Enablence Technologies Inc.

Enablence Technologies Inc.

March 18, 2008 17:02 ET

Enablence Technologies Inc. Announces Third Quarter Results for January 31, 2008

OTTAWA, ONTARIO--(Marketwire - March 18, 2008) - Enablence Technologies Inc. ("Enablence Technologies" or the "Company") (TSX VENTURE:ENA) today announced financial results for the third quarter of fiscal 2008, ended January 31, 2008. Highlights of the quarter include:

- Company's cash & short term investment position increased to $65,824,991 at January 31, 2008 compared to $9,442,066 at January 31, 2007; and,

- Company's total assets increased to $76.5 million at January 31, 2008 compared to $10.7 million at January 31, 2007.

- The Company announced the successful completion of its qualification program on units built at its high-volume production line at Sanmina-SCI. The qualification program was completed in accordance with Telcordia GR-468-CORE which outlines general reliability requirements for optoelectronic devices used in telecommunications system;

- The Company signed a definitive agreement and subsequently completed a transaction to acquire ANDevices Inc., a supplier of Planar Lightwave Circuit based photonic devices for the Access, Metro and Long-Haul communication markets, for US$13.5 million and 9,085,113 common shares of Enablence. ANDevices Inc. is one of the optical fabs used in the production of Enablence's chip-based transceivers;

- Net loss was $2,641,610 for the quarter ended January 31, 2008 compared to $1,428,383 for the quarter ended January 31, 2007. The net loss for January 31, 2008 excluding non cash charges attributable to stock based compensation and amortization was $1,799,853 which remains in line with management's expectations for the quarter;

- The loss per share was $0.02 for the quarter ended January 31, 2008 consistent with the quarter ended January 31, 2007;

"This past quarter Enablence continued to execute its vertical integration strategy through the acquisition of ANDevices. This will allow the Company to expand its product portfolio and enhance its competitive position with respect to both the FTTH markets and PLC-based solutions for other levels of the optical network," explained Arvind Chhatbar, the Chief Executive Officer of Enablence. "The completion of Telcordia qualification this quarter allowed Enablence to begin the commercial production of FTTH Transceivers," added Mr. Chhatbar.

About Enablence Technologies Inc.

Enablence Technologies products are used in optical modems that are located inside the consumer's homes (i.e. for the delivery of high speed data/voice/video). Enablence Technologies designs and manufactures optical components, in particular triplexers and diplexers, using its proprietary Planar Lightwave Circuit (PLC) "dispersion bridge" platform, for the Fiber-to-the-Home (FTTH) market. These devices are filters that are embedded on a chip that are capable of processing optical signals at a low cost.

Forward Looking Statements

The statements in this press release may contain forward looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Corporation's expectations and projections. The TSX Venture Exchange has not approved this press release and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Enablence Technologies Inc.
    Arvind Chhatbar
    President and Chief Executive Officer