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Element Labs Secures New Financing Linked to Cobra Momentum

Last week Element Labs closed a round of financing, led by Expansion Capital, a top tier Clean Technology venture firm. Based on the momentum developing in the new Cobra line of products, Expansion Capital provided additional funding to Element Labs to allow the company to take full advantage of new market opportunities. Leveraging off the existing products of Cobra V8 and C11, Element Labs will be developing and launching additional products off the same Cobra platform, in the near-term.

After Element Labs completed the 274 square metre City of Dreams casino project in Macau in June, Cobra has sold into numerous other applications around the world, including Times Square in New York. In addition, Element Labs has experienced increased demand for its industry standard products such as Stealth and Versa Tubes. A few examples where Element Labs products have recently been deployed include: Britney Spears Circus tour, Bay Adelaide Centre in Toronto, Eurovision Song Contest Moscow 2009, Hard Rock Café in Orlando, New Orleans Essence Music Festival 2009 and the 2009 Grammy Awards.

Total revenue in Q3 quadrupled compared to Q2, and bookings for the first month of Q4 exceeded those for all of Q3. New business in the last couple months has come from rental agencies in the US, Canada, Belgium, UK, Italy, Denmark, Germany, Japan and Mexico. To extend its market channels the company has signed distribution agreements in the US, Canada and Australia with LEDSource, SF Marketing and Bytecraft, respectively. Fixed installation projects include corporate headquarters, theaters, casinos, cruise ships, sports stadiums, restaurants, mobile trailers and retail store fronts. A popular segment around the world is TV studios, where Element Labs has seen a wide range of its products being deployed.

"We've seen a great response to Cobra. As the lightest, thinnest and easiest to deploy video platform in the market, it is extremely well-suited to many applications in rental, architecture and digital media. The fact that it consumes a fraction of the power of any competitive product and eliminates the need for fans or air conditioning is extremely important in fixed installations and achieves customers' commitments to green alternatives," says Marc van Eekeren, VP of sales and business development. "Cobra's V8 virtual pixelization gives customers the benefit of superior video quality.

Complemented by Cobra C11, customers have a choice if they want the higher resolution - both at very competitive prices," he adds. "C11 has gotten a strong response in the entertainment market where we're starting to book very large orders," said Barbara Nelson, president and CEO. "We're also seeing an increased demand for our Helix product especially in architectural installations, such as the voestalpine AG Headquarters, where customers want the creative lighting flexibility combined with powerful pixel-level mapping. The strong market acceptance of our new products was an important consideration in Expansion Capital's continued financial support."

Bernardo Llovera, general partner of Expansion Capital comments: "The launch of the Cobra V8 and C11 products has positioned Element Labs better than at any time in its history to take advantage of new market opportunities. It has been gratifying to see such strong market acceptance. The new funding will allow Element Labs the opportunity to continue the Cobra rollout and develop new line extensions. We're very excited by the possibilities."

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Element Labs Secures New Financing Linked to Cobra Momentum

10th November 2009

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