POET Technologies Reports No Exposure to Silicon Valley Bank (SVB) Failure

Rhea-AI Summary

POET Technologies Inc. reported on March 14, 2023, that it has no financial exposure to the closure of Silicon Valley Bank (SVB) on March 10, 2023. The company’s operating cash reserves are securely held in insured accounts across multiple banks, both U.S. and international. Any cash not immediately required for operations is invested in short-term US and Canadian Term Deposits, primarily guaranteed investment certificates (GICs) with Canadian chartered banks. POET Technologies is focused on designing and developing Optical Interposer and Photonic Integrated Circuits for high-growth sectors including telecommunications and AI.

Positive

• No financial exposure to the closure of Silicon Valley Bank.
• Operating cash reserves are held in insured accounts at multiple banks.
• Investments are made in short-term US and Canadian Term Deposits.

Negative

• None.

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 Group Brett L. Perry sheltonir@sheltongroup.com

Company Contact: Thomas R. Mika, EVP & CFO tm@poet-technologies.com

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s announced products and those of its customers.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions, which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the timing of its filings and the security of its cash assets. Actual results could differ materially due to a number of factors, including, without limitation, the inability to collect and report all of the required information for its filings, a delay in the audit of its filings, and the security of its assets held at HSBC and other banks. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 - Fax: 416-322-5075 

FAQ

How is POET Technologies affected by the Silicon Valley Bank closure?

POET Technologies has reported no financial exposure due to the closure of Silicon Valley Bank.

What type of investments does POET Technologies hold?

POET holds cash reserves in insured accounts and invests in short-term US and Canadian Term Deposits.

What markets does POET Technologies serve?

POET serves the data center, telecommunication, and artificial intelligence markets.

When did POET Technologies release their statement regarding SVB?

POET Technologies released their statement on March 14, 2023.