Blusens becomes Blusens Global Corporation

Santiago/A Coruña, 28 April 2008.

Inveravante, the corporation presided over by Manuel Jove Capellán, and Blusens, the Galician consumer electronic manufacturer, have formally agreed on the entry of the former into the latter company. The operation was carried out through avantecapita, the division of Inveravante devoted to financial investment.

The entry is to take place by means of an increase in the share capital of Blusens Global Corporation, once the parent company and its subsidiaries Blusens Middle East and Blusens China have merged. By virtue of this operation, Inveravante acquires 47.5% of the capital, now that José Ramón García and Miguel Silva, co-founders of Blusens, have become the only shareholders, after having previously acquired the shares of the other minority partners. With a final evaluation of the company, after the increase in capital, of up to € 50 million, depending of compliance with the company's business plan, turnover for 2008 is expected to be in the region of € 70 million, rising to € 100 million in 2009.

Since its establishment in 2002, Blusens has boasted exponential growth that has led it to triple its turnover annually, with a business line based on technological innovation, proximity to the market and design, and it has stood out for earmarking up to 10% of its annual turnover for R&D, and significant amounts for Marketing. Moreover, its growth from zero, its expansion in the market and its enterprising spirit have led Blusens to be considered a case for study in prestigious business schools.

This is Inveravante’s first investment in the new technologies, and it comes in response to its interest in broadening its investment portfolio to other sectors, through participation in other companies with great potential for development, such as the case of Blusens, an innovative company to which INVERAVANTE will supply the financial solidity it requires to expand its activity on an international level, with the aim of having a presence in over 50 countries in 2008, at the same time as it diversifies its business line by entering the professional electronics market.

José Ramón García, Executive Chairman of Blusens, stresses that the company’s Strategic Plan” continues to make strides forward, meeting objectives. This new capital structure reinforces the company’s possibilities for guaranteeing the attainment of these objectives, whose principal measure is international expansion from 2008 on; a phase which we shall undertake as a solid business and with the same management”, adding that “The entry of Inveravante into Blusens is a consequence of a process in which we have evaluated not only purely financial aspects, but also other intangible factors that this corporation will supply us with.”

About Blusens

Blusens, a Spanish company set up in Santiago de Compostela in 2002, specializes in the latest generation of consumer electronics. The company, which, with its slogan ‘Be different’, is a pioneer in the setting of multimedia leisure, offers a wide range of products, including portable audio and video players, home digital entertainment and communications equipment (GPS, telecare, etc.). As a result of its international expansion, Blusens has a subsidiary in Dubai (United Arab Emirates), and in 2006 opened new offices in Hong Kong (China) to add to its already existing production plant.

About Inveravante

Inveravante is the corporation founded at the start of 2007 by the entrepreneur, Manuel Jove Capellán. Inveravante acts in different areas of activity: investment (avantecapita); energy (avantegenera); land management and development (avantespacia) and a fourth area, avanteselecta, which brings together investment fundamentally in the food industry (wine cellars) and hotel sectors.