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Sorrento Networks to Acquire LuxN
Jun 2003
SAN DIEGO, June 26 -- Sorrento Networks Corp., a supplier of intelligent optical networking solutions for metro and regional applications, announced today it has entered into a definitive agreement to acquire LuxN Inc., of Sunnyvale, Calif., which supplies intelligent optical access solutions for the network edge.
The acquisition expands Sorrento's addressable market by adding optical access products that combine coarse and dense wavelength division multiplexing (CWDM and DWDM) on the same platform and have patented in-wavelength management. The merger also provides Sorrento with 25 new customers, including Time Warner Telecom, Hawaii I-Net, Yipes Enterprise Services and numerous universities.

The purchase price for the transaction will be a combination of stock, warrants and cash, including some of the cash currently held by LuxN. The acquisition is contingent on regulatory approval and certain closing conditions, including a minimum amount of net cash remaining in LuxN following distribution of the merger consideration. Warrants to purchase 400,000 shares of Sorrento will be issued to the Series A-1 Preferred stockholders of LuxN upon the completion of the transaction, which is expected to occur on or before August 8.

"We are delighted about our union with LuxN," said Phil Arneson, chairman and CEO of Sorrento Networks. "Our capital restructuring and its huge management distractions are behind us. This merger with LuxN is merely the first step in our growth strategy, which includes expanding our product line breadth, adding new customers and penetrating new markets. The acquisition of LuxN provides Sorrento with complementary products, intellectual property and employee talent to help execute our business plan and increase shareholder value."

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