2/20/2004 - Performance Technologies (Nasdaq NM: PTIX) announced it has entered into an agreement to invest up to $3.0 million in InSciTek Microsystems, Inc. in the form of an interest bearing convertible note.
An initial $1.3 million in funding was made by Performance Technologies in conjunction with execution of the agreement. The balance of the Performance Technologies investment, part of an overall $4.0 to 4.5 million financing round for InSciTek, will be made in several stages over the next year based upon certain criteria. If all stages of the total investment are made by Performance Technologies, it will receive an option to acquire ownership of InSciTek during a future specified period.
InSciTek, based in the Rochester, New York suburb of Fairport, is an emerging company focused on providing easy-to-deploy and highly integrated communications server appliances for small to mid-size businesses. It is now shipping its first product offering, the Allworx® 10x, which includes an integrated PBX phone system, PC network and communication software such as email, calendaring and voicemail, in one single compact system. The Allworx 10x also provides secure Internet and remote access capabilities plus key business productivity features such as unified messaging and other group collaboration tools. The Allworx 10x is a competitive alternative to more expensive, multi-unit and multi-vendor solutions.
“We have strategically evolved our product portfolio by layering our network access, signaling and switching expertise over the packet-based Internet Protocol, or IP/Ethernet, and using it as the core technology thread,” said John M. Slusser, chairman and chief strategic officer of Performance Technologies. “Our recently announced acquisition of Mapletree Networks® further expands our ability to address packet-based applications such as voice over IP. InSciTek has developed an innovative convergence of most of these same technologies into a unique product offering that is a leading-edge representative of the future of packet-based systems. Because of this technology focus and vision, we feel the investment in and relationship with InSciTek will be highly synergistic with Performance Technologies.”
“We are particularly pleased to have this lead investment come from Performance Technologies,“ said George E. Daddis, Jr., InScitek president and CEO. “Not only does it provide us with resources to further execute our operational plans, but it also gives us a strategic connection with a company that is a recognized technology leader in packet-based product solutions. We look forward to this relationship with Performance Technologies.”
About Performance Technologies
Performance Technologies (Nasdaq NM: PTIX) is a leading developer of unified embedded computing products and system-level solutions for the communications, military and commercial markets. Serving the industry for over 20 years, our packet-based products provide our customers the ability to supply highly available and fully-managed systems with time-to-market, performance and cost advantages.
Performance Technologies is headquartered in Rochester, New York. Additional operational and engineering facilities are located in San Diego and San Luis Obispo, California, Norwood, Massachusetts and Ottawa, Canada. For more information, visit www.pt.com.
Previous Page | News by Category | News Search
If you found this page useful, bookmark and share it on: