Synchrony, Inc. Secures $10 Million Series B Investment

Third Security, LLC Provides Funding for Global Market Expansion

ROANOKE, Va., Nov. 29 /PRNewswire/ -- Specializing in the development andproduction of magnetic bearings, power, and control systems, Synchrony, Inc.announced today that it has secured $10 million in Series B financing from NewRiver Management V, LP and NewVa Capital Partners, LP, which are both managedby Third Security, LLC of Radford, Virginia. Affiliates of Third Security, LLCand NewVa Capital Partners, LP provided Synchrony with Series A financing inFebruary 2006.

According to Synchrony Chairman and CEO Dr. Victor Iannello, thisinvestment will allow the company to build on its recent successes, includingthe Fusion(TM) bearing, the only active magnetic bearing in the world thatdoes not require an external electronic control system. The company will alsocontinue to pursue strategic partnerships worldwide.

"This year has been one of robust growth for our company, including theexpansion of our research and manufacturing operations into a 58-thousandsquare foot facility. This substantial and continued commitment by ThirdSecurity allows us to continue our forward momentum and leverage our advancedtechnology solutions to customers worldwide," said Dr. Iannello. "Our entirecompany shares in my excitement that we are becoming the global leader inclean, efficient, and reliable energy solutions using our unique magneticlevitation and power conversion technologies."

In September, Synchrony announced plans to upgrade its operations andmanufacturing capacity located in Valley Tech Park in Roanoke County. Thesignificantly larger facility includes multiple work cells for the productionof its magnetic bearings, integrated drive trains, and electrical controlsystems. Additional space is devoted to quality assurance, includingautomated metrology instruments, and fixtures for testing of its products athigh rotational speeds allowing the company to deliver its products in thelarge quantities and at the high quality levels required by its defense,aerospace and industrial customers worldwide.

"Our simple credo is that if you like something, you should want more ofit, and we like this company," said R.J. Kirk, Chairman and CEO of ThirdSecurity. "Since our initial investment, we've carefully analyzed the globalmarket for Synchrony's products, closely monitored the company's operationsincluding the recent expansion of production capacity and tracked its steadyprogress through such innovations as Fusion(TM). We are very pleased to makethis investment in Synchrony's future."

Since its start in 1993, Synchrony has reached several significantmilestones, including a development program with Rolls-Royce to develop thestarter generator and power electronics module for a new supersonic cruisemissile engine. It has also received nearly $9 million in research contractsfrom the U.S. Department of Defense and NASA. Most of its current 28employees are engineers and technicians associated with its research anddevelopment activities. The company expects to more than double its employmentin 2008.

For more information about Synchrony, visit the company's website,www.synchrony.com, or by contacting Mr. Pat Risen, Director of BusinessDevelopment, (540) 989-1541 x103, pat.risen@synchrony.com.

NewVa Capital Partners, LP is a private equity/venture capital enterprisethat makes early stage investments in companies in the NewVa region ofsouthwestern Virginia. More information is available at the fund's website,www.newvafund.com.

Third Security, LLC is an independent private investment and advisory firmformed in 1999 to manage investments in public and private companies. Thefirm leverages its people, expertise and capital to guide investments andcompanies to higher levels of performance. More information is available atthe firm's website, http://www.thirdsecurity.com or by contacting David Snepp,Director of Communications (540) 633-7952.SOURCE Synchrony, Inc.David Snepp, Director of Communications of Third Security, LLC,+1-540-633-7952; or Pat Risen, Director of Business Development of Synchrony,Inc., +1-540-989-1541, ext. 103, pat.risen@synchrony.com