CHARLTON, Mass., Jan. 08 /PRNewswire/ -- FiberCore, Inc. (Nasdaq: FBCE), a
leading manufacturer and global supplier of optical fiber and preform for the
telecommunication and data communications markets, today announced that it
executed a $10 million, five-year loan agreement with Fleet National Bank.
"This agreement is another step in our capacity expansion plan designed to
meet our customers' continued strong product demand," said Dr. Mohd A. Aslami,
President and CEO. "We have already committed $2 million of the loan
agreement toward completing the financing of a new $25 million multi mode
facility in Jena, Germany, designed to double the capacity of our existing
Jena plant. With completion expected by the end of 2001, plant capacity is
expected to grow to over 500,000 kms in 2002. The remainder of the loan is
earmarked to partially finance the previously announced expansion of our Xtal
manufacturing facility. This expansion is part of our plan to grow capacity
in Brazil from approximately 1 million kms of single-mode fiber in 2000 to
over 5 million kms by 2004."
Dr. Aslami added, "As the only independent fiber supplier in the Western
Hemisphere, we are pleased to announce another milestone as we move forward
with our strategy to build market share in an industry where demand continues
to exceed current capacity."
FiberCore, Inc. develops, manufactures and markets single-mode and
multi-mode optical fiber preforms and optical fiber for the telecommunications
and data communications markets. In addition to its standard multi-mode and
single-mode fiber, FiberCore also offers various grades of fiber for use in
laser-based systems, to help guarantee high bandwidths and to suit the needs
of Feeder Loop, Fiber-to-the Curb, Fiber-to-the Home and Fiber-to-the Desk
applications. Manufacturing facilities are presently located in Jena, Germany
and Campinas, Brazil.
For more information about the company, its products, or shareholder
information please visit our Website at: http://www.FiberCoreUSA.com or contact us
at: Phone - (508) 248-3900 or by FAX - (508) 248-5588 or E-Mail
FiberCore@aol.com
Except for the historical matters discussed above, the statements in this
press release are forward looking and are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. They are
based on the Company's current expectations and are subject to a number of
risks and uncertainties. Actual results may differ materially from those
projected as a result of certain general economic and business conditions;
loss of market share through competition; introduction of competing products
by other companies; changes in Industry capacity; pressure on prices from
competition or from purchasers of the Company's products; availability of
qualified personnel; the delivery of an ability to commission new equipment as
scheduled; ability to obtain required financing; dependence on a limited
number of raw material suppliers; the loss of any significant customers; and
other factors detailed from time to time in the Company's filings with the
Securities and Exchange Commission.
SOURCE FiberCore, Inc.
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Related links:
http://www.FiberCoreUSA.com
CONTACT:
Steven Phillips, Chief Financial Officer of
FiberCore, Inc., 508-248-3900; or General Info., Alison Ziegler,
Analyst Info., Christie Mazurek, or Media Info., Marty Gitlin,
all of The Financial Relations Board- BSMG Worldwide,
212-661-8030
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