Finisar Corporation Completes Combination With Optium Corporation
30 August 2008 - 4:56AM
Marketwired
Finisar Corporation (NASDAQ: FNSR), a global technology leader for
fiber optics subsystems and network test systems, today announced
the successful completion of its combination with Optium
Corporation (NASDAQ: OPTM). The transaction was approved yesterday
by the stockholders of both companies. As of the close of today's
trading day, Optium's stock will no longer trade on the NASDAQ GMX.
Under the terms of the agreement, Optium stockholders will receive
6.262 shares of Finisar common stock for each Optium share.
"This merger is a great milestone for Finisar," stated Jerry
Rawls, executive Chairman of Finisar. "By combining with Optium, we
have created new industry leadership, with unmatched breadth of
products to meet the ever-increasing demand for solutions that
expand, manage and optimize optical network bandwidth. The
extensive product portfolio and unique manufacturing flexibility
resulting from this merger generate a powerful platform for
creating added value for our customers and shareholders."
Finisar also announced today the appointment of Eitan Gertel,
Optium's Chairman and Chief Executive Officer, as Chief Executive
Officer of Finisar and a member of its board, effective
immediately. Jerry Rawls will continue in his role as executive
Chairman of Finisar's board. In addition, the following members of
the Optium board of directors were appointed to the Finisar
board:
-- Morgan Jones, a general partner of Battery Ventures, LP, a venture
capital firm; and,
-- Christopher Crespi, co-founder and President of Pacific Realm, LLC, an
investment firm, and formerly Managing Director of Banc of America
Securities LLC.
"I am pleased to welcome Eitan to the Finisar management team,"
said Mr. Rawls. "We are already working closely to ensure a smooth
integration between the two companies. I am also delighted to
welcome Morgan and Chris to the Finisar board. They each bring a
wealth of experience that will be valuable as we chart the course
for the combined company."
"From a product, industry, customer and business model
perspective, this combination is complementary in every way,"
stated Eitan Gertel, Finisar's newly appointed Chief Executive
Officer. "Our customers will have access to the broadest portfolio
of optical communication solutions in the industry, supported by
unparalleled technology and global manufacturing resources. We look
forward to sharing more about the opportunities each of these areas
present at our Analyst and Investor Meeting scheduled for October 7
in New York City. In the meantime, rest assured that we are already
working diligently to attain the synergies expected to result from
this merger."
About Finisar
Finisar Corporation (NASDAQ: FNSR) is a global technology leader
for fiber optic subsystems and network test systems that enable
high-speed voice, video and data communications for networking,
storage, wireless, and cable TV applications. For more than 20
years, Finisar has provided critical optics technologies to system
manufacturers to meet the increasing demands for network bandwidth
and storage. Finisar is headquartered in Sunnyvale, California, USA
with R&D, manufacturing sites, and sales offices worldwide. For
additional information, visit www.finisar.com.
Safe Harbor Under the Private Securities Litigation Reform Act
of 1995
The statements contained in this press release that are not
purely historical are forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended.
All forward-looking statements included in this press release are
based upon information available to Finisar as of the date hereof,
and Finisar assumes no obligation to update any such
forward-looking statements. Forward-looking statements involve
risks and uncertainties which could cause actual results to differ
materially from those projected. Examples of such risks include
those associated with: the integration of the operations of Optium
and the realization of synergies expected to result from Finisar's
combination with Optium; the rapidly evolving markets for Finisar's
products and uncertainty regarding the development of these
markets; Finisar's historical dependence on sales to a limited
number of customers and fluctuations in the mix of products and
customers in any period; ongoing new product development and
introduction of new and enhanced products; the challenges of rapid
growth followed by periods of contraction; and intensive
competition. Additional risks include the potential impact of
pending civil litigation arising from the investigation of
Finisar's historical option granting practices. Further information
regarding these and other risks relating to Finisar's business,
including the operations of Optium, is set forth in Finisar's
Registration Statement on Form S-4 (filed July 10, 2008) and other
reports as filed with the Securities and Exchange Commission.
Contacts: Veronica Rosa Investor Relations 408-542-5050
investor.relations@finisar.com Victoria McDonald Public Relations
408-542-4261 victoria.mcdonald@finisar.com
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