SALT LAKE CITY--(BUSINESS WIRE)--ZAGG Inc. (NASDAQ: ZAGG) (www.ZAGG.com) announced today that Horizons Ventures, Ltd., a Hong Kong investment firm controlled by Li Ka-shing, purchased a $3 million stake in HzO as part of a preferred equity investment. ZAGG owns a significant stake in HzO, a Utah-based company that provides WaterBlock™ technology for consumer and industrial electronic assemblies.
“Horizons Ventures believes HzO’s technology expands the world of mobile connectivity as it meets global consumers’ new expectations for mobile devices,” said Jason Wong, CFO of Horizons Ventures, who will serve in Horizons’ seat on the HzO board of directors.
"This new partnership with Horizons is an important step in bringing HzO’s WaterBlock technology to the global marketplace," said Robert G. Pedersen II, CEO and Chairman of ZAGG, and also Chairman of HzO Inc. "The function, value, and ubiquity of smartphones is expected to continue to increase in the future, and HzO is positioned to offer a unique solution to protect consumer electronics from water damage. Horizons is a very savvy firm deeply experienced in identifying and maximizing emerging technologies, and I am honored to work closely with them to quickly expand the HzO technology and further our ZAGG relationship."
ZAGG originally acquired HzO in 2009, then spun off HzO Inc. as a private independent company to improve and commercialize its WaterBlock™ technology.
The award-winning HzO technology is a unique process that creates a nanoscale, thin film coating that protects electronics against damage caused by exposure to fluids, which is the leading cause of lost functionality in electronics. The coating is transparent and can be applied to a variety of surfaces including plastic, metal and glass. In addition to water repellence, the coating can repel many oils, synthetic fluids, hazardous materials, dust and dirt. HzO intends to integrate its technology in multiple industries including consumer electronics, automotive, first responder devices, military devices and vehicles, solar energy, and industrial applications.
About ZAGG Inc
ZAGG Inc., based in Salt Lake City, prides itself on offering premium quality and superior service. ZAGG® is a market leader in innovative mobile device accessories that protect, personalize, and enhance the mobile experience. The company designs, produces, and distributes branded screen protection under the invisibleSHIELD® brand, keyboards, keyboard cases, earbuds, mobile power solutions and device cleaning accessories under the family of ZAGG® brands. In addition, the company designs, produces and distributes cases, earbuds and headphones under the iFrogz brands in the value-priced lifestyle sector. The company's products are sold worldwide in leading consumer and electronics retailers, wireless retailers and their affiliates, and through the ZAGG website. For more information, visit ZAGG.com.
About HzO Inc.
HzO’s proprietary WaterBlock™ is cutting-edge technology that protects valuable electronics from water, humidity, and other liquids. Powerful and invisible, WaterBlock™ protects on the molecular scale. HzO is commercializing WaterBlock in consumer electronics, military, marine, industrial and other markets. http://www.pcworld.com/article/243827/hzo_nanotechnology_seal_keeps_smartphones_from_drowning.html and http://www.youtube.com/watch?v=Tg6Bj_qfANI.
About Horizons Ventures Ltd.
Horizons Ventures is a Hong Kong-based investment company focused on early-stage companies in the field of telecommunications, media & technology.