Funding Awarded

Expansions

Contracts Awarded

Correction

Death

Corrections or additions?

These articles by Kathleen McGinn Spring were prepared for the

August 22, 2001 edition of U.S. 1 Newspaper. All rights reserved.

Book Value: Sands Gift

Estelle and George H. Sands have contributed $5 million

toward the Princeton Public Library’s building fund, and the library

has announced that the new $17.5 million building will carry their

names.

The new library will be built on the current site

after that building is demolished. The library will move to temporary

quarters in the Princeton Shopping Center in October. The new

building,

designed by Hillier, is scheduled to open in late-2003.

George Sands, a Princeton resident for 55 years,

made his fortune in real estate. Along with his son, Jeffrey, he owns

Hilton Realty, the property-investment firm he founded in 1952. Among

its holdings are the Montgomery Shopping Center, Research Park,

and the building at 194 Nassau Street that houses the company’s

offices.

Top Of Page
Funding Awarded

Princeton Optronics is poised to move to the next level.

The developer and manufacturer of active components for fiber optic

networks has received $25 million in second round financing. "This

is our launch pad, from here we go forward," says Tim Hays,

director

of marketing for the eight-year-old company. (U.S. 1, August 8).

Started as Princeton Electronic Systems by Chuni Ghosh, a Sarnoff

alumnus, the company was self-funded until last year. Altogether,

it has raised $30 million. This round was co-led by Investor Capital

Growth and St. Paul Venture Capital and includes investments from

Technology Venture Partners and first round investors Novak Biddle

and Intel Capital.

The new funding will be used to bring new products to market and to

expand current manufacturing operations, housed at the company’s

headquarters

at 1 Electronics Way in Mercerville. Now at 70 employees, the company

expects to be up to "hundreds of employees" within two or

three years, says Hays.

Approximately 60 percent of the company’s hires will be technicians

involved in the manufacturing process, while 20 percent are expected

to be in R & D, and the rest in administration.

Hays, who graduated from Widener in 1990 with a bachelor’s degree

in electrical engineering, knows the young company is revving up to

serve telecommunications companies at a perilous time. Among his past

jobs was a stint at Lucent. He didn’t hang onto any Lucent stock,

and has high hopes for this start-up, a company whose new funding

boosts its chances of succeeding in a new telecommunications niche.

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Expansions

Morgan Architecture, 33 State Road, Suite B,

Princeton

08540. Malak Morgan, principal. 609-921-3275; fax, 609-921-3675.

Home

page: www.morganarchitecture.com

Malak Morgan moved her architecture firm from 800 feet at Princeton

Meadows Office Center to 1,000 feet on State Road, to be closer to

town. Phone and fax are new. She is currently supervising construction

for Prudential in Logan Township and designing an addition to St.

Mary Coptic Orthodox Church in East Brunswick. She has also designed

an Orthodox Church in Holmdel, including a community hall and a

sanctuary,

as yet to be built.

Top Of Page
Contracts Awarded

Associated Press, 19 Commerce Drive, Center Point

at 8A, Cranbury 08512. Rudy Bakker, manager. 609-860-6900; fax,

609-860-6994.

Matrix Development is selling the wire service’s 65,000 square foot

building to Corporate Office Properties for $11.5 million, but AP

is going to stay put. "We have a 15-year lease here," says

Rudy Bakker, the manager. Seven years ago the company consolidated

its data processing, training, and warehouse operations here at Center

Point at 8A.

Top Of Page
Correction

PRG Systems is not related to ERP Advantage or Caplacom Inc. (U.S.

1, August 15). PRG Systems Inc., says Uma Pandey, is a new company,

specializing in projects and product development, with offices at

410 Wall Street (609-683-4540, www.prgsi.com).

Top Of Page
Death

George W. Briehler, 70, on August 20. He owned the Stage

Depot complex at Pennytown in Pennington. His son, Michael Briehler,

owns the Pennington Athletic Club. The funeral will be Thursday,

August

23, at 11 a.m. at the Wilson-Apple Funeral Home.


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