Advanced MicroSensors Completes Second Round of Financing.Business/Technology Editors CLINTON, N.J.--(BUSINESS WIRE)--Sept. 12, 2000 Advanced MicroSensors, Inc. (AMS AMS - Andrew Message System ), a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. established to develop and manufacture Micro-ElectroMechanical Systems (MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. ) related products and magneto-resistive (MR) thin-film tape heads, today announced that it has completed a second round of financing for $8M. FITEL FITEL First International Telecom Technologies, Inc. and Lafe' Holdings Ltd., participated in the second round of financing. "These investments will allow AMS to aggressively develop and commercialize new product applications utilizing our MEMS and MR technologies. MEMS is a core technology platform with the underpinnings for broad product applications in optical communications Optical communications The transmission of speech, data, video, and other information by means of the visible and the infrared portion of the electromagnetic spectrum. , industrial and electronic markets," said Tim Stucchi, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AMS. MEMS devices combine electronics with microscale mechanical devices resulting in microscopic machinery that can be used to sense, switch, isolate, attenuate To reduce the force or severity; to lessen a relationship or connection between two objects. In Criminal Procedure, the relationship between an illegal search and a confession may be sufficiently attenuated as to remove the confession from the protection afforded by the or otherwise control light or electronic signals. For many design applications, MEMS devices take up less space and consume less power than traditional electrical and electromechanical The use of electricity to run moving parts. Disk drives, printers and motors are examples. Electromechanical systems must be designed for the eventual deterioration of moving components that wear over time. The first TVs were electromechanical systems (see video/TV history). components and are less costly to produce in large volumes. They are expected to play a key role in a wide variety of future-generation optical and electronic components. FITEL Technologies, Inc., a fiber optic and optoelectronic components company located in New Jersey, was one of the investors in AMS' second round of financing. "This is an investment in a technology and a company that will help FITEL Technologies move to the forefront of enabling the growth of Optical Network Systems," said John Pilitsis, CEO of FITEL Technologies. "AMS has been a leader in the development of MEMS technology, and this relationship will allow FITEL to leverage AMS' advanced proficiencies to develop a unique and outstanding MEMS platform." AMS also has extensive experience in producing recording heads for tape drives and will supply Lafe' thin film MR heads for multiple customers. "Magneto magneto: see generator. magneto Permanent-magnet alternating generator used mainly to produce electrical current for the ignition system in various types of internal-combustion engines, such as aircraft, marine, tractor, and motorcycle engines. resistive resistive /re·sis·tive/ (re-zis´tiv) pertaining to or characterized by resistance. technology, which facilitates greater areal recording density, is critical to producing the current and future generations of tape heads," Stucchi said. C.F. Lam, President of Lafe' Holdings, Ltd., said "We are very pleased to partner with FITEL and AMS to strengthen our position in the MEMS and Thin Film MR head business. The synergies will improve our competitiveness in the market." FITEL Technologies, Inc., is a wholly owned company that develops and markets a wide variety of fiber optic and optoelectronics solutions by The Furukawa Electric Company, Ltd., of Japan. FITEL is headquartered in Clinton, N.J. For more information on FITEL Technologies, Inc. visit the company's website at www.fiteltech.com. Lafe' Holdings Ltd., founded in Hong Kong in 1982, is a major manufacturer of recording head and drive sub-assemblies for tape drives, recording head and stack assemblies for hard disk drives, and 6 in-dash CD drive products. Manufacturing is conducted from Lafe' Industrial Park in Panyu City, China. Formed in April 1999 and located in Shrewsbury, MA, Advanced MicroSensors is a growing U.S. manufacturer of MEMS and thin film tape head components for the telecommunications, industrial and peripheral markets. Advanced MicroSensors presently operates in 50,000 square feet of space with 19,000 square feet of Class 100 clean room space. For more information, please visit the company's website at www.advancedmicrosensors.com. |
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