Acquisition Adds Advanced Passive Products to Portfolio
SAN JOSE, Calif., June 5 /PRNewswire/ -- SDL, Inc. (Nasdaq: SDLI)
announced today the closing of the previously announced acquisition of
Photonic Integration Research, Inc. (PIRI). As required by the agreement
signed on May 10, 2000, SDL has issued 8,461,663 shares of SDL, Inc. stock and
transferred $31.7 million in cash in exchange for all of the stock of PIRI.
The total consideration is valued at approximately $2.2 billion based on the
June 2, 2000 closing stock price of SDL.
PIRI, located in Columbus, Ohio, is a leading manufacturer of arrayed
waveguide gratings that enable the routing of individual wavelength channels
in fiber optic systems. These products are used in optical multiplexing and
demultiplexing applications for dense wavelength division multiplexing (DWDM)
fiber optic systems. The acquisition expands SDL's traditional role as a
leader in active components in fiber optic systems to that of a leader in
advanced passive components. Further, the acquisition of PIRI responds to the
future needs of SDL's customers by adding a critical silicon wafer based
optical integration technology that is expected to improve performance and
lower costs in next generation DWDM systems.
SDL's products power the transmission of data, voice, video and Internet
information over fiber optic networks to meet the needs of telecommunications,
DWDM, cable television and satellite communications applications. They enable
customers to meet the bandwidth needs of increasing Internet, data, video and
voice traffic by expanding their fiber optic communications networks much more
quickly and efficiently than would be possible using conventional electronic
and optical technologies. SDL's optical products also serve a variety of
non-communications applications, including materials processing and printing.
Additional information about SDL, Inc. is available on the Internet at
http://www.sdli.com .
Statements in this press release which are not historical including
statements regarding SDL's or management's intentions, hopes, beliefs,
expectations, representations, projections, plans or predictions of the future
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include statements regarding
the acquisition expanding SDL's role to that of a leader in advanced passive
components, and the ability of the merged companies' silicon wafer-based
optical integration technology to respond to customers' needs and improve
performance and lower costs in next generation DWDM systems. It is important
to note that the Company's actual results could differ materially from those
in any such forward-looking statements. Factors that could cause actual
results to differ materially include competitors' advances in passive
components, risks related to uncertainties in or failure of the company's
products to achieve improved performance, lower costs or meet customer product
specifications and market requirements, and the risk factors listed from time
to time in the Company's SEC reports including but not limited to, the annual
report on Form 10-K for the year ended December 31, 1999, and the quarterly
report on Form 10-Q for the quarter ended March 31, 2000.
SOURCE SDL, Inc.
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Related links:
http://www.sdli.com
CONTACT:
Donald R. Scifres, Chairman and CEO, or
Michael L. Foster, VP Finance and CFO, both of SDL, Inc.,
408-943-9411; general, Lisa Horn Chainey or Marcia Nakamura,
investors, Susan Katz, or media, Chris Wood, all of Financial
Relations Board, 415-986-1591
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