-- June 25, 2001 -- Silicon Valley Bank, a wholly owned subsidiary of Silicon Valley Bancshares, announced it provided Rubicon Technology Inc. with $1.5 million in equipment financing.
Rubicon Technology, a company in the material science solutions market, will use the financing for manufacturing and office equipment.
"The funds we've received from Silicon Valley Bank will provide us with the ability to acquire the additional high-technology fabrication equipment necessary to serve our new customers," said Chris Moffitt, chairman and chief executive officer of Rubicon Technology.
"Rubicon Technology is swiftly gaining recognition as a leading developer of advanced material solutions for the communications, semiconductor, opto-electronic and optical marketplaces," said Brent Donnell, manager of Silicon Valley Bank's Midwest Region. "Rubicon has unparalleled expertise as a manufacturer of high quality synthetic crystals and offers its customers the ability to develop smaller, faster devices for new applications. We have a high level of confidence in management's ability to execute its growth strategy and the ability of the venture investors to support that growth." About Rubicon Technology Inc.
Rubicon Technology, Inc. was founded in 1995 as an importer and distributor of Russian-produced crystals for the U.S. market. In May 2000, the Company launched full-scale production of its own high-density sapphire products from its Chicago-based facility and grew a diversified U.S. customer base, demonstrating the industry size and growth potential. Rubicon Technology expects to rapidly grow its business over the next five-year period as demand in the various markets it serves (communications, semi-conductor, opto-electronics, and optical industries) continues to outpace supply. Rubicon Technology's goal is to become the industry leader in material science solutions, with the potential to reach $50 million in net revenues at the end of five years. About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at www.svb.com.
SVB Contact: Andrea McGhee, (408) 654-3078, firstname.lastname@example.org.