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GEO Semiconductor Secures $3 Million in Debt Financing - Converts into Series B

June 11, 2012 | William Zimmerman
GEO Semi.jpg
Provides Adequate Financing to Deliver 1st Silicon of Next Gen eWarp IC by Q1, 2013

Santa Clara CA - June 11, 2012 - GEO Semiconductor Inc. ("GEO"), the industry leader in programmable, high performance, geometric processor (eWarp) IC solutions for smartphones & peripherals, video communications, surveillance, wearable and automotive video camera markets, today announced that it has secured $3 million in debt financing, which converts into Series B equity when a certain threshold is achieved.  The Company is focused on completing $7+ million of Series B funding, signing additional strategic partners and completing the development of its next generation eWarp IC.
GEO plans to utilize the proceeds from the Series B financing to complete the development of its new GEN 4 eWARP processor, which is expected to tape-out in the third quarter of 2012.  GEO's low cost eWarp ICs simultaneously correct all optical and alignment issues, while enabling new applications such as real-time HD fisheye/360/elliptical de-warping and multiple-camera stitching in surveillance, video communications, smartphone & smartphone peripherals, and in automotive camera  applications.

GEO Semiconductor's Chairman and CEO Paul Russo commented, "I am very pleased that we now have the financing to complete the development of our next generation eWarp IC.  Interest in our GEN 4 eWARP processor is robust and we are in active discussions with more than 10 strategic partners that will use the new eWarp device in the smartphone peripherals, video communications, surveillance and automotive markets."
About GEO Semiconductor

GEO is the industry leader in programmable, high performance geometric processor ICs focused on smartphones, smartphone peripherals, video communications, wearable and automotive cameras, and surveillance markets.  GEOs highly patented eWarp platform technology features the lowest power and silicon cost for performing unlimited pixel transformations such as de-warping wide-angle, fisheye and 360 degree video streams and enabling all digital ePTZ (electronic pan/tilt/zoom).  In addition, eWarp processors can simultaneously correct for optical distortion and stitch together multiple camera video streams, allowing unlimited numbers of views (transformations) at no additional cost.   These capabilities result in lower optical system costs as well as reduced manufacturing costs through digital calibration.  eWarp also enables new product and feature categories hitherto not economically feasible using existing conventional approaches.  GEO's Emmy Award winning RealtaTM (real-time processing of video algorithms in software, trillions ops/sec) platform technology enables ICs that can perform Hollywood-proven video processing in software and in real time on a single device.  It is anticipated that at 40 nm and below, this superior approach will become fully competitive with conventional hard-wired video processing approaches. GEO is focused on the rapidly growing sensor-based camera markets, has in excess of 30 customers in production or design with its existing ICs, and has the next generation eWarp IC device in design.  GEO is headquartered in Santa Clara, California with offices in Toronto and Orlando, and sales channels around the world.

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