Controlling Interest In SIM2 Multimedia Acquired By Upper Level Management

October 12, 2006

SIM2 Multimedia CEO Maurizio Cini has announced that FINSIM, a private investment group headed by Cini and other SIM2 management, has purchased a controlling interest in the company from Italian television manufacturer Seléco SpA. The announcement came at a recent press conference held by SIM2 USA, a wholly owned subsidiary of the Italian manufacturer. "It is extremely beneficial for both SIM2 and our customers that company management now also has primary ownership of the company," comments Cini. "This results in a unified vision of company strategy that focuses on long-term goals and core development rather than just on short term profit. This has been a landmark year for SIM2, and the 2006 CEDIA Expo was easily the most successful one in our company history. In the coming year, our hard-earned success and continued growth in this core channel will allow us to make important investments in research and development, and expand into additional professional and high-end markets." The announcement comes on the heels of SIM2's introduction of eight new models in its 1080p lineup of DLP™ front projection systems, and the continuing success of the company's C3X line, which posted category-dominating sales figures for the second straight fiscal quarter.

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