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Kestrel to Acquire TeON

Kestrel to Acquire TeON

June 13, 2001

1 Min Read

MOUNTAIN VIEW, Calif. -- Kestrel Solutions, Inc., and TeON Optical Networks Inc., today announced that they have signed a letter of intent for Kestrel to acquire TeON. Kestrel and TeON have been developing a common technology for a new generation of advanced optical networking transport equipment. Both companies believe that a combination of their technical and business resources will enable them to innovate more rapidly and be more effective in the market. Effective immediately, the Kestrel Board of Directors is pleased to announce the appointment of Marty Kaplan as Interim Chief Executive Officer of Kestrel and as a Director of the firm. Marty Kaplan is currently the President and CEO of TeON. Prior to that assignment he was Senior Vice President and Chief Technology Officer at Sprint. Brian Jervis has resigned as President and Chief Executive Officer of Kestrel to accept a new career opportunity. John Barter has resigned as Chief Financial Officer for personal reasons. The Kestrel Board of Directors wishes both Brian and John well upon their departure and thanks them for their contributions to the Company. Kestrel Solutions Inc.

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