CIENA Announces Completion of AKARA Transaction.Business Editors/High-Tech Writers LINTHICUM, Md.--(BUSINESS WIRE)--Sept. 3, 2003 CIENA(R) Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CIEN CIEN Ciena Corporation (stock symbol) ), a leading provider of global network solutions, today announced the completion of its acquisition of AKARA Corporation pursuant to the terms of a merger agreement announced on August 21, 2003. In the transaction, CIENA acquired all outstanding shares of AKARA in exchange for $31 million in cash and approximately 2.3 million shares of CIENA common stock. The price paid in the transaction was approximately $46.2 million, based on the closing price of CIENA's common stock on August 29, 2003. AKARA is an emerging leader in the growing market of SONET/SDH-based extended storage area networking (SAN), or storage-over-distance solutions for enterprises and carriers. AKARA is focused on the opportunity arising as medium and large businesses look to meet higher data storage standards to ensure business continuity and disaster recovery. AKARA will continue operations from the Ottawa Ottawa, city, Canada Ottawa (ŏt`əwə), city (1991 pop. 313,987), capital of Canada, SE Ont., at the confluence of the Ottawa and Rideau rivers. Hull, Que. , Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. facility. ABOUT CIENA CIENA Corporation Ciena Corporation NASDAQ: CIEN develops and markets communications network platforms and software, and offers professional services. The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom delivers innovative network solutions to the world's largest service providers, increasing the cost-efficiency of current services while enabling the creation of new carrier-class data services built upon the existing network infrastructure. Additional information about CIENA can be found at www.ciena.com. |
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