QPC Lasers terminates license agreement with Finisar Corporation

Nov. 14, 2006
November 14, 2006, Sylmar, CA--QPC Lasers, parent of Quintessence Photonics Corporation, has terminated its license agreement with Finisar Corporation (Sunnyvale, CA). In the License Termination Agreement, QPC agreed to pay Finisar $6 million as a termination fee pursuant to the terms of a secured promissory note.

November 14, 2006, Sylmar, CA--QPC Lasers, parent of Quintessence Photonics Corporation, has terminated its license agreement with Finisar Corporation (Sunnyvale, CA). In the License Termination Agreement, QPC agreed to pay Finisar $6 million as a termination fee pursuant to the terms of a secured promissory note.

Quintessence Photonics Corporation is a developer of high-brightness, high-power semiconductor lasers for the industrial, defense, and medical markets. Finisar is a provider of fiber optic subsystems and network performance test systems.

The original license agreement from 2003 was granted in connection with a financing and gave Finisar a nonexclusive license to certain of QPC's technology and intellectual property. Finisar invested $12 million in QPC in 2001 and currently holds 6.75 million shares of QPC Lasers common stock.

"We are pleased to terminate this license agreement and thereby secure the exclusive rights to our intellectual property as our business grows," stated George Lintz, CFO for QPC. "Finisar was an early investor in QPC and we are happy that they remain a major stockholder."

For more information, visit www.qpclasers.com.

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