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[July 2007]
Palladium Equity Partners Makes $10 Million Commitment to Starfire Systems
Palladium Equity Partners LLC (New York, USA) and Starfire Systems Inc (Malta, NY, USA), a leading global developer and manufacturer of nanostructured advanced ceramic materials and finished products, have announced that Palladium has committed to invest up to US$10 million in Starfire through the acquisition of preferred stock in a private placement. Palladium's investment will provide growth capital for Starfire and the private equity firm will be Starfire's largest institutional investor.
Peter Joseph, a Managing Director of Palladium, said: "Starfire's nanostructured advanced ceramics position the Company to benefit from trends in the aerospace, automotive, electronics, energy and other manufacturing industries where advanced materials are central to growth and innovation. Under the leadership of Richard Saburro, Starfire's President, and his team, the Company has emerged as a provider of adaptable, light-weight ceramic products that have superior strength and durability. Starfire products offer innovative alternatives to conventional materials, enabling customers to realize reduced costs with more flexible design capability. We are delighted to make this commitment in support of the growth and success of an excellent New York-based company".
Starfire Systems develops and manufactures performance materials and products for electronics, transportation, aerospace and other key industries. Starfire's products are manufactured with proprietary ceramic-forming polymers that yield nanostructured ceramics with superior pr operties and lower cost compared to advanced ceramics produced with conventional methods. Products developed by Starfire are currently used in applications from ultra lightweight brake rotors for performance motorcycles to the NASA Space Shuttle's heat shield repair kit.
Starfire President and CEO, Richard Saburro, said: "Palladium brings both capital and manufacturing experience to Starfire at a crucial time as we expand our operations in a new facility and introduce groundbreaking new products to the industries we serve. Palladium will be a valuable addition to our team at STEP which, under the leadership of NYSERDA, has provided strong support for Starfire's growth and development. We look forward to working with Palladium, NYSERDA and STEP as we continue to develop a leadership position in the advanced ceramics industry, worldwide".
NYSERDA President and CEO, Paul Tonko, said: "Starfire is a prime example of a small company achieving growth and success through public and private partnerships, and we at NYSERDA are extremely pleased to see Starfire receive such great support from Palladium. The investment will help Starfire continue to succeed and complement the Governor's efforts to promote the manufacturing of clean energy and environmentally friendly technologies and enhance economic development in upstate New York".
www.palladiumequity.com
www.starfiresystems.com
ENDS