Xantrex Technology Completes $38.5 Million Private Equity Placement

August 09, 2001 by Jeff Shepard

Xantrex Technology Inc. (Canada) announced that it has completed a $38.5 million private equity placement. The company will use the proceeds for new product development, market expansion and increasing manufacturing capacity.

"We have developed a dynamic growth strategy and this financing provides the capital to execute our plan," said Mossadiq Umedaly, chairman and CEO of the company. "There are excellent prospects in each of our markets for both existing and emerging products."