Oak Investment Partners funds ADVA Optical Networking capital increase
Martinsried/Munich, Germany, and Mahwah, New Jersey, USA. September 13, 2006. ADVA Optical Networking today announced that it has raised funding from Oak Investment Partners, a prominent USA-based venture firm, through a capital increase. Oak Investment Partners is one of the former shareholders of Movaz Networks, an Atlanta, Georgia, USA-based leading Wavelength Division Multiplexing (WDM) equipment provider acquired by ADVA Optical Networking in July 2006. Furthermore, ADVA Optical Networking will propose Ed Glassmeyer, Oak Investment Partners' founding partner, to become a member of the Supervisory Board of ADVA Optical Networking.
The Management and Supervisory Boards of ADVA Optical Networking today resolved to increase the share capital of the company from approved capital in an amount of 1,348,839 shares against a total cash contribution of USD 10.0 million. Preemption rights of current shareholders were excluded according to section 186 paragraph 3 Aktiengesetz (German Stock Corporation Act). All newly-issued shares were subscribed for by Oak Investment Partners. The price for the new shares was set based on a multiple days average XETRA closing price on the Frankfurt Stock Exchange.
Through this capital increase, ADVA Optical Networking's number of shares outstanding increases from 43,921,586 to 45,270,425. Free float currently totals 86.0%, with EGORA-Group holding the remaining 14.0%.
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PUBLISHED BY:
ADVA AG Optical Networking, Martinsried/Munich and Meiningen, Germany
ADVA Optical Networking Inc., Mahwah, New Jersey, USA
ADVA Optical Networking Corp., Tokyo, Japan
FOR PRESS:
Christine Keck
t +1 201 258 8293 (U.S.)
t +49 89 89 0665 0 (Europe)
t +81 3 5408 5891 (Asia)
FOR INVESTORS:
Wolfgang Guessgen
t +1 201 258 8300 (U.S.)
t +49 89 89 0665 940 (Europe)
t +81 3 5408 5891 (Asia)