Aspen Avionics Completes $8.5 Million Series B Financing
Giving Company the Resources to Grow.
Albuquerque, NM July 23, 2007 -- Aspen Avionics (www.aspenavionics.com) announced today the closing of an $8.5 million round of venture financing led by Wasatch Venture Fund and joined by Sun Mountain Capital. In this Series B round, all of Aspen's original investors matched or increased the size of their original investments, and Sun Mountain came in as a new investor.
"We are extremely pleased by the confidence our investors have shown in Aspen's strategy and progress," said John Uczekaj, Aspen Avionics' President and CEO. "As we showcase our major new product introduction at EAA AirVenture in Oshkosh, this round of funding ensures that Aspen has the resources to continue to build a major avionics company, delivering state-of-the-art products and world-class support to our customers."
In a related move, Stephanie Spong, a principal of Wasatch Venture Fund, will take a seat on Aspen's Board of Directors.
"We are delighted to welcome Stephanie Spong to our Board," said Uczekaj.
Aspen closed its Series A venture round in December 2005, with investments by Granite Ventures, Fort Washington Investment Advisors, vSpring Capital and Wasatch Venture Fund.
About Aspen Avionics, Inc.
Aspen Avionics (www.aspenavionics.com) specializes in bringing the most advanced technology and capability from the commercial and business aviation markets into general aviation cockpits-and budgets. Our products increase situational awareness and reduce pilot workload, making it even easier and safer to fly in both VFR and IFR conditions. The way we look at it, getting the latest avionics technology shouldn't always mean spending a lot of money-on equipment or installation. At Aspen Avionics, we design products to be affordable, easy to install, and easy to own. The company can be found on the web at www.aspenavionics.com or may be reached at (505) 856-5034.
