Optical Sensing Solutions for Oil and Gas IndustryApril 27, 2006
Quorum Group invests $4 million to accelerate LxSix Photonics' development of photonic processes and technologies.
MONTREAL, QUEBEC /MARKET WIRE/ -- LxSix Photonics, a privately held designer of new photonic processes and manufacturing technologies for advanced optical solutions, announced it has completed a $4 million investment in the corporation by the Quorum Group of Companies ("Quorum"). The new funding will accelerate the development, marketing, and sales of the company's optical sensing solutions for the oil and gas industry.
By way of a private placement, the corporation issued a series of convertible debentures in the principal amount of up to $4,000,000 maturing on January 31, 2009. The principal amount of the debentures is convertible at the option of the holder into preferred shares of the corporation.
"LxSix has demonstrated to us technology innovation that Quorum believes can provide tremendous benefit to oil and gas as well as energy markets," said Wanda Dorosz, Chief Executive Officer at Quorum. "We look forward to working with LxSix to help grow its industry leading fiber-optic sensing solution."
"Fiber optic–based sensors are rapidly gaining in popularity due to inherent ease of use and superior properties. With the ability to distinguish multiple parameters in complex and harsh environments, they are opening the door to a new generation of smart optical sensing applications", stated Jacques Legare, President and CEO of LxSix. "Our sensors are ideally suited for the oil and gas industry, with wide ranging scope in upstream, mid-stream, and down-stream applications. Our objective is to combine forces with industry leaders accelerating the growth of LxSix and its innovative fiber optic–sensing solution."
In connection with the private placement, Wanda Dorosz, Chief Executive Officer at the Quorum Group, has been appointed to the board of directors of the corporation. Mr. Legare remarked that, "Quorum's role at the boardroom is very welcome to the corporation at this junction of our growth. Quorum has introduced LxSix to wide range of potential partners and customers."
About the Quorum Group of Companies
The Quorum group of Companies was founded in 1987 under the leadership of Wanda Dorosz, the current CEO and Managing Partner. It operates from its headquarters in Toronto, with subsidiary offices in Bermuda and London, UK. Since 1987, Quorum has successfully invested over $350 million on behalf of institutions and high-net-worth individuals in growth capital. It recently closed the Quorum Secured Equity Trust in December 2004, Canada's first pool for undervalued publicly traded Canadian companies.
About LxSix Photonics
LxSix Photonics is a privately held company leading the way in new photonic processes and manufacturing technology for advanced optical applications. LxSix Photonics designs and manufactures distributed, multi-function optical sensor solutions for complex and harsh environments, specifically addressing the needs of the oil and gas industry.
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