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Xinetics Receives Loan for Jobs Growth, Looks to Nanotech

Boston, Massachusetts – June 10, 2005:   Xinetics Corp., a leading manufacturer of deformable mirrors, has received a $2.5 million loan from the Massachusetts Job Foundation Loan fund. The company will add up to 40 new jobs, and aims to expand into nanotechnology.

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  The loan, announced by Sovereign Bank New England CEO Joseph Campanelli and Massachusetts State Treasurer Timothy P. Cahill, is part of the first round of small business loans made through the Massachusetts Job Foundation Loan Program, jointly announced in February 2005 as part of Treasurer Cahill’s Job Growth Task Force. Sovereign Bank provides up to $200 million in low-cost loans to Massachusetts small businesses through the program.

The announcement was made at Xinetics Corporation, Devens, Mass., which develops and manufactures precision optical products and systems for the U.S. government and other commercial customers. Xinetics will receive $2.5 million from the Massachusetts Job Foundation Loan fund and will add up to 40 new jobs over the next two to three years in the field of engineering and other technical areas. Xinetics was the first company to locate at Devens in 1996 after it was converted to a commercial center from a former U.S. Army base.
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“Xinetics is a true success story as one of the pioneer companies to locate at Devens,” said Xinetics President Mark A. Ealey. “The financing from Sovereign Bank will allow us to expand in the new frontier of nanotechnology which may fuel the future economic growth of Massachusetts. When we started our business in 1993 with two employees, we could never have envisioned our growth to 80 employees today and soon to be more than 100 with the help of this financing.”

“At Sovereign Bank, we feel strongly that it is our job to be a partner with the Commonwealth, to help grow and retain stable jobs,” said Sovereign CEO Campanelli, who was also a task force member. “Today’s announcement shows that by working together to make capital available to small business, together we can help them grow and get to the next level of success. The program is about creating new jobs, as well as keeping jobs here in Massachusetts,” he said.

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About Xinetics, Inc.  
•   Xinetics is a small business, founded in 1993 to preserve critical defense-related active materials technologies, for the U.S. Military and other commercial customers, to develop them into commercial precision motion-control products. Xinetics started in Littleton, Mass, in a single facility of 2,500 square feet. The company currently occupies three buildings with a total of 130,000 square feet located in Devens, Mass.
Full Press Release

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