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Optiwave Corporation
Secures Financing to Expand Simulation Software Products Ottawa, Canada, January 22, 2002 -
Optiwave Corporation, a world leader in the development of optical
simulation software for the fiber optics telecommunications industry,
today announced that it has secured $7 million in financing from VenGrowth
Capital Partners and the Business Development Bank of Canada (BDC). This financing builds upon the company’s
solid foundation and will support Optiwave’s long term growth and
strategic goals. This marks the first time in seven years of operation
that Optiwave Corporation has received external funding. “We are thrilled to have the support of
both VenGrowth and BDC,” said Z. Jan Jakubczyk, Ph.D., President and CEO
of Optiwave Corporation. “We are committed to expanding our product
lines and further solidifying our position as a world leader in
cutting-edge photonic design automation software. We have great momentum
going into 2002, and we will continue to develop top-of-the-line products
that give our customers a distinct competitive advantage in the fiber
optics telecommunications industry.” VenGrowth Capital Partners was originally
founded in 1982 and is one of Canada’s premiere venture capital
managers, with approximately $1 billion in assets under management. “The Optiwave team has that rare
combination of experience, vision, talent and proven ability to execute,
which will drive the company’s future success,” said Timothy Lee,
general partner at VenGrowth. “They’ve achieved tremendous
customer acceptance because their solutions address the productivity and
time-to-market issues that are at the heart of the optics industry.
We are extremely confident of the company’s prospects and look forward
to being its equity partner over the long-term.” The Business Development Bank of Canada is
a financial institution wholly owned by the government of Canada.
“Optiwave Corporation is a strong and dynamic company that is leader in
the emergent photonics field,” said Roger Giraldeau, Vice President,
Subordinate Financing at BDC. “BDC plays a leadership role in delivering
timely and relevant financial and management services, with a particular
focus on the emerging and exporting sectors of the economy. Optiwave
Corporation is a clear fit with the vision and mandate of our
organization.” About Optiwave Corporation Optiwave software has been licensed to
industry leaders and universities in more than 40 countries. For more information,
contact: Chris Boland Optiwave Corporation
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