Contact Information: Philippe M. Content General Manager Sweerts & Vaas, LLC 297 Red Mill Road Freehold, NY 12431 T: +1.518.634.7950 C: +1.646.352.2388 F: +1.518.634.7951
More Pounce per Ounce(TM): LatchTool Receives Funding From Pervasive Technology Ventures
| Source: Pervasive Technology Ventures
NEW YORK, NY--(Marketwire - November 1, 2007) - Ewire -- LatchTool Group, LLC ("LTG" or the
"Company"), based in Colorado Springs, CO, a leader in the field of
microhydraulics, announced today that it has raised additional equity from
Pervasive Technology Ventures, LLC ("PTV" or the "Fund") to accelerate the
introduction of its hydraulically powered products into the market place.
No details of the transaction were announced.
"Our products are able to deliver more power in less space with less weight
and at a reduced cost," said Bob McPherson, CEO of the LatchTool Group. "It
is hard for small companies to develop radically new products. We are
counting on the help of investors like Pervasive to create a new industry
based on microhydraulics and its many applications."
"We are very pleased to have tied ourselves to the future success of LTG,"
said Philippe Content, General Managing Partner at PTV. "The Company owns
several patents in microhydraulics that allow for broad, cross-industrial
applications of the technology. Tools are just the tip of the iceberg.
Applications go across multiple sectors including aerospace, automotive,
robotics and many more."
Many hydraulic applications rely on complex pressurized systems that are
bulky and expensive. LatchTool's FastFlow® technology enables
unprecedented power densities in extremely small sizes. Systems weighing
ounces can leverage pounds into tons.
"This technology is to classic hydraulic circuits what the transistor was
to vacuum tubes. This is the Fund's first investment and the intellectual
property underlying the technology fits our pervasiveness criteria
extremely well," said Raj Singh, General Managing Partner at PTV.
Presently, the LatchTool Group is actively pursuing a partnership model to
bring the different applications to market, and will use the funding to
accelerate that process. The production and assembly of products will take
place in the US close to the original equipment manufactures (OEMs) that
have licensed the technology.
LatchTool Group LLC is the pioneer and leader in micro-hydraulics, an
applied technology that combines the power of closed hydraulics systems
with integrated fluidic controls. This technology enables a myriad of new
products -- robust tools, mightier robots, compact automated equipment,
more powerful OEM components, enhanced surgical devices, stronger
prosthetics, etc. LatchTool Group's Open Business Model licenses
applications to industrial players across industries to optimize the value
of the technology. LTG's five issued US Patents and over a dozen pending
patents establish worldwide protection around its micro-hydraulics
franchise, and the Company's applied development initiatives expand the
value of its intellectual property. "FastFlow® within..." is the
trademark to identify LTG's breakthroughs in fluidic valves and integrated
circuits. LTG is headquartered in Colorado Springs, CO and can be found at
http://www.latchtool.com.
Pervasive Technology Ventures is an early stage venture capital fund based
in New York, NY. The fund invests in pre-revenue technologies and
intellectual property that has applications across multiple market sectors.
Both the principals of the Fund have extensive experience in helping early
stage technology companies successfully bring products to the market.
Philippe and Raj can be reached respectively at phil@pervasivetv.com or
raj@pervasivetv.com.