6/21/2002 - Versatel Networks, Inc., a developer, designer and marketer of fault tolerant Service Creation Switches (SCS), today announced that it has arranged for a further $7.5 million dollars in additional financing. Companies participating in this round of financing include the Business Development Bank of Canada, Innovatech du Grand Montréal, Solidarity Fund QFL and the Société de diversification économique de l'Outaouais (SDÉO). Lead funding was provided by the Solidarity Fund QFL, whose Vice President -Technology Investment, Mr. Daniel Laporte, states, "We look for solid investments in Small/Medium Enterprises that are well positioned to technologically compete on a Global basis."
Versatel Networks plans to use this additional funding to further their product development activities while bringing to market a completely open, server based, carrier-grade platform for Application Developers, Service Providers and Systems Integrators. The Company's SCS, which bridges both traditional circuit/switched service nodes and next-generation voice infrastructures, is differentiated primarily by a very cost-effective and unique carrier-grade architecture. The SCS concept is based on a very powerful and elaborate operating system (call control) featuring an open concept that leverages industry development - by integrating leading edge technologies coming from "off the shelf" servers and standard cPCI hardware solutions.
According to Mr. Levis Malenfant, President & CEO, "Versatel Networks products were specifically designed to overcome the challenges facing the telecom networking industry in terms of reducing the cost of delivering services, while constantly providing new services in order to generate new revenue streams and increase customer loyalty. With our products, Application Developers, Systems Integrators and Service Providers will now have the means to deliver innovative, revenue-generating services, without risking the significant investments already made in current networks or in their future NGN infrastructure. In fact, our SCS integrates the concept of the Softswitch into a compact and flexible platform where all of the elements are connected through an IP link."
Throughout fiscal 2001 and Q1 2002 Versatel Networks achieved a number of significant milestones. The Company completed R3.0 of their Versatel Switch Operating System (VSOS) - the powerful core component of the Service Creation platforms that allows one or more applications to control the platform and provide the internal functions necessary for its operation. The company also launched their TotalAgilityTM SCS1500 and SCS4000 platforms - providing both large and small customers with a cost-effective and scalable solution that operates within an NT domain, as well as, within a Unix / Solaris environment.
About Versatel Networks
Versatel Networks, Inc. (formerly CML Versatel, Inc.) is a provider of open, mission-critical, telecom switching technologies. Its products provide Application Developers, Systems Integrators and Service Providers with powerful and reliable platforms on which to rapidly build new end-user services and applications. Telecom innovations such as the TotalAgilityTM family of products deliver the versatility required to help customers realize the benefits of Next-Generation services and technologies today while preserving existing network investments. For more information on Versatel Networks and its products, visit www.versatelnetworks.com
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