Avanex and 3S Photonics Reach Settlement
2008-07-15 08:00:00
FREMONT, Calif.–(EMWNews)–Avanex Corporation (NASDAQ:AVNX), a pioneering provider of intelligent
photonics solutions enabling next-generation optical networks, and 3S
Photonics today announced resolution of their contractual disputes.
While neither side admits liability, the two parties have agreed to a
settlement that includes payables, receivables and lost profit under the
parties’ terminated global distributorship
agreement, and a release by both parties of all claims asserted against
each other, including the dismissal of legal actions taken in New York,
California, and the Commercial Court of Evry, France. With this
resolution there will be no further litigation between Avanex and 3S
Photonics.
“Avanex is pleased to have reached this
agreement with 3S Photonics to put this matter behind us,”
said Dr. Giovanni Barbarossa, Avanex’s Interim
CEO. “We look forward to working with 3S
Photonics again in the future.”
“3S Photonics is satisfied to have reached
this settlement. We plan new business opportunities and are looking
forward to starting a new collaboration with Avanex,”
said Alexandre Krivine, chairman and CEO of 3S Photonics.
About Avanex
Avanex Corporation meets the needs of fiber optic communications
networks for greater capacity, longer distance transmissions, improved
connectivity, higher speeds and lower costs. Our solutions enable
optical wavelength multiplexing, dispersion compensation, switching and
routing, transmission, and amplification, and include network-managed
subsystems. Avanex Corporation, incorporated in 1997, is headquartered
in Fremont, California, and maintains facilities in New York, Florida,
China, France, Italy, and Thailand. To learn more about Avanex
Corporation, visit our Web site at: www.avanex.com.
Avanex Corporation Relations) |
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