Press release on the company's next generation fiber-optic investment:
Atlantic Technology Ventures Signs Binding Letter of Intent to Purchase a Major Stake in Fiber-Optic Communications Company
03-23-00 09:09 AM EST | Company Diversifies Portfolio by Investing Beyond Pharmaceuticals and Medical Devices Into Next-Generation High-Speed Fiber Optic Communications Equipment
NEW YORK, March 23 /PRNewswire/ -- Atlantic Technology Ventures, Inc. (Nasdaq: ATLC), a company engaged in developing and commercializing a diverse portfolio of patented technologies, announced today that it has entered into a binding letter of intent to become a major investor in a privately-held company that is currently developing next-generation high-speed fiber optic communications technologies. The purchase price will include Atlantic stock and warrants, together with a staged cash investment of development funds over the following four quarters.
This investment will fund the development of what the company believes will be the world's fastest fiber optic transceiver. This groundbreaking technology is theoretically capable of time division multiplexing (TDM) digital data transmission speeds exceeding a Terabit-per-second on a single fiber optic channel, and is expected to be fully compatible with state-of-the- art dense wave division multiplexing methods (DWDM). By contrast, the newest state-of-the-art transceivers being introduced this year are capable of TDM digital data transmission speeds of 40 Gigabits-per-second on a single fiber optic channel, which is close to their theoretical electronic switching limit and 25 times slower than the proposed Terabit-per-second transceiver. This breakthrough technology is protected by two issued U.S. patents, and several pending U.S. and international patent applications.
Additional information regarding this privately-held company and its technology will be released immediately following the closing of the purchase, which will take place on or before May 12, 2000 and is subject to the satisfactory completion of formal technical, legal and financial due diligence by Atlantic.
"This investment reflects our revised strategy to diversify Atlantic's corporate portfolio by acquiring and commercializing breakthrough patented technologies with shorter product development cycles than pharmaceuticals and medical devices," said Dr. A. Joseph Rudick, Jr., President of Atlantic.
Safe Harbor Statement
Cautionary statement under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995: This press release contains certain forward-looking statements that relate to future scientific, business and financial performance. These statements are only predictions and are subject to a number of risks and uncertainties that may cause the actual events or results to differ from those discussed or implied in these statements. These risks and uncertainties include competition form other manufacturers of cataract-extraction technologies, the unavailability of any necessary intellectual property rights possessed by third parties, and certain of those risks described in Atlantic's most recent report on Form 10-KSB with the Securities and Exchange Commission.
SOURCE Atlantic Technology Ventures, Inc.
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