Princeton, NJ, October 8, 2002 -- Sensors Unlimited will purchase certain assets and accept certain liabilities from Finisar Corporation's Sensors Unlimited subsidiary for $6.1 million in cash. The new company will assume the name "Sensors Unlimited" and the existing management team and employees will remain in place.
By returning to an employee-owned, privately-held company, Sensors Unlimited can focus on its core markets - military, industrial spectroscopy and telecommunications, which provided the foundation for the company's achievements-to-date. Finisar retains the high-speed avalanche and PIN photodetector product lines and technology. Sensors Unlimited gains a royalty free license to use this technology in areas such as military and free space communications.
"We're going back to our small business roots," explains Greg Olsen, president, Sensors Unlimited. "Sensors Unlimited built its business on InGaAs photodiode arrays and cameras, primarily for the industrial spectroscopy and military markets. Our focus shifted when telecommunications companies discovered that our photodiode arrays could be used to monitor optical networks. However, in the current economic conditions, we must diversify our market focus to achieve profitability and long-term revenue growth."
"This agreement strengthens Finisar's financial position, helps us reach our goal of profitability, and enables Sensors to pursue markets outside of Finisar's area of interest," states Jerry Rawls, CEO, Finisar. "At the same time, Sensors Unlimited will help Finisar sustain our market and product leadership position."
Formal technical and administrative agreements will keep the companies closely allied for at least six months. The close personal relationships formed during the two-year association, coupled with the Finisar stock still held by Sensors Unlimited employees, bode for a long lasting synergy between the two companies.
For more information, visit www.sensorsinc.com .
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