POET Technologies Inc., a developer of opto-electronics fabrication processes for the semiconductor industry, today announced the completion of its previously announced acquisition of all of the shares of BB Photonics Inc. (“BB Photonics”), a private designer of integrated photonic solutions for the data communications market. POET completes the transaction owning 100% of BB Photonics and its assets, including intellectual property and technologies. BB Photonics had no liabilities at Closing.
BB Photonics, a pre-revenue, New Jersey-based privately held company develops photonic integrated components for the datacenter market utilizing embedded dielectric technology that is intended to enable on-chip athermal wavelength control and lower the total solution cost of datacenter photonic integrated circuits. This strategic acquisition is designed to provide POET with additional differentiated intellectual property and know-how for product development, enable POET to better service its first identified commercialization market – the end-to-end data communications market – and augment its sensing roadmap.
“The addition of BB Photonics significantly enhances our integrated photonic solution set and advances our commercialization initiative,” said Dr. Suresh Venkatesan, POET’s Chief Executive Officer. “By internal development and acquisition, we are accelerating our drive from technology leadership to market entry in differentiated photonics.”
The POET platform and process technology continue to be the focal point of the Company’s commercialization strategy. To this end, the POET team continues to make progress toward its previously announced goal of demonstrating an integrated product prototype by the end of 2016 using the POET platform. POET’s recent acquisitions and organic development are meant to serve as a logical continuum of the roadmap by enabling immediate market entrance into its first identified commercialization market – data communications. The acquisitions also allow the Company to engage prospective customers with an extensive suite of integrated photonics products, thereby enabling multiple differentiated product sales and enhancing potential revenue.
POET acquired 100% of the shares of BB Photonics in consideration of the issuance of 1,996,090 common shares from POET’s treasury for a total deemed purchase price of US $1,550,000 in this stock only transaction, based on a price of the US equivalent of $1.00 per share.