MRV Purchases Chinese transceiver manufacture HG Genune

5/24/2006, Markerter from HG Genune told us they were now belong to Luminent OIC, the wholely owned transceiver subsidery of MRV group. Noam Lotan, CEO of MRV, and Mr. Ma, Xinqiang, Chairman of HG group, signed the agreement yesterday in Wuhan.

According to the news release provided on HG group website, MRV will invest 45million USD to purchase all shares of HG genune hold by HG group, about 95.71%. Also HG gourp will invest 5million USD　to accquire 15% of Luminent OIC shares. MRV promised they would acitvily to make Luminent OIC public. If they cannot make the IPO on time, they will provide 45million USD to buy back the shares.

HG genune is founded in year 2002, its revenue reached 15million USD last year, with about 450K USD net income. HG genune has one of the best manufacting and R&D facilities in fiberoptics industry around Asia region. It now has nearly 800 employees. Its products include kinds of transceivers and OSAs, chips.