Xenon Technologies to Acquire Photoflash Business
SINGAPORE – [June 03, 2010] – Xenon Technologies (Cayman) Limited (“Xenon Technologies”) today announced that a conditional agreement has been entered to acquire the entire Photoflash business from PerkinElmer, Inc.. PerkinElmer’s photoflash business is the market leader in the design and manufacturing of Xenon based flash lamps and flash modules that are used in camera photography. The transaction is expected to close by 30th June 2010.
Mr. Benjamin Pan, the Chairman of Xenon Technologies, said “Xenon flash has been adopted by most digital still cameras as it is the only flash technology that enables quality pictures to be taken. As more smart phones include high performance camera features, consumers are demanding all the high specification features of a digital camera including the Xenon flash in a smart phone. For example, the upcoming smart phone of Nokia N8 has set the standard of high quality camera specifications for all future smart phones. We are very excited about the growth potential of the Xenon flash technology and Xenon Technologies.”
The major shareholders of Xenon Technologies are AAC Acoustic Technologies Holdings Inc., GGV Capital and Credence Capital (Cayman) Limited.
Xenon Technologies Pte. Ltd.
Xenon Technologies is the world’s leading illumination solutions provider to a broad base of customers worldwide on a one-stop end-to-end basis to meet the needs of mobile phone cameras, digital still cameras, digital single-lens reflex cameras and other camera markets for nearly 600 imaging devices.
AAC Acoustics Technologies Holdings Inc. (“AAC Acoustic”)
AAC Acoustic is the world’s leading total solutions provider of miniature components. The Company designs, manufactures and distributes a comprehensive suite of miniature acoustic components. The products offered to its international and PRC customers include receivers, polyphonic speakers, speaker modules, multi-function devices, microphones, vibrators, transducers and headsets for mobile handsets, e-books, game consoles, notebook computers, cameras and other consumer electronics devices such as MP3 players and MP4 players.
AAC Acoustic is listed on the Stock Exchange of Hong Kong.
GGV Capital, formerly Granite Global Ventures, is an expansion stage venture capital firm focused on the United States and Asia. GGV Capital manages over $1 billion from its offices in Silicon Valley (Menlo Park), Shanghai, Beijing and Singapore. The firm invests across a range of sectors in information technology, services and healthcare, as well as the consumer growth sector in China. Representative investments include Alibaba (HKSE: 1688.HK), AthenaHealth (NASDAQ: ATHN), SuccessFactors (NASDAQ: SFSF) and XenoPort (NASDAQ: XNPT).
Credence Capital (Cayman) Limited (“Credence Capital”)
Credence Capital is a private equity fund, which invests in manufacturing companies in South East Asia and China. Its investment strategy is to invest into quality companies, leverage the expertise of its management team to provide value add and where appropriate, help grow these companies to their potential, including expansion into Asia and China. Credence Capital is in a position to avail itself to collective know-how and experience which covers a multitude of industries and varying levels and areas of strategic, financial, business development, networking, management, operational and technical matters. It is committed to adding value by closely monitoring and actively participating in the portfolio companies.
Xenon Technologies Pte. Ltd.
47 Ayer Rajah Crescent #06-05 Singapore 139947