Aspen Avionics Completes $12.8 Million Equity Financing, Adds Two New Board Members
Albuquerque, NM, October 11, 2012: Aspen Avionics announced today the closing of a $12.8 million round of equity financing to support continued product and emerging technologies development. All of Aspen's previous investors, including Granite Ventures, Sun Mountain Capital, Signal Peak Ventures, EPIC Ventures, Fort Washington Capital Partners and New Mexico Community Capital participated in the round. In addition, an investment group led by Dr. John B. "Jack" Mowell, also injected additional growth capital into the company. Jack Mowell and Captain Joseph D. Burns will join Aspen's board to provide additional aerospace expertise.
"These new investment dollars will assure that we can continue our growth as a major player in our industry," said Aspen's President and CEO John Uczekaj. "Aspen is thrilled to welcome Dr. Mowell and Captain Burns to our board of directors. Their in-depth experience in the aviation industry and regulatory agencies, combined with their visionary business acumen, make them a perfect fit for Aspen's senior advisory team. Jack's and Joe's input will be invaluable to Aspen's future growth initiatives."
Dr. Mowell was most recently Executive Director & Chairman of the Board of EMS Technologies, a leading, worldwide provider of communications products, services and solutions that served highly classified military, mobile and airborne wireless markets. Dr. Mowell was senior leader at EMS from that company's startup in 1978 until its acquisition by Honeywell in 2011. Dr. Mowell has a B.S. in Economics from the University of Pennsylvania, is a graduate of the Wharton School of Commerce and Finance, and has an Honorary Doctorate in Aviation from Rocky Mountain College.
Captain Joseph D. Burns is the Managing Director of Technology and Flight Test at United Airlines, where he has been employed since 1992. He currently serves on the Executive Advisory Board for Position, Navigation, and Time (GPS), the FAA's NextGen Advisory Council Subcommittee, and the Advisory Board for the National Center for Atmospheric Research. He is also a former Chairman of the A4A Air Traffic Council, Vice Chairman of the Airborne Internet Consortium, an industry/government group working on standards and applications for Internet use on commercial aircraft, as well as Chairman of ATN Systems, Inc., an airline-held Datalink consortium.
"Joe Burns and I recognized early on that Aspen has all the ingredients necessary to become a successful company in the general aviation arena...energy, innovation, solid management, and a passionate commitment to achieve," said Dr. Mowell. "We further recognize that a healthy infusion of capital would assure the financial integrity required to implement a strategic development plan, which we believe will make Aspen a prominent factor in the global avionics market."
About Aspen Avionics, Inc.
Aspen Avionics specializes in bringing the most advanced technology and capability into general aviation cockpits--and budgets. Our products increase situational awareness and reduce pilot workload, making it easier and safer to fly in both VFR and IFR conditions. The way we look at it, getting the latest avionics technology shouldn't always mean spending a lot of money--on equipment or installation. At Aspen Avionics, we design products to be affordable, easy to install, and easy to own.