SANTA CLARA, Calif. -- Extreme Networks, Inc., (Nasdaq: EXTR - news), a leader in broadband networking solutions, today announced that it has signed a definitive agreement to acquire privately held Optranet, a developer of broadband IP services.

Under the terms of the agreement, approximately two million shares of Extreme Networks common stock will be exchanged for all outstanding shares of Optranet. The transaction is expected to close on January 31, 2001 and will be accounted for under the purchase method of accounting. Extreme Networks expects to record a one-time charge for purchased in-process research and development expenses related to the acquisition upon its consummation.

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