Enablence Technologies Announces Several Strategic Milestones and Provides a Business Update, Including Financing
(firmenpresse) - TORONTO, CANADA -- (Marketwire) -- 10/15/12 -- Enablence Technologies Inc. ("Enablence" or the "Company") (TSX VENTURE: ENA), a leading supplier of optical components and subsystems for telecommunication access, metro and long-haul markets and enterprise and other applications, is pleased to announce the achievement of several strategic milestones that will be crucial in securing the Company's future. In particular, Enablence has established a new joint venture to expand business into the 40G/100G communication module space. Enablence has commitments to secure new equity investments and bank facilities to fund ongoing operations and has restructured its debt obligations. Key points include:
"These arrangements are the culmination of many months of work to stabilize the Company's operations and position Enablence to grow into markets of higher value added products." said Peter Dey, Chairman of the Board of Enablence. Further, Mr. Dey commented, "The establishment of a second joint venture with a strong Asian partner is testament to Enablence's industry-leading PLC-based Photonic Integrated Circuit technology. The other arrangements help provide Enablence with increased financial stability. We are very optimistic about the prospects for the Company now that it will be financially stable."
Business Update
Enablence believes that market conditions for its products are improving after a lengthy period of softness which has adversely affected not only the Company but the entire industry. As a result of the improvements in the Company's financial stability, the Company believes it will be well positioned to take advantage of the enhanced prospects in the market place.
Also, Enablence's first joint venture in Foshan, China, Enablence Sunblence Technologies Co., Ltd. ("Sunblence") continues to move forward toward commercial production. The current focus remains on improving yields and other optimization measures. Sunblence's low-cost, state of the art manufacturing facility helps ensure improving financial margins are generated. As new products are added, including PIC based TOSA/ROSA devices, it is expected that Sunblence will experience significant growth in the coming quarters.
About Enablence Technologies Inc.
Enablence Technologies Inc. is a publicly traded company (TSX VENTURE: ENA) that designs, manufactures and sells optical components and subsystems to a global customer base. It utilizes its patented technologies including planar lightwave circuit ("PLC") intellectual property in the production of an array of photonics components and broadband subsystems that deliver a key portion of the infrastructure for next-generation telecommunication systems. The Company's product lines address all three segments of optical networks: access (connecting homes and businesses to the network); metro (communication rings within large cities); and long-haul (linking cities and continents). For more information, visit .
Forward-looking Statements
This press release may contain forward-looking statements, in particular with respect to equity financing commitments, the restructuring of current debt obligations, including with the Company's noteholders, the sale of ENA Switzerland, revised banking arrangements and new credit facilities, repayment of the Bridge Loan, the expectations of two joint ventures in China and increased revenues, margins, profitability and future growth of the continuing operations that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR ww.sedar.com. Enablence does not intend, and disclaims any obligation, except as required by law, to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
(1) MI 61-101 requires the Company, in the absence of exemptions to obtain a formal valuation for, and minority shareholder approval of, the Related Party Transaction. The independent directors of the Company (excluding Peter Dey who is associated with a potential investor), have determined that an exemption is available from the formal valuation requirements and minority shareholder approval requirements under MI 61-101 due to the circumstances of financial hardship of the Company and independent directors have approved the Initial Financing unanimously.
Contacts:
Enablence Technologies Inc.
Sumeet Khullar, CA
Corporate Controller
(647) 729-1662
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Datum: 15.10.2012 - 13:31 Uhr
Sprache: Deutsch
News-ID 192378
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Machinery & Tools
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