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Ewing, NJ - August 16, 2001
Discovery Semiconductors, Inc. has been named to Deloitte & Touche's prestigious "Fast 50" Program for New Jersey, a ranking of the 50 fastest growing technology companies in the area. Rankings are based on the percentage of growth in revenues from 1996-2000 (five-year period). These companies, which impact a broad spectrum of industries, are defying conventional wisdom by consistently expanding their revenues over a substantial period of time.
Discovery Semiconductors' CEO, Abhay Joshi, credits the dedication and commitment of the company's employees to developing innovative technology for Discovery's 397 percent revenue growth over the past five years. He said, "Our disciplined approach to growth is being rewarded by the marketplace. In a short period of time we have established ourselves as the leader for high-speed fiber optic components by creating sustainable technology, meeting industry standards of quality and reliability and by taking a fiscally conservative approach to the telecom business. These efforts, in the midst of a tough optical market, have helped us increase our revenue in the 1st half of 2001 by 30 percent over the first half of 2000."
Mr. Joshi added, "In the last couple of months we have completed several new initiatives that will help us maintain the growth we have achieved over the last 5 years. These achievements include our certification to the highly demanding ISO9001:2000 standard (Editors: please see explanation of ISO below) which is helping us move forward on an additional large contract with a major telecommunications company, approval of a key patent in the Canadian market that follows a US patent we earned previously and most recently, we are moving to a larger manufacturing facility in Ewing, New Jersey."
"We thank the New Jersey Economic Development Agency and Summit Bank (now owned by Fleet) for their help and support in building our manufacturing capacity. Their investment has paid off, as we've grown from 7 to 25 employees and generated 53 percent of our business from Europe and Asia. We are now moving forward with new initiatives, with a goal of growing to 40 people next year", stated Mr. Joshi.
"In today's fast-paced world of technology, where multimillion dollar technology companies seem to appear overnight, it's an honor to be named one of the fastest-growing technology companies. We commend Discovery Semiconductors for making the commitment to technology and delivering on the promise of market longevity," said Ray Lewis, Deloitte & Touche Partner, Technology and Communications.
Discovery Semiconductors' increase in revenues of 397 percent over the five-year period of 1996 to 2000 resulted in a 30 ranking overall in the Fast 50 for New Jersey. The average increase in revenues among companies who made the Fast 50 for this region was 667 percent.
To qualify for the Fast 50, companies must have had operating revenues of at least $50,000 in 1996 and $1,000,000 in 2000, must be a public or private technology company headquartered in New Jersey. The Fast 50 defines a "technology company" as a business that produces technology, manufactures a technology product, or devotes a high percentage of effort to research and development of technology.
Winners of the 22 regional Fast 50 programs in the United States and Canada are automatically entered in the Deloitte & Touche Technology Fast 500 program, which ranks the nation's top 500 fastest growing technology companies. For more information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit www.fast500.com.
About Discovery Semiconductors, Inc.
Discovery Semiconductors, Inc. is an ISO 9001:2000 certified, high-technology manufacturing company making optical receivers for 10, 40, and 80 Gb bandwidths.
Discovery has successfully demonstrated the market demand of the telecommunications and aerospace industries for its technology. It has been recognized as one of the fastest 50 growing high-tech companies in New Jersey for two straight years, 2000 and 2001.
Discovery is a privately owned, fiscally conservative company, built by leveraging the technology developed under a number of Small Business Innovation Research (SBIR) contracts issued by the US Government. Working capital has been provided by Summit Bank backed by the New Jersey Economic Development Authority (NJEDA) and by reinvesting proceeds from commercial operations. Management is focused on maintaining profitability while building the company's manufacturing and distribution infrastructure. Since 1998, it has expanded its distribution globally, serving over 400 organizations in the telecommunications, data communications and aerospace industries. Its goal is to become an independent Fortune 1000 company within 5 years.
Editor's Note:
ISO is the specialized international agency for standardization, at present comprising the national standards bodies of 91 countries. The purpose of ISO is to promote the development of standardization and related world activities to facilitate the international exchange of goods and services, and to develop cooperation in intellectual, scientific, technological, and economic activity.
For additional information, including complete product specifications, operational capabilities and pricing, or to discuss your application in detail, please call Discovery at: (609) 434-1311 or fax: (609) 434-1317.
