Mitel Corporation invests in a new photonics venture

Jan. 15, 2001
Mitel Corporation is establishing equity in a promising new photonics company that will focus on reducing the cost of bandwidth distribution in optical networks.

Mitel Corporation is establishing equity in a promising new photonics company that will focus on reducing the cost of bandwidth distribution in optical networks. The new company�called Optenia�pools financial, technological and human resources from Mitel, the National Research Council (NRC) of Canada, and other investors.

Optenia's technological foundation is based on joint research between Mitel and the NRC in the area of dense wavelength division multiplexing (DWDM). The collaboration has led to significant product potential that was announced in August 2000. Mitel's investment in Optenia is expected to accelerate product development as well as establish new avenues for other research and development work.

Mitel's initial stake in Optenia will be reduced proportionally as other investments are finalized. Mitel will also enjoy certain privileges for joint business development. For instance, Mitel's Bromont facility will maintain a strategic manufacturing agreement with Optenia that encompasses foundry arrangements and joint development of critical microfabrication techniques.

The move is not expected to materially impact Mitel's financial performance for its current fiscal year.

About Mitel Corporation:

Mitel is a global provider of semiconductors and communications systems for converging voice and data networks in a rapidly evolving Internet economy.

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