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POET Technologies Reports No Exposure to Silicon Valley Bank (SVB) Failure
TORONTO, March 14, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of
About this update from Poet Technologies Inc.
[{"type":"text","content":"TORONTO, March 14, 2023 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, today reported that it has no financial exposure to the closure on Friday, March 10, 2023 of Silicon Valley Bank (SVB) by the State of California and the Federal Deposit Insurance Corporation (FDIC). POET’s operating cash reserves are held in insured accounts at multiple banks both nationally and internationally. Cash not immediately needed for operations is invested in US and Canadian Term Deposits that mature in less than 90 days. Such short-term investments consist of guaranteed investment certificates (GICs) held with other Canadian chartered banks. The Company’s Investment Policy is available for review on the Company’s website. (https://poet-technologies.com/docs/corporate-governance/Investment%20Policy%202021.pdf) About POET Technologies Inc.POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer™, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations in Allentown, PA, Shenzhen, China and Singapore. More information may be obtained at www.poet-technologies.com. Shareholder Contact:Shelton GroupBrett L. [email protected] Contact:Thomas R. Mika, EVP & [email protected] This news release contains “forward-looking information” (within the meaning of applicable Canadian securities la...