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Hi Tech Solutions Raises $3 Million in Second Round of Financing


Rishon LeZion, Israel , January 2, 2008 – HTS (Hi-Tech Solutions Ltd.), a developer and supplier of Optical Character Recognition (OCR) computer vision systems, announced that it has raised $3 million in a second round of financing from Pegasus Capital Advisors, which is earmarked to fuel growth in the US and European markets.

HTS’s first round of funding was in 1997, and over the past years the Company has successfully implemented commercial OCR systems for a wide range of security, automation and management applications in the ports and traffic markets in 30 countries globally. Following the massive demand growth in the public, industrial, and personal security sectors, along with the need for automation and efficiency, HTS decided to increase its marketing efforts worldwide.

“This current round of funding will enable HTS to effectively expand marketing and sales efforts in North America and Europe, and to further invest in R&D, bringing additional products to the market' said Phil Elovic, HTS’s President and CEO. “We are pleased to begin working with Pegasus as their expertise in the US Homeland Security markets will be invaluable to us as we proceed with our US presence and marketing activities.”

'Pegasus is excited to add HTS to our portfolio of companies focused on homeland security-related technology and services,' said Craig Cogut, Co-Managing Partner of Pegasus. 'HTS is poised for growth both in the U.S. and globally due to their unique technology and capabilities. We along with Arik Arad, who leads our Israeli investments, have identified Israel as a leading incubator of technologies and human talent in numerous fields including homeland security, medicine and alternative/sustainable energy.'

Based on its proprietary technology, HTS focuses on two primary markets: container recognition in ports and a variety of applications in the license plate recognition market. All of the applications leverage the company’s core technology – implementation of unique neural networks and image processing applications – together with in-house developed hardware systems which are optimized for the OCR software requirements.

This versatile technology provides parties, both public and private, with secure, accurate and efficient solutions to ports automation and security, traffic management, homeland security and secures access and parking needs.

About HTS (Hi Tech Solutions Ltd.)

HTS is a leading developer and supplier of Optical Character Recognition (OCR) computer vision systems for a wide range of applications in the security, automation and management fields for the ports and traffic markets. HTS has successfully implemented commercial Container Code Recognition (CCR) and License Plate Recognition (LPR) systems in ports, traffic and security sectors in 25 countries worldwide, and has established partnerships with top tier global companies in over 10 countries. For more information, visit www.htsol.com

About Pegasus Capital Advisors

Pegasus Capital Advisors, L.P. is a private equity fund manager that provides capital to middle market companies across a wide variety of industries. Established in 1995, Pegasus manages over $1.8 billion in assets through several private equity funds and has made close to 70 investments since its inception. It is currently pursuing initiatives in several key sectors, including homeland security, renewable and conventional energy, all-natural human and pet foods, alternative building materials, LED lighting, niche consumer products and business services, as well as investments associated with sustainable business solutions for companies in other industries. The firm employs over 50 investment and advisory professionals working out of main offices in Cos Cob, CT and New York City. For more information, visit www.pcalp.com

Contact:
David Kanaan
Kanaan Public Relations
Tel.: +972-3-540-8188
E-mail: david@kanaan.co.il


Publisher Contact Information:

HTS - Hi-Tech Solutions Ltd.
+972-3-540-8188
david@kanaan.co.il

Company profile of HTS - Hi-Tech Solutions Ltd.
Past press releases of HTS - Hi-Tech Solutions Ltd. .

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