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Message: Enablence Technologies Raises $13.8 Million
| May 12, 2009 |
| Enablence Technologies Raises $13.8 Million |
| OTTAWA, CANADA--(Marketwire - May 12, 2009) - NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES. Enablence Technologies Inc. ("Enablence" or the "Corporation")(TSX VENTURE:ENA), a global leader in optical communications which provides Planar Lightwave Circuit (PLC) based products for Fiber-to-the-Home (FTTH), metro and long-haul markets, is pleased to announce that it has successfully completed its public offering. The Corporation issued an aggregate of 46,000,000 common shares (including 6,000,000 common shares pursuant to the exercise by the Agents of the over-allotment option in full) at a price of $0.30 per share for total gross proceeds of $13,800,000 (the "Offering"). Certain insiders, namely, Arvind Chhatbar, President and Chief Executive Officer, Ronald Benn, Vice President, Finance and Stephen Bower, a director of the Corporation subscribed under the Offering for an aggregate of 6,866,667 common shares for gross proceeds of $2,060,000. The Corporation anticipates using the net proceeds of the Offering for working capital, particularly to strengthen the Corporation's balance sheet, expansion of product lines, vertical integration and for general corporate, research and development, and marketing activities. "We are pleased with the support from the investment community for this raise at a difficult time in the market" announced Arvind Chhatbar, Chief Executive Officer of Enablence. "The additional cash resources will allow Enablence to continue to grow its revenue and customer base" added Mr. Chhatbar. The syndicate of agents in respect of the Offering was led by Paradigm Capital Inc., and included Haywood Securities Inc. and Raymond James Ltd. (together, the "Agents"). The Agents received a commission equal to 6% of the gross proceeds of the Offering, except with respect to purchases made by the Corporation's insiders and advisors, and compensation options entitling the Agents to purchase that number of common shares equal to 4% of the common shares sold pursuant to the Offering. Each compensation option is exercisable to acquire one common share of the Corporation at an exercise price of $0.30 per share for a period of 18 months. This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements. About Enablence Technologies Inc. Enablence Technologies Inc., (TSX VENTURE:ENA) a publicly-traded company headquartered in Ottawa, Canada, designs, manufactures and sells optical components, subsystems and systems to a global customer base. Enablence's Systems Division has an expanding Fiber-to-the-Premises (FTTP) product portfolio featuring a variety of architectural options. It enables service providers to evolve their access networks from traditional copper-based networks to advanced optical communications access networks that are based on state of the art IP and Ethernet standards, for triple play voice, video and data services including HDTV, IP Telephony and ultrafast internet access. The Division's network equipment has been implemented at over 420 services providers world-wide that serve over 4 million subscribers. Enablence's Optical Components and Subsystems Division is a global leader in applying Planar Lightwave Circuit (PLC) technology to integrate multiple components into a single optical chip to reduce footprint and costs. Network and equipment designers around the world turn to Enablence for a variety of components and subsystems for access, metro and long-haul including transceivers, splitters, waveguides, optical channel monitors, multiplexers, ROADMs, switches, tuneable dispersion compensators, and photodiodes. The Division serves over 120 system and subsystem developers and its products have been integrated in all major communications networks world-wide, serving tens of millions of subscribers. |
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