CyOptics Completes Acquisition of TriQuint Semiconductor's Optoelectronics Division; Industry Leader Raises $24 Million in Financing.LEHIGH VALLEY The Lehigh Valley or the Allentown-Bethlehem-Easton, PA-NJ metropolitan area is a metropolitan region in eastern Pennsylvania and western New Jersey, in the United States. It is the third-most populated metropolitan region in Pennsylvania, after Philadelphia and Pittsburgh. , Pa. -- CyOptics, Inc., a leading supplier of high-speed optical chips and components for broadband communication solutions, today announced the completion of the acquisition of TriQuint's (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 :TQNT) optoelectronics operations in Pennsylvania and Matamaros, Mexico. The transaction was valued at approximately $23.5 million including a combination of cash, equity and seller financing Seller financing Funding a purchase by a seller's loan to the buyer, the buyer takes full title to the property when the loan is fully repaid. . CyOptics' leading device design and packaging technologies will be combined with TriQuint's increased market share and larger volume production capability to broaden CyOptics' product line and further expand market opportunities with Indium Phosphide phosphide Any of a class of chemical compounds in which phosphorous is combined with a metal. Phosphides exhibit a wide variety of chemical and physical properties. Phosphides that are rich in metal have high melting points and are hard, brittle, and chemically inert; these (InP) optical chips and laser and detector components. CyOptics also announced the closing of its Series F funding round, in which an additional $24 million in equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay was raised. Major equity participants in the latest round include JVP JVP Janatha Vimukthi Peramuna (People's Liberation Front, Sri Lanka) JVP Jewish Voice for Peace JVP Jugular Venous Pressure JVP Junge Volkspartei (Young Austrian People's Party) JVP Junior Vice President (Jerusalem Venture Partners), Sprout Group, TowerBrook Capital Partners (formerly Soros Private Equity Partners), and Eurofund. This announcement comes just eight months after CyOptics closed its Series E round, which totaled $10.3 million. "We are pleased to announce this acquisition and capital raise, and are extremely satisfied with the Company's growth and the continued support of our investors," said Ed Coringrato, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CyOptics. "TriQuint's optoelectronics business is regarded as one of the best in the industry, because of its talented people and pioneering development of optoelectronic products. The acquisition allows TriQuint's broad portfolio of products to be coupled with CyOptics' exceptional design and packaging technologies to create a new standard of innovation and customer service excellence." The acquisition provides much needed convergence in the optical component sector and will result in a provider that is optimally sized and poised to return to profitability within the current calendar year. CyOptics' main near-term priorities include assuring no interruptions of service or supply to its customers through a smooth integration of its operations, and working closely with customers to develop new growth opportunities. About CyOptics Founded in 1999, CyOptics is a full line supplier of InP chips and laser and detector components for broadband access, metro and long haul communications systems. CyOptics is an industry leader in the design, development and manufacture of next-generation optical engines that are five times smaller than the current industry standard components, in order to maximize the functional density/price. CyOptics optical engines also require less electrical operating power and have wider operating temperature ranges than traditional solutions. High-volume production is enabled through a highly flexible, "nano-tech" capable robotic manufacturing process that delivers high uniformity and low cost. The CyOptics team consists of industry veterans that have had management and technology positions with key players including Bell Labs, Lucent Technologies and National Semiconductor. The Company's wafer/chip fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. operations are located in Lehigh Valley, Pennsylvania and Yokneam Illit, Israel, while its automated packaging and testing operations are located in Matamoros, Mexico. CyOptics is ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000 certified. For more information, please visit www.cyoptics.com or call 1-610-336-5758. |
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