Newspaper article Sarasota Herald Tribune

Sunovia Secures Needed Financing

Newspaper article Sarasota Herald Tribune

Sunovia Secures Needed Financing

Article excerpt

SARASOTA COUNTY -- Sunovia Energy Technologies, the local LED lighting company that shook up its management in recent months, said it has lined up $5million in financing.

The capital will allow the company to ramp up production of its "Aimed Optics" light-emitting diode product lines to more than 10,000 fixtures per month by year's end, Sunovia executives said Monday.

The company, which has received incentives from Sarasota County to add employees, had been working hard to find capital to remain in operation. Sunovia fired its former chief executive in January and brought in consultant Mel Interiano -- who spent 15 years at Osram Sylvania Inc., another LED lighting concern -- to help improve and manage its operations. Late last month, Interiano was named CEO.

Sunovia said Monday that the $5million "financing was accomplished through a matching funds arrangement with a private credit facility whereby funds invested into a subscription agreement by accredited investors were matched on a one-for-one basis by the credit facility. …

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