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Daylight Solutions Closes $15M Series C Equity Financing

Dépèche transmise le 11 juillet 2011 par Business Wire

SAN DIEGO--(BUSINESS WIRE)--Daylight Solutions, Inc. today announced the closing of a $15M Series C equity financing with Northrop Grumman Corporation (NYSE:NOC) as the lead investor, together with several of the company’s existing investors.

“Our investment in Daylight Solutions serves as an acknowledgement of their leadership position in QCL-based products, and reflects our commitment to deliver best-in-class solutions to our customers in support of our warfighters”

The Series C financing will enable the company to continue its high rate of growth, while further maturing and advancing its technology, and expanding its product offering and manufacturing infrastructure. Manufacturing capacity, quality processes, reliability, and field support will be significantly enhanced as a result of the financing transaction.

Daylight Solutions has developed a wide range of products for scientific research, defense, and commercial markets based on its Quantum Cascade Laser (QCL) technology. The company’s QCL-based products are ideally suited for addressing molecular detection and imaging applications that benefit from Mid Wave Infrared (MWIR) and Long Wave Infrared (LWIR) illumination. One example is the company’s JammIR^TM family of laser products for Infrared Countermeasures (IRCM). Multiple configurations and capabilities of the JammIR^TM product line have been successfully tested under environmentally demanding conditions for military rotary and fixed wing applications, and have undergone multiple flight tests. The JammIR^TM product family has been verified as a highly effective infrared countermeasure against a variety of missile threats. The company remains the world leader in QCL-based products with several hundred commercial laser systems already manufactured and delivered into a wide range of markets.

“We are pleased to receive this additional endorsement of our technology and capability from a market leader such as Northrop Grumman,” said company Chairman and CEO Dr. Timothy Day. “The Series C financing will allow us to serve all of our customers with a family of QCL-based products based on a modular, open source, core technology platform meeting the requirements of the most demanding environments in defense as well as commercial markets. Our manufacturing infrastructure, capacity and reliability programs will be expanded as a result of the financing transaction.”

“Our investment in Daylight Solutions serves as an acknowledgement of their leadership position in QCL-based products, and reflects our commitment to deliver best-in-class solutions to our customers in support of our warfighters,” commented Mr. Jeff Palombo, Sector Vice President and General Manager of Northrop Grumman’s Land and Self Protection System Division.

Daylight Solutions and its wholly owned subsidiary Daylight Defense, LLC, have leveraged their core technology in QCL modules to create multiple versions of its JammIR^TM line of products. The company’s modular approach allows for high flexibility, reducing the cycle-time from design to deployment, while providing significant improvements in reliability and lifetime over existing technologies.

About Daylight Solutions

Daylight Solutions develops molecular detection and imaging systems for use in industrial process controls, scientific research, medical diagnostics, environmental monitoring, and defense applications. The company is the world leader in high power, multi-wavelength lasers in the mid-infrared, and offers a line of broadly tunable and fixed wavelength laser sources. The company also develops miniature sensors based on mid-infrared spectroscopy.

www.daylightsolutions.com.

About Daylight Defense

Daylight Defense manufactures high power mid-infrared laser based systems for defense and homeland security applications. The company provides mid-wave (MWIR) and long-wave (LWIR) thermal laser pointers, sensors for stand-off detection of explosives and chemical agents, and high power illuminators for infrared countermeasures, thermal imaging and aiming. Daylight Defense is the world leader in military systems based on quantum cascade laser (QCL) technology.

About Northrop Grumman

Northrop Grumman is a leading global security company providing innovative systems, products and solutions in aerospace, electronics, information systems, and technical services to government and commercial customers worldwide. Please visit www.northropgrumman.com for more information.

The statements contained in this news release are not purely historical and contain forward looking information and statements. These include statements regarding the Company's expectations, intentions, or strategies regarding future matters. All forward-looking statements included in this press release are based on information available to the Company on the date released.