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For
Immediate Release:
January 15, 2001
Contact:
Cheryl Delgreco or Krys Monaco
PRstartup (for Axsun)
617-723-4004 or 603-893-5360
AXSUN TECHNOLOGIES COMPLETES $111-MILLION
ROUND OF FUNDING FOR MANUFACTURING EXPANSION
Billerica, Mass., January 15, 2001 — AXSUN Technologies, a developer
and manufacturer of photonic subsystems for optical equipment suppliers
has announced the closing of a $111 million round of financing.
AXSUN has pioneered the production of hybrid photonic products
using an integration platform that enables fiber optic equipment
suppliers to install smaller, more cost effective and reliable
photonic subsystems.
AXSUN will utilize this funding to expand manufacturing capacity,
and to develop its next generation of photonic subsystem products.
OppenheimerFunds led the round, with the Scudder Technology Innovation
Fund, the Dreyfus Premier NexTech Fund, Agilent Technologies, Amerindo
Investment Advisors, Analog Devices, Deutsche Banc Alex. Brown,
Wit Soundview, and others joining as new investors in the company.
Investors from AXSUN's previous financing rounds including Vantage
Point Venture Partners, Goldman Sachs, Ray Stata, Pivotal Asset
Management, Prism Venture Partners, Bowman Capital Management and
others also participated in this round of financing. In addition
to raising $101 million in equity investment, the company also
secured a $10 million capital equipment loan from Silicon Valley
Bank. AXSUN has raised a total of $157 million in debt and equity
financing since its inception in February of 1999.
"The backing of these renowned investment and technology companies
validates AXSUN Technologies' position as a leading provider of
next generation integrated optical solutions," stated Dr.
Dale Flanders, president and CEO of AXSUN Technologies. "The
market's response to AXSUN's first generation of Optical Monitor
Products has been phenomenal, and the new funding will allow us
to accelerate our business growth and product development plans.
Continued investments in staffing, sales, research and development,
and manufacturing will enable AXSUN to bring innovative products
to market utilizing our unconstrained packaging platform."
"The unprecedented growth of the optical networks market has
created exponential demand for the integrated solutions provided
by AXSUN
Technologies, which deliver high performance at significant cost
savings," said Bruce Bartlett, senior vice president at OppenheimerFunds. "With
its strong management and product development teams, and its cutting
edge manufacturing processes, we believe that AXSUN is well-positioned
to lead the industry in the production of integrated optical products."
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© AXSUN Technologies |
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About AXSUN Technologies
AXSUN Technologies, established in 1999, has developed a revolutionary photonic
packaging platform capable of integrating nearly any combination of optical
devices. The company applies this platform to the manufacture of a new class
of photonic subsystems including the industry's smallest, high performance
optical performance monitors. The company's agile optical products are central
to the transformation of the Wavelength Division Multiplexing (WDM) infrastructure
from an inflexible, constrained network to one that is agile and programmable
at the optical layer. More information about AXSUN is available at www.axsun.com.
About OppenheimerFunds
OppenheimerFunds, Inc. managed assets of more than $125 billion as of December
31, 2000, including more than 65 funds having more than 5 million shareholder
accounts. For more complete information about OppenheimerFunds, Inc., including
charges, expenses and risks, ask for a prospectus from your financial advisor,
or call OppenheimerFunds Distributor, Inc. at 1.800.525.7048, or visit the OppenheimerFunds
web site at www.oppenheimerfunds.com.
Read the prospectus carefully before you
invest or send money. |
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