Laserbit Launched in London

LONDON -- LaserBit Communications, the British-American-Hungarian developer of laser-based communications systems, has set up a subsidiary company in the UK to meet increasing market demand for its products. The company has just filed a patent for innovative technology that increases the availability and hence reliability of its systems to more than 99.9 per cent, greatly extending their range and potential applications. LaserBit Communications (UK) Ltd. is managed by Michael Acton, who joins LaserBit from his role as strategic business development manager at GK Data, a division of Dimension Data. A recent report from Merrill Lynch predicts that the market for free space optic (FSO) transmission systems such as those developed by LaserBit is likely to grow from its current value of $100 million to some $2 billion in five years.Laserbit Communications Corp.