iTech's Elastic becomes a public company
iTech Capital Corp ITE
Shares issued 30,374,357 Oct 3 close $0.82
Wed 4 Oct 2000 News Release
Mr. Jim Graham reports
iTech Capital became a public company on Sept. 29, 2000, through an initial
public offering led by the investment banking group, Chase H&Q. The 7.8
million shares offered were priced at $13 (U.S.). iTech Capital owns
281,479 shares acquired at a cost of $5.33 (U.S.) per share.
Elastic Networks, headquartered in Alpharetta, Ga., designs and markets
next-generation DSL, high-speed digital subscriber line products. DSL
allows service providers to provide customers with broadband Internet
access over existing copper phone wires by using digital signals. Elastic's
proprietary technology called EtherLoop, a blending of DSL and Ethernet,
uses burst packet delivery, which minimizes many of the more serious side
effects of conventional DSL services.
The company was formed in January, 1997, by Nortel Networks Inc., and began
operating as an independent concern in May, 1999. Following the IPO, Nortel
Networks Inc. and Nortel Networks Limited own approximately 46 per cent of
Elastic's outstanding shares.
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