QPC Ends License Agreement with Finisar
SYLMAR, Calif., Nov. 7, 2006 -- QPC Lasers Inc., the parent company of Quintessence Photonics Corp., announced this week it will pay $6 million to terminate a license agreement with fiber optic components maker Finisar Corp.
In a license termination agreement dated Sept. 18, QPC agreed to pay Finisar $6,000,000 as a termination fee, pursuant to the terms of a secured promissory note. The agreement, made in 2003, was granted in connection with a financing round and gave Finisar a nonexclusive license to certain QPC technology and intellectual property.
Finisar invested $12 million in QPC in 2001 and currently holds 6.75 million shares of QPC Lasers Inc. common stock.
Quintessence Photonics Corp., based in Sylmar, Calif., is a developer of high-brightness, high-power semiconductor lasers for the industrial, defense and medical markets.