COLUMBIA, Md., Nov. 5 -- Essex Corp. announced it has received an additional $250,000 from Global Environment Fund (GEF), adding to a funding commitment of $1,500,000 for 2002 from its investor group. Hannon Family LLC and GEF invested $1,000,000 and $250,000, respectively, during the first nine months of 2002. The recent GEF funding includes the purchase of $150,000 of common stock at $3 per share and the purchase of warrants for $100,000 for additional investments.
Essex, an optical and communications engineering company for the telecommunications and defense industries, said it will use the funds to further develop its product line. The company has received a total of $6,150,000 from its investor group, including the recent funding.
For more information, visit: www.essexcorp.com