ITF Optical Cops Another $30M

New financing round brings the company's total funding to more than $68 million since start of operations in February 1998

October 18, 2000

1 Min Read

MONTREAL -- ITF Optical Technologies Inc. ( "ITF" ), a privately held leading designer, developer and manufacturer of passive photonic components for optical communication networks, announces the completion of a US$30 million (CDN$45 million) equity financing. This financing brings the company's total funding to more than US$68 million (CDN$103 million) since commencement of operations in February 1998. The round attracted US fund manager Fidelity Management & Research Company ("Fidelity"), on behalf of funds managed by it, as an addition to ITF's investor list. Existing investors Celtic House, Tyco Ventures and Essex Investment also participated in the deal.

"Our products enhance the performance of existing optical networks and are an attractive solution for communication equipment providers seeking to design and develop next generation optical networks. This financing will allow us to respond more quickly to the strong growth in demand for our products. It will help us increase capacity at our state-of-the-art manufacturing facility, train and integrate new employees and pursue the development of new products," said Eric Geoffrion, ITF's President and CEO.

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