Nepean, Ontario and San Jose, Calif., June 30, 2000 - JDS Uniphase Corporation (Nasdaq: JDSU and TSE: JDU) and E-TEK Dynamics, Inc. (Nasdaq: ETEK) announced today the completion of their merger.
As a result of the merger, each outstanding share of E-TEK Dynamics common stock is exchanged for 2.2 shares of JDS Uniphase common stock, and E-TEK becomes a wholly-owned subsidiary of JDS Uniphase. E-TEK's common stock will no longer trade on Nasdaq effective after the close of trading today. The merger has closed, and it will be effective at 11:59 P.M. Eastern Time today, June 30.
The results for E-TEK's fourth quarter and fiscal year ended June 30, 2000, are expected to be released on July 26, 2000, concurrent with the announcement of JDS Uniphase results for the same periods.
Jozef Straus, JDS Uniphase Co-Chairman and CEO, said, "The combination of JDS Uniphase and E-TEK creates a company with all of the elements needed to be the volume supplier of optical components and modules for our customers: broad product breadth, world class research and development, worldwide manufacturing capability, and high quality standards. This has been our vision, and we are better positioned than ever to make that vision a reality."
"This merger will accelerate the delivery of more products at the cost points necessary to enable the all-optical network," added Michael Fitzpatrick, E-TEK Chairman and CEO. "E-TEK's employees and partners have done an outstanding job providing solutions for our customers, and we will continue to deliver results as part of the JDS Uniphase team."
Organization
Sanjay Subhedar, E-TEK's Chief Operating Officer and Chief Financial Officer, will assume the role of President and General Manager of the E-TEK business unit reporting to Charles J. Abbe, JDS Uniphase President and Chief Operating Officer. Michael Fitzpatrick, E-TEK's Chairman and CEO, will remain with the Company as an advisor during the integration process. Donald J. Listwin, a Director of E-TEK, will join the JDS Uniphase Board of Directors.
For Stockholders
E-TEK stockholders who hold their shares directly will receive a notice in the mail describing the process to exchange their E-TEK stock certificates for JDS Uniphase common stock certificates. E-TEK stockholders whose shares are held through intermediaries such as banks or brokers will receive information about their holdings from those institutions.
JDS Uniphase is a high-technology company that designs, develops, manufactures, and distributes a comprehensive range of products for the growing fiberoptic communications market. These products are deployed by system manufacturers worldwide to develop advanced optical networks for the telecommunications and cable television industries. JDS Uniphase Corporation is traded on the Nasdaq National Market under the symbol JDSU, and the exchangeable shares of JDS Uniphase Canada Ltd. are traded on The Toronto Stock Exchange under the symbol JDU. More information on JDS Uniphase is available at www.jdsunph.com.
E-TEK Dynamics, Inc. (NASDAQ: ETEK), headquartered in San Jose, designs and manufactures high-quality components and modules for fiberoptic systems. E-TEK's wavelength division multiplexers ("WDMs") are designed to increase the bandwidth capacity of fiberoptic networks. Other E-TEK components, including isolators, couplers, and integrated optics, are critical in enabling optical communications systems. These products are utilized in terrestrial and submarine long-haul fiberoptic networks as well as in short-haul markets, such as metro and cable. More information on E-TEK is available at www.e-tek.com.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These statements may be identified by their use of forward-looking terminology such as "believes," "expects," "may," "should," "would," "will," "intends," "intention," "plans," "estimates," "anticipates," and similar words. Such forward-looking statements include, but are not limited to, statements regarding the ability of the merged company to better serve the industry and provide lower cost points for products. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Risks and uncertainties that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, factors discussed from time to time in reports filed by JDS Uniphase Corporation and E-TEK Dynamics, Inc. with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and neither JDS Uniphase Corporation nor E-TEK Dynamics, Inc. assumes any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements. For further information, please contact:
Anthony R. Muller
EVP and Chief Financial Officer
JDS Uniphase, (408) 434-1800
Alison Reynders
Investor Relations Manager
JDS Uniphase, (408) 546-4608