Enablence to Sell Teledata

Enablence Technologies announces sale of Teledata, appointment of Jacob Sun as director

March 15, 2012

1 Min Read

TORONTO -- Enablence Technologies Inc. ("Enablence" or the "Company") (TSX VENTURE:ENA), a leading supplier of optical components and subsystems for telecommunication access, metro and long-haul markets, announced today that it has signed a definitive agreement to sell Teledata Networks Ltd. ("Teledata") to a special purpose vehicle established by Taldan Capital Limited for a nominal cash payment, and the assumption of the estimated $2.8 million working capital liability of Teledata. Completion of the sale is subject to the satisfaction of certain conditions agreed upon by the parties, including obtaining the approval of the TSX Venture Exchange and satisfying other customary conditions for transactions of this nature. The transaction is expected to close following the receipt of several regulatory approvals required under Israeli law, and which are expected to be received in less than 30 days.

The Company also announced the appointment of Dr. Jacob Sun as a non-independent director of Enablence. Dr. Sun has over 20 years of experience in fiber optics and optical components. Dr. Sun is the chief operating officer of Enablence, and was the President and CEO of ANDevices from 2003 to 2008 and joined Enablence when ANDevices was acquired by Enablence in 2008. Dr. Sun holds a Ph.D. from the University of Rochester and an MBA from Ohio State University. He has over 30 publications and 6 U.S. Patents.

"This represents the final piece in divesting of our Systems business", said Tim Thorsteinson, president and CEO of Enablence. "We can now focus on our optical components business, and adding Jacob to our board will provide the market and technology expertise the board requires."

Enablence Technologies Inc. (Toronto: ENA)

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