POET Technologies Inc. completes acquisition of Super Photonics Xiamen, expanding operations in Asia

From GlobeNewswire: 2024-12-31 07:01:00

POET Technologies Inc. has completed the acquisition of control of Super Photonics Integrated Circuit Xiamen Co., Ltd. (SPX) from Quanzhou San’an Optical Communication Technology Co., Ltd. The acquisition secures POET’s 100% ownership of SPX and complements their recent agreements with Globetronics Manufacturing Sdn. Bhd to manufacture optical engines in Malaysia. The company plans to continue assembly at SPX until deciding on a new location and may merge operations with POET Optoelectronics Shenzhen Co. Ltd.

The acquisition was completed for total consideration of US$6.5 million, with annual payments over five years. The company also acquired production equipment from Sanan for US$3.8 million in cash, payable in four installments. The transactions are subject to TSX Venture Exchange approval.

POET Technologies Inc. is a design and development company offering optical modules and light source products for AI systems and data centers. Their products are based on the POET Optical Interposer™ platform, providing high-speed, low-cost solutions for various applications. The company is headquartered in Toronto, Canada, with operations in the U.S. and Asia.

Forward-looking statements in the news release outline the company’s expectations for product development, performance, market acceptance, and future growth. While the company believes these expectations are reasonable, investors are advised to exercise caution and not rely solely on forward-looking statements. The company assumes no obligation to update or revise this information except as required by law.



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