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10 December 2008


GigOptix Inc launches after completion of Lumera merger

Lumera Corp of Bothell, WA and privately owned GigOptix LLC of Palo Alto, CA have completed their merger (announced in late March), becoming GigOptix Inc, headquartered in Palo Alto and maintaining operations in Bothell and Zurich, Switzerland. Its common stock is trading on the OTC (Over-The-Counter) Bulletin Board under the symbol GGOX. The merger follows approval by Lumera’s stockholders at their annual meeting on 4 December and previously by GigOptix securityholders on 26 March.

GigOptix LLC securityholders have received 0.1375 shares of GigOptix Inc common stock for each GigOptix LLC membership unit, and Lumera stockholders have received 0.125 shares of GigOptix Inc common stock for each Lumera share. Lumera stockholders holding stock certificates will soon receive share exchange instructions. The Lumera closing bid on 9 December was $1.72, as adjusted to reflect a 1-for-8 reverse stock split.

GigOptix (formerly iTerra Communications until July 2007) is a fabless provider of high-speed physical media dependent (PMD) ICs (including modulator drivers, laser drivers and trans-impedance amplifiers) that are integrated into 300-pin transponders, X2, XenPak, XPak, XFP, SFP+, ultra-long-haul, TOSA, ROSA and test & measurement applications for telecom, datacom, Infiniband and consumer optical systems (covering serial and parallel laser technologies from 1G-100Gb/s). Lumera, founded in 2000, designs electro-optic components based on proprietary polymer compounds for the telecoms and computing industries.

GigOptix’s Dr Avi Katz continues as CEO & chairman, while Peter Biere will serve as chief financial officer, Andrea Betti-Berutto as chief technology officer, Julie Tipton as VP of marketing, Dr Raluca Dinu as VP of advanced engineering, Vivek Rajgarhia as VP of global sales, and Marc Correa as VP of global operations. Dr Joerg Wieland will serve as VP & general manager of Zurich-based subsidiary GigOptix-Helix AG.

Former Lumera board members C. James Judson and Dr Joseph Vallner (Lumera's interim CEO) will be on the board of GigOptix, as will Kimberly D.C. Trapp (formerly a board member of both GigOptix LLC and Lumera). Other board members include Stephen C. Johnson (a former GigOptix LLC board member), Neil J. Miotto and Douglas L. Swenson.

“Lumera’s advanced polymer modulators combined with GigOptix’s high-speed drivers and receivers will provide highly differentiated products addressing the key challenges that face the industry today,” says Katz. “With the help of an international commercial network built by GigOptix, the combined company can become a dominant force in the optical communication component business,” he believes.

“We closed a chapter on Lumera as a separate company and began a new one as part of a larger entity, GigOptix Inc,” adds Vallner. “We are pleased that the shareholders of Lumera have recognized the benefits of combining the two companies to create greater shareholder value in the coming years.”

See related item:

JDSU founder Straus to chair GigOptix advisory board

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