(EMAILWIRE.COM, January 17, 2001 ) LaserBit Communications Corporation, an American-British-Hungarian joint venture developing free-space optical telecommunications equipment, announces closure of a $6 million second round financing from international investors Intel Capital, Sandler Capital and 3TS Venture Partners AG Fund Advisor to the Technologieholding Central and Eastern European Fund. PriceWaterhouse Coopers corporate finance group advised LaserBit on the transaction. LaserBit develops, manufactures and markets wireless, free-space laser-based voice, data and video transmission systems and telecommunication equipment for optical networks (E1/T1, E2/T2, E3/T3 copper to fiber converters and multiplexers). Target customers are telecommunication companies needing high band-width data transfer, such as Internet Service Providers, cellular phone operators, UMTS systems, landline telecom companies and organizations with multiple facilities. The LaserBit system carries data using a concentrated laser beam and a unique modulation technique employed to ensure error free data transfer over distances from 20 meters to up to 5 kilometers. LaserBit's product range offers cost effective, reliable free space laser transmission for voice and data through the air. Where a clear line of sight is available, laser links deliver the most effective point-to-point connection between telecommunication equipment or computer network devices. The LaserBit's solution eliminates the need to install cables, rental costs and licensing requirements. The laser links are suitable for factories or industrial environments where high noise levels can interfere with transmitted data. It is also deemed as the best choice for making connections across rivers and other natural or artificial obstacles where laying cables is not practical. Investment funding will be used for working capital purposes, as well as strengthening technology and human resource development, increasing production capability, instrument purchases, marketing activities and extending commercial offices and LaserBit's worldwide sales network. Laserbit's technologies will be presented worldwide at more than 20 exhibitions this year, sales to be supported by several offices to open abroad. The first two LaserBit offices will open in New York and Singapore in the first quarter. The Company's products are currently in use at the Budapest Stock Exchange and International Airport in Budapest, and already sold in more than 10 countries. About LaserBit Communications Corporation The company was established in 1999, building on ten years development activities of its predecessor - Crown Tech Ltd. - in the telecommunications industry. The British-American-Hungarian joint venture was founded by US backed high-tech venture capital Hungarian Innovative Technologies Fund (HITF)and the two innovators, Mr. Bela Gyoeri (Chairman and CEO) and Mr. Janos Pallagi (Senior Vice President). The LaserBit product range offers cost effective, reliable free space laser transmission for voice and data through the air. Where a clear line of sight is available it delivers the most effective point-to-point connection between telecommunication equipment or computer network devices. No need for installing cables, no rental costs, no licensing requirements. It provides a solution that is ideal for urban areas or city centers where the use of leased lines is expensive. The laser links are suitable for factories or industrial environments where high noise levels can interfere with transmitted data. It is also deemed as the best choice for making connections across rivers and other natural or artificial obstacles where laying cables is not practical. Laserbit's equipment have been already sold in many countries worldwide including USA, Canada, Germany, United Kingdom, Ireland, Greece, Portugal, Spain, Belgium, Turkey, Poland, Austria and home country Hungary. LaserBit Communications Corp. is currently expanding-sales channels and customer support into other countries. Upon request, LaserBit Moving Demonstration System is available for shows, exhibitions or other events. ------------------------ Produced for LaserBit Communications Corp.CONTACT: LaserBit Communications Corp. Hungary-1037 BudapestKunigunda Street 45.Phone: 361 453 74 40Fax: 361 240 35 70E-mail: admin@laserbitcommunications.com Web: www.laserbitcommunications.com------------------------

Contact Information:
LaserBit Communications Corp
Joseph Nchor
Tel:
Email us


This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.