GigOptix, Pangaea HK in joint venture for China consumer electronics market
AUGUST 3, 2009 -- The new organization support customers via the development of low-cost and customized reference designs for GigOptix, Inc. products for use in consumer electronics applications.
AUGUST 3, 2009 -- Optical device developer GigOptix, Inc. (search Lightwave for Gigoptix) and Pangaea (HK) Ltd. of Hong Kong have signed a memorandum of understanding to extend their partnership through the formation of a joint venture company in China. The new organization will be headquartered in Hong Kong and will support customers in the region via the development of low-cost and customized reference designs for GigOptix, Inc. products for use in consumer electronics applications.
Pangaea is a distribution company specializing in telecommunications, industrial, and consumer electronics. It also offers a range of vertically integrated services. "We have a vision that optical interconnects will become essential to the next generation of consumer electronics products," stated Richard Fung, CEO and president of Pangaea. "With this joint venture we plan to accelerate the creation of cost-effective optical interconnect designs to support our customers in making the switch from copper and to realize the power and performance advantages optical can offer. It's an exciting opportunity to bring better support to the region."
Pangaea has distributed GigOptix products in China since early in 2008.
"We believe that through this joint venture we will provide a greater support for customers in China, which is paramount to the adoption of our devices in the optical interconnect market. Our goal is to enable our customers to bring attractive products to the market quickly," commented Dr. Avi Katz, chairman and CEO of GigOptix, Inc. "We have fostered an excellent working relationship with Pangaea over some time through our common vision and spirit and we look forward to a fruitful collaboration."
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