MONTREAL, April 6, 2006 -- Avensys Inc. announced yesterday it will acquire most of the assets of ITF Optical Technologies Inc. (ITF), a manufacturer of all-fiber passive photonic components and modules. Both companies are based in Montreal.
Avensys, a wholly-owned subsidiary of Manaris Corp., provides sensor and networking solutions for the monitoring of outdoor, commercial and industrial environments.
In a statement announcing the buyout, Avensys said it broadens the company's product offerings, provides it with state-of-the-art facilities for growth and increases its distribution channels,as most of Avensys' business is in Asia and Europe while ITF's primary market is the US. "ITF specializes in providing sophisticated high-end applications for submarine, military, telecom and industrial uses. This will benefit Avensys and will serve to elevate both the company’s technological depth and production capabilities," the statement said.
Avensys said ITF has invested over CAD 50 million ($43 million) in infrastructure improvements and high-end equipment since its creation in 1997, which will provide Avensys’ fiber component production division, Avensys Technologies, with access to ITF’s 10,000 sq ft cleanroom and other facilities.
In a separate transaction, Avensys said ITF’s research and development unit, including all of its intellectual property assets, will be merged with that of Avensys’ partner, Avensys Laboratories Inc., and will be renamed ITF Laboratories. ITF Laboratories will spearhead the development of ultrareliable fiber-optic systems, optical sensors and instrumentation and fiber laser components, Avensys said.
The two proposed transactions are subject to approval from ITF’s current shareholders, with final closing of the transaction expected this month, the company said.
For more information, visit: www.avensys.ca