Nitronex: New Boss, New BucksNitronex: New Boss, New Bucks

Has closed $6 million in additional funding from its investors; names Charles E. Shalvoy executive chairman and acting CEO

April 9, 2004

1 Min Read

RALEIGH, N.C. -- Nitronex, a privately held manufacturer of gallium nitride (GaN) based radio frequency (RF) power transistors, today announced that it closed $6 million in additional funding from existing investors including Alliance Technology Ventures, TPG Ventures, and VantagePoint Venture Partners. The funds will be used to accelerate new product development and sales and marketing activities. To date, the Company has raised $50 million in venture funding.

Nitronex also announced that Charles E. Shalvoy has joined the Company as Executive Chairman and acting CEO. Shalvoy was most recently President and CEO of Conductus Inc., a leading manufacturer of superconducting products for wireless networks. Prior to Conductus, he was President and COO of Therma-Wave and throughout his career has held senior management positions with Aehr Test Systems, Emerson Electric Corporation, and Raychem Corporation. He is a graduate of the University of Notre Dame and Stanford University Graduate School of Business.

"I am excited about the opportunities at Nitronex as we begin to see customer adoption of the technology in many large, rapidly growing markets," commented Shalvoy. "We believe our GaN on silicon technology can provide significant performance and cost advantages in a number of markets and we expect to introduce our first power transistor products for the wireless market later this year."

Nitronex Corp.

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