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News | 04/12/2006 4:00 am EDT

Avensys Inc. to acquire ITF Optical
Quebec-based Avensys Inc. has entered into an agreement to acquire most of the assets of ITF Optical Technologies Inc. The assets of ITF, a designer and manufacturer of photonic solutions based on proprietary all-fibre technology, will complement the Avensys product lineup and potentially provide access to a new customer base. As well, ITF’s R&D unit will be merged with Avensys Laboratories Inc. and be renamed ITF Laboratories. "Most of Avensys Technologies’ business is generated in Asia and Europe while ITF’s primary market is the US," said Martin d’Amours, president and CEO of Avensys, in a news release. "We expect these transactions to play a critical role as we move forward with our goals to accelerate Avensys Technology’s growth and position the company as an important agent of consolidation in this sector." Both transactions are expected to close this month subject to approval from ITF’s current shareholders.

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