The full newsrelease:
Wednesday February 16, 9:49 am Eastern Time
Company Press Release
Jordex Capital Corp. Announces iTech Capital Corp. Invests in Elastic Networks, Inc., 'Next Generation DSL'
VANCOUVER, BRITISH COLUMBIA--iTech Capital Corp. (iTech) announced today it has made an equity investment of US$1,500,000 in Elastic Networks, Inc. (Elastic), a
leader in advanced digital subscriber line (DSL) communications products. Texas Instruments Inc. [NYSE:TXN - news], Pequot Private Equity, L.P., and Manufacturers Life
Insurance Co. (USA) are among the principal investors in this $20,900,000 round series B of redeemable convertible participating preferred stock.
Elastic, formerly part of Nortel Networks (Nortel) was spun off in May 1999 and funded by $12.6 million in venture capital financing with Nortel retaining majority ownership
in the Company.
The Company's products include the ELMo family of multi-service DSL access multiplexers (DSLAMs), Elite modems and YesWare integrated network management software. These products incorporate Elastic's proprietary Etherloop technology in a cost-effective, scaleable and easy to deploy solution to exploit the under-utilized bandwidth of copper telephone wires.
Elastic's patented Etherloop burst-mode DSL technology solutions provide powerful, economical answers to voice and data needs. Designed for enterprises and carriers,
the products deploy high-speed services, delivering content and communications without boundaries. Etherloop also addresses the bandwidth intensive copper access
needs of both service providers and end users by delivering 4 Mbps of bi-directional bandwidth (to be increased to 6 Mbps in the year 2000 and 10 Mbps in 2001), based on
end user applications, which is significantly faster than current analog modem speeds, cable modems and other DSL technology.
``We are delighted to be shareholders in Elastic, a well managed, leading edge innovator of 'Next Generation`` DSL technology', said Brian Hinchcliffe, Chairman of iTech.
``Elastic has uniquely positioned itself to meet the rapid demand for high-speed bandwidth at the hospitality (hotels, conference centers, etc.), multi-dwelling unit (MDU)
real estate and carrier markets. Elastic's strategic partnerships with Nortel, Sprint, Darwin Networks, Williams Communications and others have enabled them to gain
significant access in these highly profitable markets.'
Learn more about Elastic by visiting their Website. elastic.com
ON BEHALF OF THE BOARD OF DIRECTORS
Brian A. Hinchcliffe, Chairman & co-CEO
Contact:
Jordex Resources Inc.
Jim Graham
Vice President Investor Relations
1-800-675-1749 or (516) 922-6404
E-mail: jimgraham@itechcapital.com
Website: itechcapital.com
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