LOS ANGELES, Jan. 9, 2001 (PRIMEZONE) -- fiberSpace, Inc., an innovator in high performance laser sources for optical fiber communications, today announced it has entered into an agreement to sell approximately $12.1 million of series A redeemable convertible preferred stock to J.P. Morgan Capital, L.P, and one of its affiliates, and Morgenthaler Partners VI, L.P. The preferred stock is convertible into common stock of fiberSpace, subject to certain adjustments.
Dr. Leonardo Berezovsky, president and chief executive officer of fiberSpace, said, "We are gratified by the support of these two highly respected venture capital firms with unsurpassed expertise and reputation and their confidence in our technology and products under development."
Drew Lanza, venture partner at Morgenthaler Ventures, said, "The fiberSpace technology is both practical and broad in scope. They are commercializing technologies that people have been excited about for a long time. We welcome fiberSpace to Morgenthaler's extensive portfolio of optical components companies."
James J. Pastoriza, partner at JP Morgan Capital said, "JPM Capital is excited about being a part of the fiberSpace team. They have a unique laser technology that offers breakthrough price-performance across a number of communications applications."
Dr. Berezovsky also stated, "This new financing will assist the company in its planned deployment of a variety of fiber optic products including low noise, tunable laser transmitter modules and high performance optical receivers. The company's patented technology is a robust, cost-effective solution that improves the performance of semiconductor lasers by narrowing the spectrum of the light emission and increasing the fiber distance over which light signals can be transmitted without the need for electrical regeneration. The high stability, low noise laser source is designed to enhance the performance of optical networking systems by increasing fiber capacity to achieve maximum utilization of existing network resources and reduce capital expenditures."
About J.P. Morgan Capital Corp.
For almost two decades, J.P. Morgan Capital has invested in exceptional companies and management teams, helping them pursue opportunities and fulfill their potential. With a history of investments totaling more than $4 billion and a current portfolio of more than 150 companies in 23 countries, J.P. Morgan Capital is one of the most experienced and successful global private equity investors.
About Morgenthaler Ventures
Morgenthaler Ventures has been an active company builder since 1968, funding more than 150 companies, two-thirds of which are now public or part of public entities. Among the companies funded by Morgenthaler are Apple Computer, NEXTEL Communications, Inc., Vivo Software, Inc., VeriFone, Inc. and Ingres. Morgenthaler manages over $1 billion, including $570 million in the current fund, Morgenthaler Partners VI.
About fiberSpace
fiberSpace, Inc. is a privately held photonics company that is pioneering breakthroughs in fiber optic communications systems performance by developing a variety of products based on its patented, low noise laser transmitter technology. Headquartered in Culver City, Calif., the company's planned product portfolio includes high stability, frequency agile laser transmitter modules for OC-48 and OC-192 applications in closely spaced DWDM systems.