Tao Group today announced an investment by MC Capital Europe, a wholly owned subsidiary of Mitsubishi Corporation, of approximately $3M following on the $18M investment by
Bowman Capital, Sony, NEC and Sharp (announced in September 2001).
Francis Charig, Executive Chairman of Tao Group, said, "We have been putting together an elite group of investors while strongly developing the company's management and engineering teams, its technology, products and customers. The companies that we have sought to invest into Tao have been those that could add significant shareholder value beyond the financial injection itself. Mitsubishi is certainly a world-class brand, which has exceptional compatibility with Tao, as well as the desire to help in driving our growth."
Yasu Hirao, of MC Capital Europe, said "Our role in Mitsubishi is to invest in companies that will bring a strong return on our investment and that we think we can add value to through our business resources. We've carried out extensive due diligence on Tao in terms of its technology, its partners and its customers and we are extremely confident that Tao is positioned to become a global leader."
