Photuris brings total funding to $105 million

February 25, 2003 - Photuris (Piscataway, NJ), a developer of metro regional optical transport systems, announced today that Charles Childers has joined the company as chief executive officer. Mr. Childers comes to this leadership post after serving in former positions as chief executive officer of Bell Canada Enterprises (BCE) Teleglobe, president of major accounts and chief marketing officer at Nortel Networks.
Feb. 27, 2003

February 25, 2003 - Photuris (Piscataway, NJ), a developer of metro regional optical transport systems, announced today that Charles Childers has joined the company as chief executive officer. Mr. Childers comes to this leadership post after serving in former positions as chief executive officer of Bell Canada Enterprises (BCE) Teleglobe, president of major accounts and chief marketing officer at Nortel Networks.

Mr. Childers takes over as chief executive officer and board member following the departure of Michael Pisterzi, who stepped down last month to pursue personal interests. Jim Lowrie, a sales veteran in North American carrier systems, has also been appointed as Photuris vice president of worldwide sales and customer service.

Photuris recently closed the first tranche of its Series C financing at $40 million with backing from Columbia Capital, Artiman Ventures and private investors. The company's total private capital raised to date is $105 million.

This additional financing provides resources for North American field trials and volume delivery of its generally available V32000 optical distribution system. Photuris began shipping production systems in September 2002.

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