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Mergers & acquisitions

Finisar Acquires Shomiti

SUNNYVALE, Calif. -- Finisar Corporation (Nasdaq: FNSR) a leading technology innovator of fiber optic solutions for high-speed data networks announced today it has completed the acquisition of privately held Shomiti Systems Inc. The acquisition was completed on March 23, 2001, and will be included in the financial results of Finisar for the fourth fiscal quarter ending April 30, 2001. The transaction will be accounted for as a purchase and is intended to qualify as a tax-free reorganization. Under the terms of the agreement, Shomiti was merged with a wholly-owned subsidiary of Finisar. Bill Shaw, Shomiti's President and CEO, will continue to serve as President and CEO of the Shomiti subsidiary.

"Finisar's strength in designing optical subsystems for Fibre Channel, Gigabit Ethernet and Infiniband applications has been amplified by the ability to design instruments which are able to monitor, measure and troubleshoot these optical devices in a storage area network (SAN)," said Jerry Rawls, Finisar's President and CEO. "The addition of Shomiti gives us a similar capability for Ethernet and IP networking applications."

http://www.finisar.com
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