Ignis and Gemfire postpone consolidation discussions due to current demand for components

JANUARY 11, 2010 -- On Nov. 11, 2009, Ignis and Gemfire entered into a term sheet for a potential business combination. The parties have agreed to postpone further discussions due to "substantial increase" in business demands. Both Ignis and Gemfire are experiencing demand growth in the international markets for fiber-optic components. The companies have agreed that postponing discussions will allow for increased market and operational focus in the critical short to medium term. It is their intention to resume the process in due course, the companies have reported.

JANUARY 11, 2010 -- On Nov. 11, 2009, Ignis ASA and GC Holdings Inc. (Gemfire) entered into a term sheet for a potential business combination. The parties have agreed to postpone further discussions due to "substantial increase" in business demands.

Both Ignis and Gemfire are experiencing demand growth in the international markets for fiber-optic components. The companies have agreed that postponing discussions will allow for increased market and operational focus in the critical short to medium term. It is their intention to resume the process in due course, the companies have reported.

Both parties continue to believe that building stronger and larger players are vital to succeed in the market, and Ignis and Gemfire will both seek to be active participants in the consolidation of the industry.


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