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Alliance Fiber Optic Products to acquire substantially all the assets of Ritek's Photonics Division in Taiwan for 1.7M shares of AFOP stock
November 4, 2003
SUNNYVALE, Calif. -- Alliance Fiber Optic Products, Inc. (Nasdaq SmallCap: AFOP), an innovative supplier of fiber optic components, subsystems and integrated modules for the optical network equipment market, today announced that it signed a definitive agreement to acquire substantially all of the assets of Ritek Corporation’s Photonics Division which is located in Hsin Chu Industrial Park, Taiwan.
Under the terms of the agreement, AFOP will acquire substantially all of the assets of Ritek’s Photonics business and assume certain liabilities in exchange for up to 1.7 million shares of AFOP common stock. AFOP may utilize Ritek’s photonics manufacturing facility in Hsin Chu Industrial Park, Taiwan, for a period of two years at no additional cost. In addition, Ritek will provide AFOP $1.5 million cash as part of this agreement. The deal is expected to be completed in December 2003 and is subject to various closing conditions.
Peter Chang, President and Chief Executive Officer of AFOP, commented, “Ritek’s photonics business, which includes planar lightwave circuit (PLC) technologies, fiber array (FAU) technologies, active devices, and DWDM and related technologies, will be an excellent complement to our existing product lines. Additionally, their manufacturing base and packaging technology gives us added expertise in the areas we believe to be strategically important. With Ritek’s established products and customer base for the emerging access and FTTX markets, we believe this acquisition will enable AFOP to strengthen its base of business in Japan and the rest of Asia, which we believe have attractive long-term growth potential.
Alliance Fiber Optic Products Inc.
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