufacturer Syntax-Brillian Corp. announced Thursday that it has raised approximately $20 million in strategic financing with Taiwan’s TECO Electric & Machinery Co. Ltd., a manufacturer of industrial, residential and technology-based electrical appliances and equipment. Syntax-Brillian said TECO’s investment comprises 3,083,945 shares of common stock priced at $6.4852 per share. No warrants were used in connection with the financing, Syntax-Brillian added. In addition to the funding, Syntax-Brillian said it has formed a three-way partnership with TECO and Taiwan Kolin Co. Ltd. The Tempe, Ariz.-based company said Kolin will manage supply chain issues and product development for various TECO-branded products, while TECO will provide supply-chain financing of up to $100 million in support of Syntax-Brillian’s Olevia-branded liquid-crystal display televisions.