MARTINSRIED/MUNICH, Germany and MAHWAH, N.J., July 20, 2006 (PRIMEZONE) -- ADVA Optical Networking today announced that the acquisition of Movaz Networks Inc. was successfully completed. The total number of newly-issued non par value bearer shares was 6,526,529.
Atlanta, Georgia, USA based Movaz is a leading Wavelength Division Multiplexing (WDM) equipment provider founded in 2000. The Movaz RAY(tm) product line is a portfolio of WDM transport and Reconfigurable Optical Add-Drop Multiplexing (ROADM) solutions that economically scale from small metro core to regional networks as large as 2,000 km. Movaz has an installation base of nearly USD 150 million across approximately 100 customers comprised of telecommunications carriers, cable network providers, research and educational organizations and government agencies. This customer base is served by a three pronged distribution strategy that includes direct sales, a private label partnership agreement with Lucent and several value added resellers. Movaz will provide a strong complement to ADVA's Fiber Service Platform (FSP) solution portfolio and will significantly enhance ADVA's business traction in the Americas.
ADVA acquired all outstanding shares and options of Movaz via a combination of shares and cash. 6,526,529 shares of ADVA common stock were issued via a capital increase and a cash component of USD 6.0 million was paid. In addition, a cash earn-out component equivalent to 1.0 million ADVA shares could become payable within twelve months after closing under certain conditions. As of July 20, 2006, ADVA's new total nominal capital amounts to EUR 43,898,294, which includes an additional capital increase in the amount of EUR 415,545 from the exercise of employee options and convertible bonds in June and July 2006.
About ADVA Optical Networking
ADVA Optical Networking (Frankfurt:ADV) is at the forefront of providing Optical+Ethernet solutions that advance next-generation networks for data, storage, voice and video services. ADVA's strength comes from passionate and dedicated employees, all sharing a common vision: a fast, customized response to customers' ever-changing needs. Our innovative Fiber Service Platform (FSP) and strong customer focus provide carriers and enterprises the ability to scale their networks and deliver intelligent, competitive new services. ADVA's solutions have been deployed at more than 180 carriers and 5,000 enterprises in more than 40 countries worldwide. For further information about ADVA: www.advaoptical.com.
Published By: ADVA AG Optical Networking, Martinsried/Munich and Meiningen, Germany ADVA Optical Networking Inc., Mahwah, New Jersey, USA ADVA Optical Networking Corp., Tokyo, Japan www.advaoptical.com