3S PHOTONICS Announces Closing Of Purchase Of Avensys Inc.

Nozay, France -- 3S PHOTONICS, world-leading French manufacturer of optical and optoelectronic components for telecommunication networks, today announced the closing of the purchase of Avensys Inc., sole operating subsidiary of Avensys Corporation. Details pertaining to the purchase were originally announced on December 17, 2009.

The acquisition of shares of Avensys Inc. and its participation in ITF Laboratories Inc., by 3S PHOTONICS is expected to result in a business, operating in both North America and Europe, with exceptional product synergies and a significantly greater ability to expand product lines and services beyond current capabilities.

The employees of Avensys Inc. and ITF Laboratories will be retained by the new owner and the operations of Avensys Inc. will remain at the same location in Montreal, Quebec. Alexandre Krivine has been appointed President and CEO of Avensys Inc., in addition to his role as President and CEO of 3S PHOTONICS. With respect to ITF Laboratories Inc., Hassan Kassi remains President and CEO, he will also keep his position as Chief Operating Officer of Avensys Inc.

"We are proud of this acquisition, which corresponds to the implementation of the external growth strategy that we planned last July, when we raised funds. Avensys is recognized as a world leader of Fiber Bragg Gratings and Fiber Laser technology in a broad range of markets" said Alexandre Krivine, President and CEO of 3S PHOTONICS. "This acquisition will also enable 3S PHOTONICS to address the environmental market through the Avensys Solutions division."

3S PHOTONICS and Avensys will combine their global sales and marketing channels to leverage each company's strength in their respective key accounts enabling the companies to provide expanded world-class service and products to customers.

"We stand to benefit greatly from the synergies with 3S PHOTONICS to step in the market of integrated optics particularly in telecom and Fiber Laser markets" stated Hassan Kassi, President and CEO of ITF Labs. "The transaction will place Avensys Inc. in a better financial position and will enable increased investments in Research and Development."

SOURCE: 3S PHOTONICS