LxDATA focused towards addressing Oil and Gas industry needs - New financing and corporate orientation for LxDATA - formally known as LxSix Photonics
Montreal, Quebec - October 7, 2008 - 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 LxIQTM fiber optic monitoring solution, the Canadian based developer of revolutionary optical sensing solutions will concentrate its 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 at Nortel Networks, Positron Industries, Positron Fiber Systems Corp., and worked as VP Optical Networks North America for Marconi PLC. He has also held advisory roles and served on the Boards of several high tech companies and served until recently as Chairman of LxSix Photonics Inc.
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 Seven Generations, a technology oil and natural gas exploration and production company and CCR Technologies Ltd. He 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, led 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 appreciate 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, Capital régional et coopératif Desjardins, Lothian Partners and Solidarity Fund QFL, who have continue to contribute to the company's growth and success", says Mr. Champagne.
Capital régional et coopératif Desjardins Founded in 2001, Capital régional et coopératif Desjardins is a publicly traded company managed by Desjardins Venture Capital. With over 120,000 shareholders, the Company contributes to Québec's economic development while driving the growth of cooperatives and the resource regions. Capital régional et coopératif Desjardins currently supports 195 companies and cooperatives in various industries spanning all Québec regions. (capitalregional.com)
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$2.6 billion from 150 international institutional investors and is the largest secondaries fund in the world. Multiple Capital has been mandated by Coller to manage Lothian's portfolio. Multiple Capital's primary mission is to successfully manage venture capital funds in Canada.
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 Québec-based companies and to further Québec's economic growth. With over 573,000 shareholders, the Fund has assets in excess of $6.6 billion and to date has helped, on its own or with other financial partners in Québec, 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.
About LxDATA
Based in Montreal, LxDATA is an oil and gas technology company providing well monitoring systems and services in Alberta. LxDATA leverages a unique optical sensing technology to provide reliable well data monitoring solutions. LxDATA has released the LxIQTM thermal monitoring solution targeting thermal bitumen recovery sector of the Canadian oil sands industry.
Contacts
Robert Caporuscio
Vice President Marketing
LxDATA (514)-599-5714 ext.246
rcaporuscio@lxsix.com
Claude Champagne
President and CEO
LxDATA (514)-599-5714 ext.258
cchampagne@lxsix.com