New Financing And Corporate Orientation For LxDATA-Formally Known As LxSix Photonics
Montreal, Quebec - LxDATA, formally known as LxSix Photonics inc., is pleased to announce its new focus on becoming a leading solution and services company in the Oil and Gas industry. To capitalize on its innovative LxIQ(TM) fiber optic monitoring solution, the Canadian based developer of revolutionary optical sensing solutions will concentrate efforts and resources exclusively on addressing the needs of the oil and gas industry. LxDATA is a proven supplier in Fiber Bragg Grating based photonic data solutions for the oil and gas industry, with immediate deployment in oil sands production. New executives to support new objectives
LxDATA President and Chief Executive Officer is Mr. Claude Champagne. Mr. Champagne brings extensive expertise and leadership to LxDATA. He has held various senior management positions during his 11 year career at Nortel Networks, in optical networking, multiplex and digital radio and video product development. He then joined Positron Industries where he became the founder of Positron Fiber Systems Corp., the first company to focus on the SONET fiber access market. He subsequently moved on to become VP Optical Networks North America for Marconi PLC. In 1999, Mr. Champagne was selected as one of Canada's Top 40 Canadians under 40 for demonstrated excellence and leadership in his field.
LxDATA also recently welcomed Mr. C. Kent Jespersen of Calgary, Alberta, as Chairman of the Board. Mr. Jespersen brings great expertise in the energy and technology sectors. He is currently Chairman and CEO of La Jolla Resources International Ltd and is also Chairman of CCR Technologies Ltd. and currently serves on the boards of Transalta Corporation, Axia NetMedia Corporation and Matrikon Inc. He is also past Chairman of North American Oil Sands Corporation and has held senior executive positions with several energy resource companies, including serving as President at NOVA Gas International and Foothills Pipe Lines and as Senior Vice President at Husky Oil.
Both these nominations will contribute in leading LxDATA's continuous progress and innovation in the Oil and Gas sector.
New financial partner and new office
LxDATA is pleased to announce a new investment in the company of $14M from investors. In August 2008, SQFive Intelligent Oilfield Solutions Limited, a corporation funded by the Quorum Oil and Gas Technology fundled a total investment of $14 million of new financing in LxDATA.
SQFive's objective is to provide the next generation of integrated solutions through innovative technology with world class know-how to characterize reservoirs, monitor their behavior and optimize their performance.
"We are tremendously thankful for SQFive's financial support and confidence in LxDATA's expertise. With LxDATA's main focus to bring innovative technological data solutions to the reservoir management, specifically in harsh environment applications, our company represents an interesting and promising investment for SQFive", explains new CEO, Mr. Claude Champagne.
Other investors in this new round of financing include Investissement Desjardins, Lothian Partners and the Solidarity Fund QFL.
"LxDATA would also like to thank all of its financial partners, Investissement Desjardins, Lothian Partners and Solidarity Fund QFL, who have continue to contribute to the company's growth and success", says Mr. Champagne.
Investissement Desjardins is the venture capital fund management arm of the Mouvement des caisses Desjardins which manages the assets of ID, a limited partnership, the six Investment Desjardins regional funds, as well as Capital regional et cooperatif Desjardins, a public fund the assets of which are projected to reach $1.5B over the next ten years. More than a financial partner, Investissement Desjardins makes its network and expertise available to businesses in their start-up, growth and expansion phases, as well as for their plans for mergers, acquisitions or public offerings.
Lothian Partners 27 (sarl) SICAR, an affiliate of Coller Capital, acquired its participation in LxDATA from Innovatech Montreal as part of a global transaction involving 100% of its portfolio. Coller Capital, founded in 1990, is the leading global investor in private equity secondaries-the purchase of original investors' stakes in private equity funds or the acquisition of portfolios of companies from corporate owners/backers. Coller Capital is based in London and its current fund has commitments of US$2.6B from 150 international institutional investors and is the largest secondaries fund in the world. Lothian Partners has been mandated to oversee the development of that portfolio and represents Coller Capital with its companies. Lothian Partners' primary mission is to manage foreign funds in Quebec.
Solidarity Fund QFL is an investment fund that draws on the savings of Quebecers, primarily through its RRSPs, to help create and maintain jobs in Quebec-based companies and to further Quebec's economic growth. With over 573,000 shareholders, the Fund has assets in excess of $6.6B and to date has helped, on its own or with other financial partners in Quebec, to create, maintain or support over 105,000 jobs.
As LxDATA's most recent innovations and development efforts will be targeting the Alberta thermal recovery sector, this Montreal based company has opened an office in Calgary, which has been operational since early September 2008.
SOURCE: LxDATA