MEMSCAP agrees to buy DWDM component developer
In addition, MEMSCAP may be required to issue additional shares as consideration, contingent on Optogone achieving certain revenue targets over the 24-month period after closing.
Optogone is a spin-off from the French "Ecole Nationale Superieure des Telecommunications-Bretagne" (ENST) in alliance with France Telecom and with the participation of investment funds such as Spef Ventures and T-Source.
The acquisition will be subject to customary approvals and review including the approval of MEMSCAP shareholders, review of the transaction by an independent appraiser ('commissaire aux apports') and approval by the stock market regulatory authorities.
MEMSCAP also reports Q3 2004 consolidated revenue at EUR2.3mn, resulting in an operating loss of EUR0.9mn. The revenue figures represent 28% growth over Q3 2003. The operating result is a six-fold improvement over the previous year.
During the quarter, production volume has increased for clients such as acoustic device producer Knowles Electronics. MEMSCAPÕs North Carolina facility has also recently upgraded to 150mm wafer processing.