Ignis ASA has today signed an agreement to acquire Syntune AB

all

technology

life sciences

April 18, 2009
Ignis ASA has today signed an agreement to acquire Syntune AB

(Oslo, 18 April, 2009) The Board of Ignis ASA has today signed an agreement to acquire Syntune AB, a leading international provider of tunable laser products and technology based in Sweden. The acquisition will widen the Ignis product range to include active components, and together with the existing passive components portfolio provide a broader optical offering to network operators.

Ignis will issue 8.05 million shares as compensation for 100 % of the shares in Syntune AB to the sellers, which include the leading institutional investors InnovationsKapital and Vision Capital, and founders.

Syntune will have a cash position of approximately SEK 25 million prior to the acquisition, and interest bearing debt of approximately SEK 41.8 million. In addition Syntune has established a new loan facility of EUR 2.3 million, Syntune’s cash position is considered sufficient to fund its activities until break even during 2010.

The company completed the qualification of its first generation of products in 2007. Ramp-up of revenue began at the end of 2007, and amounted to gross SEK 18 million in products sold in 2008, with a significant growth speed into 2009.

With Syntune as a 100 % owned subsidiary, Ignis will strengthen its technology platform in a crucial area, tunable laser technology, and in addition get some of the best expertise in the optical industry. Tunability is becoming one of the most critical elements of the optical industry, as wavelength agility offers cost reductions and increased flexibility for optical network operators.

Ignis ASA signed a Letter of Intent to acquire Syntune AB earlier in April. After the approval by the Board of Directors in Ignis, the acquisition remains contingent on approval by the General Meeting in Ignis ASA.
By acquiring Syntune, Ignis maintains its strategy in taking an active part in the ongoing global industry consolidation.

A detailed stock exchange notification about the transaction will follow on Monday the 20th of April. On the same day the company management will present further details about the acquisition at 10 am, at the Felix Conference Centre, Aker Brygge. The presentation will be published via webcast. Click here to view webcast.

About Ignis ASA
Ignis ASA comprises the business division Ignis Technology, which includes 69.3% ownership in Fi-ra Photonics in Korea and the wholly owned subsidiary Ignis Photonyx - with operations in Denmark, Norway and Canada. Fi-ra is first and foremost provider of optical splitters to large system houses and telecom operators in South-East Asia,while Ignis Photonyx over the last years has been focusing on investing in the development of AWG`s for the next generation high-capacity broadband network WDM-PON.

About Syntune AB
Syntune AB (www.syntune.com) supplies state-of-the-art widely tunable lasers for applications ranging from fiber-optic communications to sensor systems. In communications, Syntune's lasers enable universal DWDM transceivers with low power consumption in a small form factor. These drastically reduce overhead costs for sparing and maintaining inventories. Tunability also enables flexible networks, which allows operators to offer innovative services and reduces their operational expenditures.

For further information, please contact:
Thomas Ramm, CEO, Ignis ASA
Tel: +47 913 70 795

back

		"The partners have been very supportive of our approach and stepped in to add value when needed. I would strongly recommend them as investors." Didier Cowling, Founder and CEO, Kuros Biosurgery AG
		"In preparing for our dual IPOs on the Nasdaq and Neuer Markt, it was very important for SCM Microsystems to gain insight and access to the European investment scene. This team helped SCM build the foundation for our successful offerings not only with capital, but with sound guidance and value-added services as well." Robert Schneider, founder and CEO, SCM Microsystems Inc.
		"VC is about funding your project but it is more about extending your core team. Thus, it is about partnering with those who are great to work with and are team players. Those, who understand your business and embrace your vision. Those, who know how to challenge your execution and to bring value. This is why I recommend Endeavour Vision team to entrepreneurs looking for funding." Dr. Georges Karam, co-Founder, President & CEO, Sequans
		"With Endeavour Vision we have been able to establish at fast speed the personal trust level needed and also come to terms very quick. They are highly professional partners and support us in every possible manner." Christian Lindner, Co-Founder and CEO Retailo AG
		"The Endeavour Vision team have been much more supportive and additive than others I have worked with the past. When our company was spun-off from Danfoss incubator, they gave us a great amount of support in the administrative load of a start-up, and worked hard to learn the details of the market and opportunity. Consequently, they have supported our company tremendously over the years, from day-to-day operations to strategic direction." James Peterson, CEO and Vice-Chairman, CeQur SA
		"We wanted a Venture Capital investor who was prepared to share our vision to create a global European company. The quality of their track record, the way they are helping us take our company to the next level, and the pure scale of their ambition make them a pleasure to work with." Boris Saragaglia, CEO, Spartoo.com
		"Not only do Endeavour Vision partners demonstrate relentless long term support standing strong and reliable leading shareholders, but they also bring tremendous value by cross-fertilizing upcoming technologies if and when they make business sense." Claude Cosson, CEO, Perigee
		"Entrepreneurs tend to avoid as much as possible VC's but if you really need smart Venture money then put Endeavour Vision on the top of your list: they are smart, knowledgable, experienced and well connected." Fédéric Koehn, CEO, Neocutis
		"Endeavour Vision's team brought an in-depth knowledge of our field – highlighted by impressive and thorough 360° due diligence, the long-term perspective required to build substantial companies, outstanding experience of bringing venture to financial success and an uncommon sense for team work. This is "smart money" at its best." Jacques R. Essinger, CEO Symetis
		"The Endeavour Vision team has been very helpful to BIND on multiple levels. Their advice, contacts and support rank with the best." Scott Minick, CEO, BIND Biosciences