StockerYale Announces Acquisition of CIENA's Specialty Optical Fiber Group
Company Will Be Primary Supplier Of Specialty Optical Fiber To Optical Networking Leader
May 13, 2002
Salem, NH -- StockerYale, Inc. (NASDAQ: STKR), a leading independent provider of optical components, specialty optical fiber, and advanced optical technologies, today announced that it has acquired CIENA's specialty optical fiber (SOF) group located in Linthicum, Maryland, for an undisclosed amount of cash and stock. CIENA Corporation (NASDAQ: CIEN) is a leading provider of intelligent optical networking systems and software.
CIENA will transfer to StockerYale all intellectual property related to proprietary specialty optical fiber technology developed at CIENA; a fully-developed SOF product line, which includes a number of specialty optical fibers in addition to other proprietary technologies; as well as all specialty optical fiber manufacturing equipment and related test and measurement assets.
In addition, CIENA and StockerYale have signed a three-year, primary supplier agreement between CIENA and StockerYale for specialty optical fibers. Shipments of this fiber are expected to begin in the fourth quarter of calendar year 2002.
"This is a great opportunity for StockerYale," said Paul Jortberg, StockerYale's senior vice president of sales and marketing, optical components. "By entering into this strategic relationship with CIENA, we have the opportunity to be its vendor of choice for specialty optical fiber."
Jortberg continued, "We look forward to providing CIENA with best-in-class products and are very excited about the potential for new business opportunities in the ensuing years as we develop a long-term business relationship."
"The acquisition of CIENA's SOF business underscores StockerYale's commitment to continue building and positioning itself as a world-class photonics company where one of the primary goals is to be a key supplier of specialty optical fibers to the major telecommunication manufacturers around the world," said Mark W. Blodgett, StockerYale's chairman & chief executive officer. "We look forward to this new strategic relationship with CIENA and are excited about being the primary supplier of its specialty optical fiber needs," added Blodgett.
About StockerYale
StockerYale, Inc., headquartered in Salem, NH, is an independent designer and manufacturer of phase masks, specialty optical fiber, and advanced optical sub-components used in the building of optical networks as well as structured light lasers, specialized fiber optic, fluorescent, and LED illumination products for use in the machine vision, industrial inspection, medical and military markets.
StockerYale serves a widely varied, international customer base from its corporate offices in Salem and reinvests a significant percentage of its revenues in R&D to meet the future requirements of its customers. StockerYale has offices and subsidiaries in the U.S., Canada, Europe, and the Pacific Rim.
For more information about StockerYale and its innovative products, contact StockerYale, Inc., 32 Hampshire Rd., Salem, NH, 03079. Call 800-843-8011; Fax 603-893-5604; e-mail , or visit the company's website at www.stockeryale.com.
Notice to Investors:
This press release contains forward-looking statements that do not give full weight to all the potential risks, but relate to StockerYale's plans, objectives, and expectations. Thus, actual results may differ materially. All company, brand, and product names are trademarks or registered trademarks of their respective holders. StockerYale undertakes no duty to update any of these forward-looking statements.
Contact for Press and Analysts:
Fred Pilon, Dir. Investor Relations
StockerYale, Inc.
603-893-8778
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, the Company's future operating results and sales trends. Reliance should not be placed on forward looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases, beyond the control of Stocker & Yale, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward looking statements.