This new funding will help us build on our leading position in the eWriter market as we expand our line of Boogie Board tablets and increase production capabilities. -Joel Domino, President and CFO
Kent, Ohio (PRWEB) June 28, 2011
Kent Displays announced today it has obtained over $7 million in public and private funding to finance growth and meet increased global demand for its Boogie Board™ LCD Writing Tablet and other products utilizing Reflex™ No Power LCDs. The Boogie Board tablet is sold by Improv Electronics, a Kent Displays subsidiary.
Funding sources include a $2 million Innovation Ohio loan, a term loan and a working line of credit. The Ohio Department of Development recently approved the $2 million Innovation Ohio loan that Kent Displays will use to purchase additional high-volume production equipment for its manufacturing facility in Kent. The equipment will increase capacity to enable the company to achieve over 100% revenue growth in 2012 for the third consecutive year and create 40 new full-time jobs mostly in manufacturing as well as sales and marketing.
“The Boogie Board LCD Writing Tablet is the first product of its kind in the world,” said Joel Domino, Kent Displays President and CFO. “It has created a new product segment – eWriters - that we expect will experience consumer acceptance and market growth similar to eReader products, another form of electronic paper. Both of these product segments offer significant advantages over their traditional paper counterparts in functionality and environmental-friendliness. Advanced materials like our Reflex LCDs have made these new product segments possible. This new funding will help us build on our leading position in the eWriter market as we expand our line of Boogie Board tablets and increase production capabilities. These products will further propel eWriters into the mainstream, decreasing the environmental impact of traditional paper use and helping us achieve our growth goals.“
The Boogie Board LCD Writing Tablet, the company’s first consumer product, was launched in January 2010. It was immediately met with great consumer demand and has experienced tremendous global sales success into 2011.
Improv Electronics recently launched two new Boogie Board tablet models and several new accessories. Another consumer electronic product featuring a Reflex LCD - the Skin Flik™ LCD Color Changing Case for iPod touch® 2G/3G devices - was also recently launched. A Boogie Board tablet with save capabilities will be launched later in 2011.
About Kent Displays
Founded in 1993, Kent Displays, Inc. is a world leader in the research, development and manufacture of Reflex No Power LCDs for unique, sustainable applications including electronic skins, writing tablets, smartcards and eReaders.
For more information about Boogie Board LCD Writing Tablets and Skin Flik LCD Color Changing cases, go to http://www.improvelectronics.com
For more information about Kent Displays, go to http://www.kentdisplays.com or contact us at info(at)kentdisplays(dot)com.
Boogie Board, Reflex, Skin Flik and Push Green are trademarks of Kent Displays, Inc.