GSI Lumonics Spins Out Optics Unit

KANATA, Ontario -- GSI Lumonics Inc. (Nasdaq: GSLI and Toronto: LSI) today announced it has formally incorporated its optics business unit under the name of WavePrecision Inc. WavePrecision, now a wholly-owned subsidiary of GSI Lumonics, will remain focused on providing precision optics to the telecommunications industry.

Prior to its incorporation, WavePrecision was GSI Lumonics' precision optics operation centered in Nepean, Ontario. During 2000, manufacturing capacity was tripled through process improvements, the addition of space, equipment, skilled personnel and the acquisition of General Optics of Moorpark, CA. Current products provided by WavePrecision include optical sub- components used by industry-leading customers for selecting, shifting, switching and interleaving precise wavelengths of light to increase the bandwidth and efficiency of fiber optic telecommunication networks. Currently, approximately 60% of WavePrecision revenues are to the telecom industry, with the balance to medical, aerospace, semiconductor and other specialty applications.

http://www.waveprecision.com