Just in case someone on the list didn't receive this release.....
Martin
Press Release
Objet Geometries Completing Financing Round and Appoints New CEO
Among the investors: the TDA Venture Capital Fund and Scitex Corporation
The company develops and manufactures three-dimensional printers for the
creation of models from 3D CAD files using inkjet technology
David Ofek, formerly President of Scitex Europe, appointed CEO
August 31, 2000 - Objet Geometries Ltd. is completing a round of investment
during which it is raising $15 million. Investors include the TDA Venture
Capital Fund, Scitex Corporation, and private investors from Europe and the
US. The financing is to be used for the completion of development of the
company’s first product, and for the establishment of the infrastructure for
its marketing, distribution and support.
The Objet product incorporates technology innovations in a number of areas
such as software, electronics and mechanical design, and most significantly
in the properties of the photopolymer material that is used to construct the
three-dimensional models produced on the Objet machine. The Objet 3D model
making technology is expected to revolutionize product development cycles in
general, raising the productivity of design professionals, and shortening the
time to market of products in a wide range of different industries.
Mr. David Ofek was appointed CEO of the company. Mr. Ofek was until recently
the president of Scitex Europe. Previously, he served as Corporate Vice
President of Marketing for Scitex. Scitex is traded on the NASDAQ under the
symbol SCIX.
Since his appointment in August, Ofek has begun a review of the company’s
operations, in particular its plans for the commercialization of the Objet
Quadra, its launch product. “ We have decided to augment the functionality of
the product, and we are working to implement these changes. Our objective is
to provide maximum functionality to our products, to provide the user with a
friendly and uncomplicated experience.”
The company has placed a test machine at a customer in Israel, which is being
used to conclude the final design phase of the product, and to test the
machine’s operating software. Objet intends to start shipments of the Objet
Quadra outside of its home market in the Spring of 2001. “We see an optimized
fit with customer desires and expectations as a major aim for Objet, “ added
Ofek.
About Objet Geometries
Objet develops and produces three-dimensional network printers and materials
that create models directly from three-dimensional CAD files using patented
hardware, software and polymer materials. The Objet printer is used as an
output device for digital files created by designers and engineers in a wide
variety of industries who need to physically verify their designs early in
the product development process.
Based in Rehovot, Israel, Objet was founded in 1998 and employs today 50
people. For additional information, visit the company's Website
www.objet.co.il or phone +972-8-940-9717.
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