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Technology Stocks : GSLI Lumonics -- Ignore unavailable to you. Want to Upgrade?

To: robert_zohnson-2 who wrote (299)	9/21/2000 2:30:35 PM
From: Ram Seetharaman	Read Replies (1) \| Respond to of 328

Thursday September 21, 11:41 am Eastern Time Press Release SOURCE: GSI Lumonics Inc.; General Optics, Inc. GSI Lumonics Announces Completion of an Optics Company Acquisition KANATA, Ontario, Sept. 21 /CNW/ -- GSI Lumonics Inc. (Nasdaq: GSLI and Toronto: LSI) today announced the completion of its acquisition of all of the issued and outstanding shares of General Optics, Inc., a privately-held precision optics company located in Moorpark, California. The purchase price for these shares was payable in cash. General Optics was founded in 1974 and has a workforce of 80 employees. The company currently supplies products to the semiconductor, aerospace and defense industries and has annual sales of approximately $8 million. "With the addition of skilled employees and the advanced technology in the area of coating and substrate cleaning processes, we anticipate this acquisition will accelerate our strategic initiatives in telecom optics," said Charles Winston, President and CEO of GSI Lumonics. "We plan to integrate General Optics capabilities to enhance our existing product offerings." As stated previously, this acquisition complements GSI Lumonics' precision optics manufacturing facilities in Nepean, Ontario. "Approximately 1% of our 1999 revenues were in telecom optics and we expect at least 3% this year," said Mr. Winston. "With this acquisition and expansion plans in Nepean, our goal is to increase telecom optics to 8-10% of total sales in 2001." GSI Lumonics Inc. supplies laser-based automated advanced manufacturing systems, components and services to the semiconductor, electronics and automotive markets, as well as precision optics for telecommunications. GSI Lumonics' common shares are listed on Nasdaq (GSLI) and The Toronto Stock Exchange (LSI). The Company's web site address is www.gsilumonics.com. For further information: GSI Lumonics Inc. Fran Crecco 978-439-5511 (ext: 6104) To the extent this news release discusses financial projections, information or expectations about GSI Lumonics Inc., products or markets, or otherwise makes statements about the future, such statements are forward looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. The factors include the fact that the companies' sales have been and are expected to continue to be dependent upon customer capital equipment expenditures, which are, in turn, affected by business cycles in the markets served by those customers. Other factors include continued volatility in Asia and in the semiconductor industry, the risk of order delays and cancellations, the risk of delays by customers in introducing their new products and market acceptance of products incorporating subsystems supplied by the companies, similar risks to the companies of delays in their new products and other risks detailed in the companies' Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 107189/ For further information Fran Crecco of GSI Lumonics Inc., 978-439-5511, ext. 6104