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Coherent Inc. (Santa Clara, Calif.) announces that it has acquired the North American operations of StockerYale Inc. (OTC Bulletin Board: STKR) in an asset purchase for $15 million dollars in cash. The Company acquired all the assets and certain operating liabilities of the laser module product line in Montreal, Canada and the specialty fiber product line in Salem, N.H.
John Ambroseo, President and Chief Executive Officer of Coherent stated "In acquiring these two product lines, we gain access to the machine vision market and expand our bioinstrumentation opportunities through the laser diode module business. We also add core fiber technology, which will improve our time to market and enhance both the performance and reliability of our fiber-based product platforms."
Founded in 1966, Coherent Inc. is a world leader in providing photonics based solutions to the commercial and scientific research markets and part of the Russell 2000. Please direct any questions to Leen Simonet, Chief Financial Officer at 408-764-4161. For more information about Coherent, visit the Company's Web site at http://www.coherent.com/ for product and financial updates.
This press release contains forward-looking statements, as defined under the Federal securities laws. These forward-looking statements include the statements in this press release that relate to improving Coherent's time to market and enhancement to both the performance and reliability of our fiber-based product platforms. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially include risks and uncertainties, including, but not limited to, risks associated with integration and continued development of the acquired assets and existing and resulting product platforms, and other risks identified in the Company's SEC filings. Readers are encouraged to refer to the risk disclosures described in the Company's reports on Forms 10-K, 10-Q and 8-K, as applicable and as filed from time-to-time by the Company. Actual results, events and performance may differ materially from those presented herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update these forward-looking statements as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.