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12/03/2007
Stonehenge Leads New Investment in Lumetrics to Fund Continuing Growth
Stonehenge Leads New Lumetrics Investment to Fund Continuing Growth
ROCHESTER, NEW YORK December, 2007 – Lumetrics, precision manufacturer of world-class measurement technology, announced today a major new investment to support the Company’s continued growth. Lumetrics, whose 2007 revenues doubled from the previous year, started 2007 with 7 employees and has grown to 13 today, with plans for 21 employees in Rochester by the end of 2008. These additional resources will fuel the projected doubling of revenues for 2008.
The investors, Stonehenge Growth Capital, based in New York and a new undisclosed investor will fund new product development, and expanded sales and marketing as Lumetrics increases its presence in its targeted markets. “We see great potential for Lumetrics in the markets it is addressing”, said Brian Model, Director, Stonehenge Growth Capital. “Our experience supports continued investment in companies showing such strong growth.”
The continued investment will strengthen Lumetrics’ full solutions sales approach to existing markets. “Customers want a partner to help solve problems not just an instrument supplier” explained Steve Heveron-Smith, Vice President, Sales & Marketing. “We provide that full solution they need now and in the future”.
Lumetrics has established itself as a premier player in the medical, ophthalmic and precision glass markets, and has made significant inroads into the film and packaging industries. Lumetrics’ continued growth is the result of consistent repeat business from Lumetrics’ existing customer base as well as adoption by major industry leaders. “The market response has been tremendous for our products”, said Heveron-Smith. “In addition to our ground breaking OPTIGAUGE technology we continue to enhance our customers’ inspection capabilities with precision fixtures, unique applications, advanced statistics generation and process control loops for both at-line and online quality control.”
About OPTIGAUGE
The OPTIGAUGE Thickness Measurement System employs non-contact, eye-safe infrared optical technology to provide extremely precise gauging and thickness measurements for a broad range of products and industries. With resolutions as fine as 12 microns – one half the thickness of a human hair - OPTIGAUGE can provide detailed analyses of virtually any translucent single or multi-layer surface component, including thin films, tubing, and coatings. Based upon technology originally developed by Eastman Kodak, OPTIGAUGE works by projecting an invisible beam of light onto the target surface, and then measuring the reflected light from each of the target layers individually and simultaneously. OPTIGAUGE is used on both test and production manufacturing lines, and in quality assurance laboratories to ensure manufacturing consistency for product components that have heretofore been difficult or impossible to regulate.
About Lumetrics
Lumetrics, located in the Lennox Tech Enterprise Center, designs, manufactures, and markets advanced optically-based test instruments that provide unique measurement solutions for a variety of industrial applications. Lumetrics technology employs the power of light for accurate and routine analysis of materials such as specialty tubing and film, medical devices, plastics, coatings, and optics. For more information about Lumetrics, visit www.lumetrics.com.
About Stonehenge Growth Capital
Stonehenge Growth Capital (SGC) represents the principal investing arm of Stonehenge Capital Company, LLC. SGC directly manages over $500 million in private equity, debt and venture capital investment funds across the country. The group supports both emerging and established middle market businesses from its offices in the Northeast, Southeast, Southwest, Mountain West and Gulf Coast regions. SGC invests up to $15 million in transactions supporting growth-oriented working capital, buyouts, recapitalizations and acquisitions in a wide range of industries, including information technology, manufacturing, distribution, business services, and energy services. To date, the group has invested more than $387 million in over 150 companies, including 28 New York companies. For more information, visit www.stonehengecapital.com.
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ROCHESTER, NEW YORK December, 2007 – Lumetrics, precision manufacturer of world-class measurement technology, announced today a major new investment to support the Company’s continued growth. Lumetrics, whose 2007 revenues doubled from the previous year, started 2007 with 7 employees and has grown to 13 today, with plans for 21 employees in Rochester by the end of 2008. These additional resources will fuel the projected doubling of revenues for 2008.
The investors, Stonehenge Growth Capital, based in New York and a new undisclosed investor will fund new product development, and expanded sales and marketing as Lumetrics increases its presence in its targeted markets. “We see great potential for Lumetrics in the markets it is addressing”, said Brian Model, Director, Stonehenge Growth Capital. “Our experience supports continued investment in companies showing such strong growth.”
The continued investment will strengthen Lumetrics’ full solutions sales approach to existing markets. “Customers want a partner to help solve problems not just an instrument supplier” explained Steve Heveron-Smith, Vice President, Sales & Marketing. “We provide that full solution they need now and in the future”.
Lumetrics has established itself as a premier player in the medical, ophthalmic and precision glass markets, and has made significant inroads into the film and packaging industries. Lumetrics’ continued growth is the result of consistent repeat business from Lumetrics’ existing customer base as well as adoption by major industry leaders. “The market response has been tremendous for our products”, said Heveron-Smith. “In addition to our ground breaking OPTIGAUGE technology we continue to enhance our customers’ inspection capabilities with precision fixtures, unique applications, advanced statistics generation and process control loops for both at-line and online quality control.”
About OPTIGAUGE
The OPTIGAUGE Thickness Measurement System employs non-contact, eye-safe infrared optical technology to provide extremely precise gauging and thickness measurements for a broad range of products and industries. With resolutions as fine as 12 microns – one half the thickness of a human hair - OPTIGAUGE can provide detailed analyses of virtually any translucent single or multi-layer surface component, including thin films, tubing, and coatings. Based upon technology originally developed by Eastman Kodak, OPTIGAUGE works by projecting an invisible beam of light onto the target surface, and then measuring the reflected light from each of the target layers individually and simultaneously. OPTIGAUGE is used on both test and production manufacturing lines, and in quality assurance laboratories to ensure manufacturing consistency for product components that have heretofore been difficult or impossible to regulate.
About Lumetrics
Lumetrics, located in the Lennox Tech Enterprise Center, designs, manufactures, and markets advanced optically-based test instruments that provide unique measurement solutions for a variety of industrial applications. Lumetrics technology employs the power of light for accurate and routine analysis of materials such as specialty tubing and film, medical devices, plastics, coatings, and optics. For more information about Lumetrics, visit www.lumetrics.com.
About Stonehenge Growth Capital
Stonehenge Growth Capital (SGC) represents the principal investing arm of Stonehenge Capital Company, LLC. SGC directly manages over $500 million in private equity, debt and venture capital investment funds across the country. The group supports both emerging and established middle market businesses from its offices in the Northeast, Southeast, Southwest, Mountain West and Gulf Coast regions. SGC invests up to $15 million in transactions supporting growth-oriented working capital, buyouts, recapitalizations and acquisitions in a wide range of industries, including information technology, manufacturing, distribution, business services, and energy services. To date, the group has invested more than $387 million in over 150 companies, including 28 New York companies. For more information, visit www.stonehengecapital.com.
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