IMT secures $5M equity investment

Aug. 12, 2002 — Innovative Micro Technology (IMT) said securing an equity investment valued at $5 million from a defense firm will help bring its MEMS to market faster.

Under the deal, L-3 Communications of New York will receive 935,000 shared of IMT common stock, which represents about 17 percent of the California MEMS maker. L-3 also received two warrants providing for the purchase of IMT’s common stock.

The two firms will work on defense-related projects involving MEMS, including weapons guidance systems and communications technologies. Both IMT and L-3’s Interstate Electronics division have been funded by the U.S. Army to work on a MEMS-based inertial measurement unit for guidance of smart munitions, such as Excalibur, according to a news release.


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