Avanex Stockholders Approve Acquisitions

FREMONT, Calif., July 28 -- Avanex Corp., which develops photonic processors for the communications industry, announced that its stockholders have approved the issuance of Avanex common stock in connection with the acquisition of Alcatel Optronics France SA -- a subsidiary of Alcatel that operates the optical components division of Alcatel -- and the purchase of certain assets of the photonic technologies business of Corning Inc.

The transactions, which were announced in May, are expected to close this week. As consideration for the transactions, Avanex will issue to Alcatel and Corning shares of Avanex common stock representing 28 percent and 17 percent, respectively, of the outstanding common stock of Avanex on a post-transaction basis.

Avanex said it will hold a conference call with the financial community August 4 at 4:30 p.m. EDT, to discuss these transactions and its fourth-quarter and year-end earnings for fiscal year 2003. The number for the conference call is 888-658-7305.

For more information, visit: avanex.com