Billerica, MA - September 30, 2002 - Continuum Photonics, Inc., an
emerging leader in high-performance optical subsystems and components
for the telecommunications industry, today announced it has closed on
$3 million in equipment financing and has added to its Series B equity
financing. Technology Finance, a business unit of GE Structured Finance,
provided Continuum with this round of equipment financing. GE Structured
Finance joins previous investors, Flagship Ventures and Prism Venture
Partners, who co-led the Series B equity round, Harris & Harris,
Massachusetts Technology Development Corporation (MTDC), Gainesborough
LLC, Arcadian Capital Management and key private investors.
Were very pleased to have a world-class firm such as GE
Structured Finance join our team as an investor in Continuum,
commented Jeffrey Farmer, Continuums CEO. We looked at a
wide array of financial institutions to provide debt financing for our
growth and we selected GE Structured Finances Technology Finance
team because of their strength in providing these services as well as
the strategic partnership opportunities they will provide as we continue
to build our company.
Continuums solid financial track record, as well as its
broad array of growth opportunities provided a strong business case
for our financing, said Gail Fitzpatrick, a Senior Vice President
with GE Structured Finances Technology Finance unit.
This equipment financing provides Continuum with the funds required
to continue executing on its development plan and to bring evaluation
units to customers. Continuum Photonics initial product is a family
of photonic switch subsystems that meet the critical needs of todays
optical networks: high performance, low loss and low cost in a scalable
switching subsystem that is wavelength, bit-rate and protocol independent.
Continuum demonstrated some of the key performance advantages of its
DirectLight technology at the March 2002 OFC conference in Anaheim,
including extraordinarily low insertion loss (less than 1db including
connectors), small footprint and very low power requirements. The company
expects to have evaluation units of its photonic switch subsystems available
in the first half of 2003.
Headquartered within Boston's high-tech beltway, Continuum is dedicated to bringing the highest performance photonic subsystem and system products to its customers. Leveraging commonality across its platform of patented technologies, DirectLight optical switches are the first in a series of products from Continuum aimed at changing the traditional economics of the communications and test industries. Founded in 1998, Continuum brings together a world-class team, and an extensive product history in aerospace, automotive, consumer products, and the military, where Continuum's products have been designed to meet the most demanding requirements. Continuum is supported through investments by Flagship Ventures, Prism Venture Partners, Harris and Harris Group, GE Capital, MTDC, Arcadian Venture Partners, and Gainesborough Investments.
For more information, please visit www.continuumphotonics.com
# # #
For Continuum Photonics, Inc.
Aaron A. Bent, PhD
Continuum Photonics, Inc.