SUNNYVALE, CA--(Marketwire - August 29, 2008) - Finisar Corporation (
NASDAQ:
FNSR), a global
technology leader for fiber optics subsystems and network test systems,
today announced the successful completion of its combination with Optium
Corporation (
NASDAQ:
OPTM). The transaction was approved yesterday by the
stockholders of both companies. As of the close of today's trading day,
Optium's stock will no longer trade on the NASDAQ GMX. Under the terms of
the agreement, Optium stockholders will receive 6.262 shares of Finisar
common stock for each Optium share.
"This merger is a great milestone for Finisar," stated Jerry Rawls,
executive Chairman of Finisar. "By combining with Optium, we have created
new industry leadership, with unmatched breadth of products to meet the
ever-increasing demand for solutions that expand, manage and optimize
optical network bandwidth. The extensive product portfolio and unique
manufacturing flexibility resulting from this merger generate a powerful
platform for creating added value for our customers and shareholders."
Finisar also announced today the appointment of Eitan Gertel, Optium's
Chairman and Chief Executive Officer, as Chief Executive Officer of Finisar
and a member of its board, effective immediately. Jerry Rawls will
continue in his role as executive Chairman of Finisar's board. In
addition, the following members of the Optium board of directors were
appointed to the Finisar board:
-- Morgan Jones, a general partner of Battery Ventures, LP, a venture
capital firm; and,
-- Christopher Crespi, co-founder and President of Pacific Realm, LLC, an
investment firm, and formerly Managing Director of Banc of America
Securities LLC.
"I am pleased to welcome Eitan to the Finisar management team," said Mr.
Rawls. "We are already working closely to ensure a smooth integration
between the two companies. I am also delighted to welcome Morgan and Chris
to the Finisar board. They each bring a wealth of experience that will be
valuable as we chart the course for the combined company."
"From a product, industry, customer and business model perspective, this
combination is complementary in every way," stated Eitan Gertel, Finisar's
newly appointed Chief Executive Officer. "Our customers will have access
to the broadest portfolio of optical communication solutions in the
industry, supported by unparalleled technology and global manufacturing
resources. We look forward to sharing more about the opportunities each of
these areas present at our Analyst and Investor Meeting scheduled for
October 7 in New York City. In the meantime, rest assured that we are
already working diligently to attain the synergies expected to result from
this merger."
About Finisar
Finisar Corporation (
NASDAQ:
FNSR) is a global technology leader for fiber
optic subsystems and network test systems that enable high-speed voice,
video and data communications for networking, storage, wireless, and cable
TV applications. For more than 20 years, Finisar has provided critical
optics technologies to system manufacturers to meet the increasing demands
for network bandwidth and storage. Finisar is headquartered in Sunnyvale,
California, USA with R&D, manufacturing sites, and sales offices worldwide.
For additional information, visit
www.finisar.com.
Safe Harbor Under the Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended. All forward-looking
statements included in this press release are based upon information
available to Finisar as of the date hereof, and Finisar assumes no
obligation to update any such forward-looking statements. Forward-looking
statements involve risks and uncertainties which could cause actual results
to differ materially from those projected. Examples of such risks include
those associated with: the integration of the operations of Optium and the
realization of synergies expected to result from Finisar's combination with
Optium; the rapidly evolving markets for Finisar's products and uncertainty
regarding the development of these markets; Finisar's historical dependence
on sales to a limited number of customers and fluctuations in the mix of
products and customers in any period; ongoing new product development and
introduction of new and enhanced products; the challenges of rapid growth
followed by periods of contraction; and intensive competition. Additional
risks include the potential impact of pending civil litigation arising from
the investigation of Finisar's historical option granting practices.
Further information regarding these and other risks relating to Finisar's
business, including the operations of Optium, is set forth in Finisar's
Registration Statement on Form S-4 (filed July 10, 2008) and other reports
as filed with the Securities and Exchange Commission.
Contact Information: Contacts:
Veronica Rosa
Investor Relations
408-542-5050
investor.relations@finisar.com
Victoria McDonald
Public Relations
408-542-4261
victoria.mcdonald@finisar.com