Investment of nearly CAN$40 Million for ITF Optical Technologies of Ville Saint-Laurent
SGF TECH invests CAN$16.6 Million in capital stock
Montréal, September 16, 2002 - SGF Tech, a subsidiary of Société générale de financement du Québec (SGF), today announced an investment of CAN$16.6 million in ITF Optical Technologies, to ensure the growth of the company, which is widely recognized as a leading centre of Quebec expertise in photonics. SGF’s participation in ITF Optical Technologies capital stock is part of overall financing amounting to CAN$39.6 million. Other investors include Teachers’ Merchant Bank, the private equity arm of the Ontario Teachers’ Pension Plan Board, Celtic House International Corporation, Bay Tech Venture Capital GmbH & Co KG, and GTI Capital.
"SGF Tech regards this investment in ITF as part of a strategy to consolidate local companies affected by the economic situation in the telecommunications sector. With this transaction, we are supporting a world-renowned Quebec company with a splendid reputation and outstanding technological expertise. ITF has a huge international network of distributors and representatives. Nearly 95% of its sales come from outside Canada," announced Pierre Laflamme, President and Chief Operating Officer of SGF Tech inc.
"The telecommunications sector is experiencing tough times, and many companies are not expected to survive. This investment will allow us to maintain a strategic position in the market, and achieve substantial added value in the medium term," explained Éric Geoffrion, President and Chief Executive Officer of ITF.
"The current instability offers ideal opportunities to expand our technology portfolio and the market share of companies still operating. SGF Tech is confident that photonic technologies have a promising future in the telecommunications field, and a company like ITF can play a prominent role," said Mr. Laflamme.
SGF Tech is a subsidiary of Société générale de financement du Québec. SGF’s mission is to carry out economic development projects in cooperation with partners and in accordance with accepted requirements for profitability. Since it was restructured in 1998, SGF has generated investments of nearly $7.5 billion and created 19,400 direct and indirect jobs in various projects during the operating phase, as well as thousands of jobs during the construction phase. At December 31, 2001, SGF’s consolidated assets exceeded $3 billion. SGF has 57 international partners operating in Québec. (sgfqc.com)
About ITF Optical Technologies
ITF is a private company that designs, develops and manufactures optical components and modules for telecommunication systems. ITF’s main strength is its "All-Fiber" technology, used to develop and market a comprehensive range of high added-value products. Because no light escapes from the fiber, ITF products offer superior performance and greater reliability than competing products. ITF owns many patents for the application of its "All-Fiber" technology (www.itfoptical.com)
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Société générale de financement du Québec
ITF Optical Technologies
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