Digital Lightwave provided the telecommunications industry with network analysis equipment for monitoring, maintaining and managing fiber optic networks. Major telecommunication service providers and equipment manufacturers used the Company’s products to cost-effectively verify and qualify service during network installation and to monitor and manage deployed networks to ensure their optimal performance.
During most of its existence, the Company had incurred substantial net operating losses as a result of significant investment in research and development, sales and marketing and administrative expenses, which were expected to continue in the near term. After streamlining its management and operating structure, the Company still had short term liquidity needs.
A principal of Carter Morse & Mathias assisted in arranging a placement of $3 million of 9% Secured Bridge Notes with warrants to new investors.