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

To: Pink Minion who wrote (307)	10/26/2000 4:26:07 PM
From: Ram Seetharaman	Respond to of 328

Earnings next week Nov. 1, 2000! Thursday October 26, 4:03 pm Eastern Time Press Release SOURCE: GSI Lumonics Inc. GSI Lumonics Forms Teloptics Business Unit KANATA, Ontario, Oct. 26 /PRNewswire/ -- GSI Lumonics Inc. (Nasdaq: GSLI - news; Toronto: LSI - news) today announced the formation of a new Business Unit to focus on meeting the accelerating demands of the telecom optics market, specifically in the area of optical switching. The foundation of the new business unit is the Company's precision optics operation in Nepean, Ontario. During 2000, GSLI tripled its capacity through process improvements, additional space, equipment, skilled personnel and the acquisition of General Optics of Moorpark, CA. The Company expects fourth quarter sales of the precision optics unit will approximate a $28 million annualized run rate, with approximately 60% sold into the telecom optics market. This new business unit, focused on telecom optics applications, is expected to generate more than 10% of consolidated GSLI sales in 2001. Current products provided by the Company are used for a variety of applications in DWDM (Dense Wave Division Multiplexing) fiber optics telecommunications networks such as wavelength isolation, locking, shifting and interleaving applications To address future requirements, GSLI has announced plans to establish a technology development center in the Boston area to design and fabricate optical switching capability in DWDM. A focus of this work will include developing its proprietary MEMS (Micro Electro Mechanical Systems) technology for optical switching applications. Charles Winston, President and CEO, indicated the Company's high volume manufacturing process technology has established GSLI as a reliable source of high quality precision optical components to meet the exacting demands of this rapid growth industry. Mr. Winston noted that ``With encouragement from our customers, we are taking the next step to develop our proprietary MEMS technology enabling us to develop the next generation of optical components.'' This newly formed business will be led by Felix Stukalin who will serve as Vice President and General Manager reporting to Mr. Winston. Mr. Stukalin joined GSLI in 1994, and most recently served as the Vice President of the Components Group, in which precision optics was one of several product lines. It is the objective of this new business unit to become the leading optics component supplier to the telecom industry. GSI Lumonics Inc. supplies laser-based automated advanced manufacturing systems, components and services to semiconductor, electronics and automotive markets and provides 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 more information: Fran Crecco GSI Lumonics Inc. 978-439-5511 (ext: 6104) To the extent this new 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 Company's 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 volatility 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 Company, similar risks to the Company of delays in its new products and other risks detailed in the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. SOURCE: GSI Lumonics Inc.