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To issue approximately 10M shares of its common stock in exchange for producer of optical switches, transponders
June 5, 2001
CAMARILLO, Calif. -- Vitesse Semiconductor Corporation (NASDAQ:VTSS) ("Vitesse" or the "Company") announced today that it has agreed to acquire Versatile Optical Networks, Inc. ("Versatile"). Versatile, headquartered in San Jose, California, designs and manufactures optical and opto-electronic modules to create integrated system and subsystem solutions for data and communications networks. Versatile has developed an innovative approach that relies on a multi-level, building-block architecture for integrating optical and OEO (optical-to-electrical-to-optical) solutions. Initial products include optical switches, transponders and transponder arrays.In connection with the acquisition, Vitesse will issue approximately 10 million shares of its common stock in exchange for all of the outstanding equity interests of Versatile. The transaction is expected to be completed in the quarter ending September 30, 2001, subject to customary closing conditions. The transaction, which will be accounted for as a purchase, is expected to be dilutive to Vitesse's earnings per share on a pro-forma basis by approximately $0.02 per share per quarter for the remainder of calendar 2001. Vitesse President and Chief Executive Officer, Lou Tomasetta, said, "The Versatile acquisition brings a great team with opto-mechanical design and manufacturing experience. Combined with Vitesse's strengths in analog and physical layer ICs and our emerging Indium Phosphide manufacturing capability, we will now be one of the best positioned communications component suppliers. We can now provide our customers a complete solution of communication components from the fiber to the backplane." Vitesse Semiconductor Corp. Versatile Optical Networks
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