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Investment in Elonics


13 February 2008

Braveheart Investment Group plc
(“Braveheart” or the “Group”)

Braveheart (AIM: BRH), the technology commercialisation and investment management company, announces that it has led a £2 million funding round into Livingston based Elonics Limited. Other investors included the Scottish Venture Fund and private investors Sir Tom Farmer and Brian Souter.

Elonics was founded in 2003 and is the developer of ‘DigitalTune’, a flexible radio tuner chip technology platform that can be configured to support different standards and frequencies for a number of applications. Elonics’ DigitalTune technology will initially be used to develop the E4000 chip, a flexible TV tuner for portable and handheld devices such as smart phones, laptops, etc.

The market for flexible tuner chips for mobile and handheld devices is currently small but is predicted to grow rapidly over the next few years. Elonics has a comprehensive patent portfolio that places it in a strong position to capitalise on future developments in this fast evolving field.

The E4000 is currently undergoing prototype development and evaluation and the funding is designed to provide working capital to enable Elonics to complete the development of the product and take it to market by the third quarter of 2008.

Commenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart said, 'Elonics’ DigitalTune technology will enable the company to provide a low cost and flexible tuner chip that will place it in an ideal position to take advantage of future growth in the market for mobile TV. The size of the investment we have made demonstrates the confidence we have in the potential of Elonics’ technology and management and consolidates Braveheart's reputation as one of the key supporters of innovation in this field.'

David Srodzinski, Chief Executive of Elonics, said; “We have worked tirelessly over the last 3 years to refine our platform CMOS multi-standard RF technology. We have now moved from concept to successful evaluation at multiple prospect sites throughout the world with a multi-standard Tuner product. The funding comes at an excellent time for us as the markets are rapidly growing and prospect feedback is very good indeed”.

Neil Ross, head of the Scottish Venture Fund, commented, “Elonics is an innovative Scottish company capable of becoming a world-leading business. The Scottish Venture Fund co-invests alongside the private sector to encourage more investment in these exciting, growing Scottish companies.”

For further information, contact:
Braveheart Investment Group
www.braveheart-ventures.co.uk
Geoffrey Thomson
Chief Executive
Tel: 01738 587555

Tavistock Communications (for Braveheart)
Rachel Drysdale
Simon Hudson
Tel: 020 7920 3150
rdrysdale@tavistock.co.uk

Elonics Limited
David Srodzinski
Chief Executive
Tel: 01506 402364

Scottish Venture Fund/Scottish Enterprise
Ruth Andrew, Scottish Enterprise
Tel: 0141 228 2717
Mobile: 07768 615 154
Email: ruth.andrew@scotent.co.uk


Notes to Editors

Braveheart was formed in 1997 by four Scottish businessmen as a co-investment vehicle in order to pool their money and knowledge, increase diversification and also reduce risk.

It makes investments in young, emerging, unlisted companies where there is potential for significant growth, through the successful commercialistion of their IP. Typically, Braveheart’s investments are focused on British companies with potential global technology solutions. However, the Group also maintains limited exposure to more traditional businesses.

Braveheart’s portfolio ranges from start-up companies to businesses which are close to an IPO or sale. Each year out of several hundred business plans received, around ten investments are made, all of which demonstrate attractive exit potential. These opportunities emanate from Braveheart’s network of contacts, which includes the Group’s own clients, and close relationships


Publisher Contact Information:

Scottish Enterprise
+44 141 228 2717
ruth.andrew@scotent.co.uk

Company profile of Elonics Limited
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