Press Release

For immediate release

For more information please contact: Ornit Avidar, Partner

Tel 972-54-4404551; e-mail: ornit@pn-vc.com  ; www.pn-vc.com

PNV is proud to announce that 3NOD Digital Group Co., Ltd., wholly owner of “Shenzhen 3NOD Electronics Co., Ltd.” (3NOD) completed a successful IPO in KOSDAQ, Korea.

Shenzhen 3NOD Electronics Co., Ltd. one of ten “key audio products R&D institutes of the nation” selected by China National Research and Development Center, is a leading Shenzhen, Audio consumer products design and manufacturing company. The Company produces and distributes audio products broadly classified into two categories:  the Personal Entertainment Systems (PES) namely PC/notebook and MP3 multi-media speakers and the Group Entertainment Systems (GES) namely home theaters and audio systems’ speakers and power amplifiers. The Company has ODM/OEM for domestic and international established brands and channels. The company reached about $50M revenue in 2006, increasing rapidly from US$30M in 2005 and US$19M in 2003, and in 2007 the growth momentum remains strong.

On August 17th 2007, 3NOD Digital Group Co., Ltd., completed an Initial Public Offering on the KOSDAQ of 12 million ordinary shares at an issue price of $2.71 per share, raising $32.5 million. The company was the first Chinese company to be listed in Korea. The 3NOD IPO valuation of $108M exceeded 4 times the investment valuation. On the first trading day opening price was $3.25, up 20% above the issuing price; the closing price reached $3.74 a share, 15% higher.

In Q4 2006 PNV together with Shenzhen Capital Group led a $6.5M round in the company. The team assisted the company to adopt international corporate governance as well as business, financial and legal international standard and assured a smooth IPO process.

PNV also added value to 3NOD by introducing "Waves" an Israeli company, with an advanced signal processing "Sound technology" chipset that enhances 3NOD's next generation sound systems.