Business news from the Ascentive team
On Wednesday Pong Research Corporation, a science-based solutions startup that protects cell phone users from the potentially harmful effects of radiation exposure, announced a major capital investment by Catterton Partners, a leading consumer-focused private equity firm in North America. The investment will be used to accelerate Pong’s global marketing and distribution growth, particularly in North America, Europe and China. The terms of the transaction were not disclosed.
Pong’s patented cell phone cases are the only solution that has been proven in laboratories certified by the Federal Communications Commission (FCC) to redirect cell phone radiation away from the user while also protecting the cell phone’s signal strength. The user’s exposure to radiation is reduced by up to 95% below the FCC limit, as measured on the SAR (Specific Absorption Rate) scale. Pong’s proprietary technologies are backed by more than 15 years of research and development, resulting in discoveries in how to “direct” radiation through electromagnetic interactions. Pong’s target market is large and growing – the number of Smartphone users worldwide could top the 1 billion mark by 2014(1). The World Health Organization’s (WHO) recent classification of cell phone radiation as a possible carcinogen, Pong expects to benefit from a continued increase in consumer demand.
“Pong’s laboratory-proven devices allow consumers to substantially reduce their exposure to cell phone radiation without compromising cell phone performance,” said Dr. Shannon Kennedy, Pong Research Corporation President and CEO. “Our unique, patented offering, which is the result of years of scientific research and product development, has made Pong the global leader in products that protect consumers from the potentially harmful effects of cell phone radiation. We are very proud of the global appeal for Pong’s products, having now gained loyal customers in over 25 countries worldwide.”
The Pong team, led by Dr. Kennedy, will continue to manage the Company, taking advantage of the financial and strategic resources created by the partnership with Catterton. “Now that the International Agency for Research on Cancer, as part of the World Health Organization, has classified cell phone radiation as possibly carcinogenic to humans, we expect much greater consumer awareness and adoption, particularly in the U.S.,” Dr. Kennedy continued. “Our new partnership with Catterton will help us capitalize on that significant opportunity. We look forward to benefiting from Catterton’s financial and operational expertise, which we believe will allow Pong to reach the millions of consumers around the world who are looking for a proven solution to prevent unnecessary exposure to cell phone radiation.”
“Pong is on a trajectory of explosive growth, and we are delighted to partner with them to help bring Pong’s breakthrough products to more mobile users worldwide,” said Michael Farello, a Partner at Catterton Partners. “As the only manufacturer of protective cases that offer a simple, proven and cost-effective solution to reduce exposure to the potentially harmful effects of radiation transmitted by mobile devices, Pong is truly a game-changer in the industry. We look forward to working with the talented team at Pong and leveraging our financial and operational expertise to help Pong realize its significant growth potential.”
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