Avanex stockholders OK acquisitions

Fiber Optics Weekly Update, August 1, 2003

Avanex Corp. announced that its stockholders have approved the issuance of Avanex common stock in connection with the acquisition of Alcatel Optronics France SA, a subsidiary of Alcatel that operates the optical components division of Alcatel, and the purchase of certain assets of the photonic technologies business of Corning Incorporated. The transactions, which were first announced on May 12, 2003, are expected to close this month.

As consideration for the transactions, Avanex will issue to Alcatel and Coming shares of Avanex common stock representing 28 percent and 17 percent, respectively, of the outstanding common stock of Avanex on a post-transaction basis. Avanex noted it is holding a conference call with the financial community at 4:30 p.m. EDT Monday, August 4, 2003, during which it will discuss these transactions as well as the company's fourth-quarter and year-end earnings for fiscal year 2003. The number for the conference call is 888-658-7305.