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New investment firm 21st Century Group of Funds to invest $5M in LatAm Fiber for FTTH rollouts and $3M in Parsec Technologies
May 1, 2003
VANCOUVER -- New investment firm, 21st Century Group of Funds, agrees to invest an initial sum of US$5M in fiber-to-the-home rollouts in Homestead, Florida, and US$3M in Parsec Technologies Inc. to produce high-performance video components and opto-to-electronic conversions for active fiber optic components (analog and digital).
True broadband infrastructure can add $500 billion to the United States' Gross Domestic Product, according to tech research firm Gartner Dataquest. People familiar with Fiber-To-The-Home services are aware of the major advantages of delivering services over fiber optic Last-Mile infrastructures. The difference between FTTH enabled services versus CATV- and Telco systems based services is -because of the virtual unlimited bandwidth of optical fibers- in ways of quality, capacity and quantity. With other words, FTTH means: better, more, and faster.
The 21st Century Group of Funds' objective is to become the world's largest specialized investment firm to invest in promising, undercapitalized technology-, communications- and media- companies, as well as in the emerging broadband (optical fiber) last-mile infrastructures industry and in (high-tech) distressed markets.
To achieve this goal the brand-new investment firm decided to kick off its investment strategies with investments in LatAm Fiber Inc. and Parsec technologies Inc. Both companies are believed to become high earners for the firm, while becoming leaders in their respective fields. In a separate release:
WILLOW SPRING, N.C. -- Parsec Technologies Inc., a start-up company that, amongst others, develops video receivers to improve video transmission quality for enhanced television and video experience, announces it will receive US$3 million from 21st Century Group of Funds, to fund its continues development of high performance, state-of-the-art components for set-top-boxes and Customer Premises Equipments.
Parsec’s staff experience has given way to the company's expertise in components selection for coupling and matching techniques to increase performance, for both transmitter and receiver assemblies. Parsec's extensive component experience is matched by their system architecture knowledge, enabling them to have a better understanding of component and subsystem requirements.
"Parsec's is unique in its abilities to develop high performance components that are in demand for today’s cutting edge designs in FTTX," said Michael Neenan, President and Chief Executive Officer of Parsec. "The 21st Century Group of Funds funding will assure that we will meet our target of full commercial production during the last quarter this year."
One of the technology developments Parsec is currently finalizing will help improve video transmission and reception quality and enhance the television and video experience for people at home and in the office. FTTx operators will be able to fully utilize their bandwidths and deliver their customers high-quality Television signals and video communications, similar to DVD quality.
In a separate release:
HOMESTEAD, Fla. -- LatAm Fiber Inc., an start-up company that manages a facilities-based teleport, several miles of fiber, including a 15-mile 48 strand ring currently in construction around and in Homestead, Florida, announces it will receive initially US$5 million from 21st Century Group of Funds, to fund construction, development and operations of FTTH and FTTD infrastructures and True-Broadband services over these networks.
"The funding will assure that we will meet our target of commercial rollout of FTTH and FTTD services in the Homestead area from quarter one 2004," said Roman Martinez, President and CEO of LatAm Fiber Inc. "21st Century GOF is not only valuable to LatAm in terms of financing but also in terms of introducing companies and solutions to realize our state-of-the-art FTTx infrastructure- and architecture design and engineering."
LatAm has a management agreement in place with the Homestead's utilities to use their rights-of-way for its deployment. The company will develop a FTTH infrastructure to connect 12.000 existing households in Homestead, Florida and surrounding areas within a twelve to sixteen month timeframe. The city of Homestead has also permitted 7000 new homes over the next five years. LatAm is also expected to start building and rolling out FTTx infrastructures and network services to Miami homes and businesses in Quarter 2 of 2004. 21st century GOF is committed to LatAm's ambition to become the largest FTTx operator in Florida.
"The revolution of FTTH rollouts is inevitable and services over these high-capacity infrastructures are at the threshold of an obvious evolution from CATV and Telephone systems to Fiber-to-the-Home systems," said Neal S. Lachman, Chairman and CEO of the brand-new investment firm 21st Century Group of Funds. "LatAm has invested large amounts of private wealth and time and efforts to get to this stage. They are committed to build a network of the future today, which shows the visionary capabilities of its founders. Besides the necessary political contacts, Mr. Martinez also has the experience and skills as a highly regarded Telecom executive. We pride ourselves in being attached to this groundbreaking endeavor." 21st Century Group of Funds
LatAm Fiber Inc.
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