{"id":739756,"date":"2023-03-14T07:11:34","date_gmt":"2023-03-14T11:11:34","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/poet-technologies-reports-no-exposure-to-silicon-valley-bank-svb-failure\/"},"modified":"2023-03-14T07:11:34","modified_gmt":"2023-03-14T11:11:34","slug":"poet-technologies-reports-no-exposure-to-silicon-valley-bank-svb-failure","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/poet-technologies-reports-no-exposure-to-silicon-valley-bank-svb-failure\/","title":{"rendered":"POET Technologies Reports No Exposure to Silicon Valley Bank (SVB) Failure"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">TORONTO, March  14, 2023  (GLOBE NEWSWIRE) &#8212; POET Technologies Inc. (\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer\u2122 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).<\/p>\n<p align=\"justify\">POET\u2019s 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\u2019s Investment Policy is available for review on the Company\u2019s website. (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Cr0Hfnrj3HH7525FKrt6P2fn5Virbaijb_pkJ1x-yVqqcW-GIvbTwCKBiDKhpO9RPd0YF5wQlgQ0yRP9cjG8D0a59sKNyIa-1C84GG96tf9TseFWamr8SJ9EyNk1JfiNx5YSTnPsgm6YV5uBYZmO9z9_9nBUfjDp-OZ2PKp00vS3V2-t8POLQe4N1qEx066H_ja5Vl5hM7zRxYuvI5lpx13XZDKnDzcw-OnjYpfBcDQTz6lj6hQxY-ru7qkrjkccDSvoT_ZSpkUYuds5Q3Q5lA==\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/poet-technologies.com\/docs\/corporate-governance\/Investment%20Policy%202021.pdf<\/a>)<\/p>\n<p align=\"justify\">\n        <strong>About POET Technologies Inc.<\/strong><br \/>\n        <br \/>POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer\u2122, 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\u2019s 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Ohr7ae-gNmivmqjoB8vDwcdE_gYe1s-OPQq_Ip6hKqnAt-IP73wGHlESczUrfAg_LYLBUoAKAVYfpWwyK9ZGRQFVrBc8skPqOokyy-u8SYjxdKvcl9h98GEvslV0PZ4f\" rel=\"nofollow noopener\" target=\"_blank\">www.poet-technologies.com<\/a>.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:49%;width:49%;min-width:49%;vertical-align: middle\">\n            <strong>Shareholder Contact:<\/strong><br \/>\n            <br \/>Shelton Group<br \/>Brett L. Perry<br \/><a href=\"mailto:sheltonir@sheltongroup.com\" rel=\"nofollow noopener\" target=\"_blank\">sheltonir@sheltongroup.com<\/a><\/td>\n<td style=\"max-width:51%;width:51%;min-width:51%;vertical-align: top\">\n            <strong>Company Contact:<\/strong><br \/>\n            <br \/>Thomas R. Mika, EVP &amp; CFO<br \/><a href=\"mailto:tm@poet-technologies.com\" rel=\"nofollow noopener\" target=\"_blank\">tm@poet-technologies.com<\/a><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">This news release contains \u201cforward-looking information\u201d (within the meaning of applicable Canadian securities laws) and \u201cforward-looking statements\u201d (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as \u201canticipate\u201d, \u201cbelieve\u201d, \u201cexpect\u201d, \u201cplan\u201d, \u201cintend\u201d, \u201cpotential\u201d, \u201cestimate\u201d, \u201cpropose\u201d, \u201cproject\u201d, \u201coutlook\u201d, \u201cforesee\u201d or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company\u2019s expectations with respect to the success of the Company\u2019s announced products and those of its customers.<\/p>\n<p align=\"justify\">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\u2019s 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\u2019s 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.<\/p>\n<p align=\"justify\">\n        <strong>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.<\/strong><br \/>\n        <br \/>\n        <strong>120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 &#8211; Fax: 416-322-5075<\/strong>\u00a0<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODc4NzU1NiM1NDU3MzgwIzIwMjkwNDE=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/M2QzNTliODUtNGM2OS00ODQ4LTg2NDAtZjE1MWVkMzJhYWI5LTEwNDA2MTI=\/tiny\/POET-Technologies-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO, March 14, 2023 (GLOBE NEWSWIRE) &#8212; POET Technologies Inc. (\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer\u2122 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\u2019s 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/poet-technologies-reports-no-exposure-to-silicon-valley-bank-svb-failure\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;POET Technologies Reports No Exposure to Silicon Valley Bank (SVB) Failure&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-739756","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>POET Technologies Reports No Exposure to Silicon Valley Bank (SVB) Failure - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/poet-technologies-reports-no-exposure-to-silicon-valley-bank-svb-failure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"POET Technologies Reports No Exposure to Silicon Valley Bank (SVB) Failure - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"TORONTO, March 14, 2023 (GLOBE NEWSWIRE) &#8212; POET Technologies Inc. (\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer\u2122 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\u2019s 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. 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(\u201cPOET\u201d or the \u201cCompany\u201d) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer\u2122 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\u2019s 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. 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