Paceon Is Dead, Long Live Paceon

CYPRESS, Calif. -- Mitsubishi Electric & Electronics USA, Inc. (MEUS) has announced that Paceon Corporation of Duluth, GA, fully owned by Mitsubishi Electric Corporation, will be closed effective October 1, 2002. On that day, a new division (the "Paceon Division") of MEUS, will be established to market FSAN-compliant, passive optical network- (PON-) based broadband solutions for home and business in the United States. The Paceon Division will offer a diverse set of broadband access solutions that are carrier-class, cost-effective and easy to manage, and pursue the same broadband markets within North America. "Mitsubishi Electric is a recognized leader in the research, engineering, manufacturing and marketing of electrical and electronic equipment used in communications, consumer electronics, industrial technology, energy and transportation," said Tom Sterbenc, who will be general manager of the Paceon Division of MEUS. "The combined resources of Mitsubishi Electric and MEUS's new Paceon Division will strengthen the company's ability to be the preferred broadband access vendor in North America for applications such as Fiber to the Business (FTTB) and Fiber to the Home (FTTH), over passive optical networks." Mitsubishi Electric & Electronics USA Inc. Paceon