Ca-Botics wins award for robotic installation of fiberoptics in sewers
Ca-Botics Fiber Systems (Dublin, OH) has won the award for Intelligent Community Technology of the Year from the Intelligent Community Forum project of the World Teleport Association (WTA; New York, NY). The Ca-Botics STAR (Sewer Telecommunications Access by Robot) technology "helps cities avoid construction and traffic congestion, while enabling broadband deployment that underpins the development of intelligent communities," according to the citation. "Ca-Botics is truly honored to be recognized by WTA as the provider across North America of the Intelligent Community Technology of the year," said Jack Conie, Ca-Botics president. "We appreciate our partnerships with Robotics Cabling GmbH of Berlin, Germany, and Stream Intelligent Networks Corp. of Toronto, Canada, in making this a reality."
Digital Lightwave announces cost-reduction initiatives
Citing industry conditions and overall weakness in the economy, Digital Lightwave Inc. (Clearwater, FL) has announced a workforce reduction of about 40 employees and consultants, and temporary cuts in all executive salaries of as much as 20%. The reductions are part of a cost-cutting program put in place because of the reduced revenue expectation for the company for the third quarter, previously announced on Oct. 2. In total, the reductions and actions are designed to reduce operating expenses by $5 million to $6 million on an annualized basis. Digital Lightwave expects to take a one-time restructuring charge of up to $500,000 in the fourth quarter of 2001.
EXFO reports strong year-end financial results
EXFO Electro-Optical Engineering Inc. (Vanier, Que., Canada) has announced a 104% sales increase, to US$146 million, and a 139% earnings increase, to $24.5 million, for the fiscal year ended Aug. 31. In the fourth quarter, sales increased 53% and net earnings decreased 11% compared to the same period in 2000. "EXFO delivered outstanding financial results in fiscal 2001, considering the slowdown in the overall economy and the reduced capital spending in the telecommunications industry," said Germain Lamonde, chairman, president, and CEO of EXFO. "We view the more challenging business environment as an opportunity for us to distance ourselves from our competitors and gain market share."
Innovative Communications Technologies closes second round
Innovative Communications Technologies Inc. (Seattle, WA) has completed its second round of funding, obtaining $750,000 from Northwest Capital Partners' Evergreen Venture Fund (Bellevue, WA). The money will be used for general corporate purposes and for expanding Innovative's ability to meet the needs of corporate customers. "We are pleased to have closed this round of funding after working many months with Northwest Capital Partners in a very challenging environment," said Barry Henthorn, Innovative's CEO. "Being one of the few developmental-stage companies to have obtained additional funding in this market indicates the confidence investors have in our product and business plan."
Also in the news . . .
MRV (Chatsworth, CA) expects its third quarter 2001 revenues to exceed previous projections in the $43 million to $47 million range and to climb above $50 million. The revenue projections do not include the proposed merger with its 92.3%-owned subsidiary, Luminent (Chatsworth, CA). . . . Finisar Corp. (Sunnyvale, CA) has agreed to the private sale of $100 million in convertible subordinated notes due 2008 to qualified institutional buyers. Finisar will receive $97 million in net proceeds and intends to use those proceeds primarily for general corporate purposes, including working capital. . . . Stratos Lightwave Inc. (Chicago, IL) has joined the Xenpak Multi-Source Agreement that establishes form-factor specifications for optoelectronic devices to be used in IEEE 802.3ae 10 Gigabit Ethernet applications. . . . Adept Technology Inc. (San Jose, CA) has completed the acquisition of CHAD Industries Inc. (Orange, CA).
Hassaun A. Jones-Bey