News: Portfolio 2008

BPL Global Receives $23 Million in Funding

Investors include Morgan Stanley, IFA Group, Novitas Capital, El Dorado as well as a new partner

PITTSBURGH – August 5, 2008 – BPL Global®, Ltd. (BPLG), a smart grid technology company dedicated to leading the transformation of energy and information delivery, has received $23 million in funding, consisting of growth capital, bank financing and acquisition financing. Existing investors, IFA Group, Novitas Capital, El Dorado, and Morgan Stanley provided funding, as well as Cross Atlantic Capital Partners, a new investor to BPLG. The bank financing was provided by Bridge Bank N. A. BPLG intends to raise additional equity through private placements from select strategic investors in the third and fourth quarters of 2008. The financing raised will be used to accelerate product development, support corporate development and increase sales and business development teams globally.

 

“We expect, and are on track, to exit this year as a profitable company with positive cash flow and a strong international business base,” said Keith