LENS-MAKING TECHNOLOGY DRAWS MAJOR INVESTORS.Byline: Deborah Adamson Daily News Staff Writer The investment arm of Wall Street giant J.P. Morgan and members of another investor group poured $12 million into a subsidiary of a Woodland Hills firm on the promise of a revolutionary technology to make eyeglass eye·glass n. 1. eyeglasses Glasses for the eyes. 2. A single lens in a pair of glasses; a monocle. 3. See eyepiece. 4. See eyecup. lenses. J.P. Morgan Capital Corp. and affiliates of the Clipper clipper, type of sailing ship, designed for speed. Long and narrow, the clipper had the greatest beam aft of the center; the bow cleaved the waves; and the ship carried, besides topgallant and royal sails, skysails and moonrakers—a veritable cloud of sails. Group also have an option to invest an additional $10 million over the next 18 months in Rapid Cast Inc., a Louisville, Ky., maker of the optical lens system. It is owned by Incomnet Inc., a Woodland Hills telecommunications and optical lens firm. ``They are attracted to a technology that has the potential to revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the lens-making field worldwide,'' said Melvyn Reznick, Incomnet president and chief executive. Incomnet officials said the investors bought a ``substantial minority interest'' in Rapid Cast but declined to reveal the percentage of ownership. J.P. Morgan officials familiar with the deal could not be reached for comment. Reznick said the Rapid Cast process makes lenses from a liquid monomer monomer (mŏn`əmər): see polymer. monomer Molecule of any of a class of mostly organic compounds that can react with other molecules of the same or other compounds to form very large molecules (polymers). that turns into a solid polymer under ultraviolet An invisible band of radiation at the upper end of the visible light spectrum. With wavelengths from 10 to 400 nm, ultraviolet starts at the end of visible light and ends at the beginning of X-rays. The primary source of ultraviolet light is the sun. treatment. He said it's much cheaper than the current method at eyeglass stores of carrying a huge inventory of lenses and then grinding and polishing them according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. customers' needs. Incomnet has a 51 percent interest in Rapid Cast, which contributes 7 percent of the Valley firm's annual revenues, estimated to be $100 million in 1996. |
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