Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<Name and Business Change>

I am considering adding this company to the Nascent Group Refractive Index. It definitely bears watching.

The company has indicated that it is changing its name to NetOptix and focusing more on providing components to the telecommunications industry.


Galileo Corporation Announces Receipt of Order for DWDM Optical Filters, Establishment of a German Subsidiary and Planned Change of Company's Name to NetOptix Corporation

Source: Business Wire

STURBRIDGE, Mass., Aug 30, 1999 (BUSINESS WIRE) -- Galileo Corporation (NASDAQ National Market:GAEO) today announced that its Optical Filter Corporation (OFC) subsidiary has received a purchase order for Dense Wave Division Multiplex (DWDM) optical filters in the amount of $5.2 million. Deliveries are expected to be made over the next four to six months. This represents the first commercial production order for DWDM filters developed and manufactured by OFC. In addition, OFC is negotiating and expects to conclude shortly a longer-term supply agreement with the same customer, expected to total approximately $15 to $20 million for DWDM filters, for delivery during calendar year 2000.

DWDM filters are a key component used by telecommunications equipment manufacturers to split a single fiber optic channel into multiple wavelengths, thus permitting a substantial increase in communications capacity. The need for increasing capacity stems from the surge in demand for fiber optic capacity fueled, in part, by the growth of Internet traffic.

Galileo further announced that it has established a subsidiary in Germany with the specific objectives of conducting research in the area of optical filter design and processing systems as well as manufacturing DWDM filters. Together with the optical filters manufactured by OFC's Natick, Massachusetts plant, the new operation should allow Galileo, in time, to offer customers a broad range of optical telecommunications filters on a global basis. The facility, to be located near Frankfurt, is expected to be in operation by March 2000.

Lastly, Galileo announced that in recognition of the emergence of the Company primarily as a manufacturer of optical telecommunications components, its Board of Directors has voted to change the name of Galileo Corporation to NetOptix Corporation. The new corporate name is expected to be effective September 30, 1999 or shortly thereafter.


The one year chart got my attention.


</Name and Business Change>
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.