Fakespace Systems to obtain fresh funding and to appoint new board member

Kitchener 01 May 2000Fakespace Systems Inc. has just completed a private funding placement of U.S. $5.7 million with two investors, Electrohome Limited and the Bank of Montreal Capital Corporation (BMOCC). Additionally, Philip Reddon, Managing Director of BMOCC has been named to the Board of Directors of the company.

Advertisement

"Fakespace Systems has shown impressive growth in the past year", stated Philip Reddon. "Our investment recognises both the clear and exciting market potential for visual computing, and the opportunity for BMOCC to help build a high-value, market leading company."

The private placement was structured in the form of convertible debentures. The proceeds will be used to retire debt incurred at the time of Fakespace Systems' acquisition of Pyramid Systems Inc. in August 1999, and also for general working capital purposes. The Pyramid Systems Inc. acquisition, combined with strong growth in revenue from product sales and professional services, has contributed to Fakespace Systems' 300 percent rate of growth over the past two years.

"We are very excited about securing both financial support and the commitment of BMOCC to play a Board level role in our company", commented Dan Wright, president and chief executive officer of Fakespace Systems. "The visualisation market is growing rapidly and we are growing at an even faster pace, giving us an industry leadership position that is attractive to investors. The additional investments in product and market development enabled by this round of funding will further strengthen our ability to grow and lead the marketplace."

Bank of Montreal Capital Corporation works closely with its parent, the Bank of Montreal, in developing seamless financing options for new Canadian growth companies. The Bank has committed $400 million to four separate programmes: Bank of Montreal Small Business Capital Programme, Bank of Montreal Technology Investment Programme, Bank of Montreal Early Stage Capital Programme and Bank of Montreal Strategic Investment Programme.

Fakespace Systems markets the visual computing industry's broadest range of immersive displays for designers, engineers and researchers working with three-dimensional models and complex graphical data. These include the CAVE immersive room environments, the RAVE reconfigurable environment, the ImmersaDesk family of workbench-type virtual model displays, the WorkWall family of dimensionally accurate large-scale flat wall displays and a number of best-of-class subsystems from third-party vendors.

Fakespace Systems Inc., a world leader in visualisation technology and service, provides systems to deliver better insight, communications and collaboration in automotive, manufacturing, medical, military, aerospace, geophysical exploration, and scientific research organisations. Fakespace designs and manufactures immersive displays and interactive devices, and integrates complete visualisation solutions, providing "Better Ways to Create and Communicate".

Fakespace Systems, a business unit of Electrohome Limited, is based in Kitchener, Ontario, Canada and has United States' offices in Novi, Michigan; Mountain View, California; and Rockville, Maryland. More product news on Fakespace is available in this issue's article In-office conCAVE display system provides immersive viewing to interpret complex graphical data.


Leslie Versweyveld

[Medical IT News][Calendar][Virtual Medical Worlds Community][News on Advanced IT]