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Finisar Acquires Genoa Inc.
Apr 2003
SUNNYVALE, Calif., April 4 -- Finisar Corp., a developer of gigabit fiber optic solutions for high-speed data networks, said it has made a definitive agreement to acquire privately held Genoa Inc., based in Fremont.

Genoa has developed linear semiconductor optical amplifiers (LSOAs) for amplifying DWDM wavelengths for both metro and telecom applications, and a method for making long wavelength vertical cavity emitting lasers (VCSELs). With the acquisition, Finisar will gain access to these technologies and to Genoa's engineering and management group and wafer fabrication facility.

"Genoa is an important strategic addition to Finisar," said Jerry Rawls, Finisar's CEO. "Genoa's LSOAs are already being evaluated by a number of potential customers. Use of their technology to amplify light at the chip level, in conjunction with other optical components we recently acquired from New Focus, should enable us to offer a distinct cost and performance advantage compared to using erbium-doped fiber optic amplifiers. Efficient light amplification is an important requirement of DWDM metro networks."

Under the agreement, Genoa will merge with a wholly owned subsidiary of Finisar, and Finisar will issue approximately seven million shares of its common stock. The transaction, which will be a taxable reorganization, is expected to be completed this month.

Finisar also announced it will close its Demeter Technologies Inc. Division, in El Monte, and consolidate all of its active device development and manufacturing into the Genoa facility in Fremont. Most of this consolidation will take place during the first quarter of 2003. Demeter makes lasers and photodetectors for use in Finisar products.

Demeter's intellectual property, manufacturing processes and certain assets related to the manufacture of Fabry Perot and distributed feedback lasers and positive intrinsic negative and avalanche photodetectors, will be transferred to the Genoa facility.
Dick Woodrow, Finisar’s president and COO, has retired and will be succeeded by former Genoa president and CEO Fariba Danesh.

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