[December 27, 2004] Navitar Calls Off Negotiations With StockerYale Tweet ROCHESTER, N.Y. --(Business Wire)-- Dec. 27, 2004 -- Navitar, Inc. officially announced its decision to end discussions with StockerYale, Inc. (NASDAQ:STKR). Navitar, Inc. headquartered in Rochester, New York, is one of the world's leading manufacturers and suppliers of superior quality optical lens systems and complete customized optical solutions for the machine vision, biomedical diagnostics, and LCD & DLP projection lens industries. In November 2004, StockerYale and Navitar, Inc. announced that they had agreed to explore the feasibility of a combination of the two companies. According to Jeremy Goldstein, Co-President of Navitar, Inc., "We have concluded negotiations with StockerYale. Although we see great synergies between StockerYale and Navitar, my brother and Co-President, Julian Goldstein and I also see many growth opportunities for Navitar as an independent organization. We have a highly efficient organization that has consistently delivered the best optical solutions for our customers. Our sales in 2004 have grown by almost 30% and our earnings have increased an average of 15% per year over the last fifteen years. We expect this growth to continue, especially in Asia and Europe, as we now add offices in China, Singapore, and Germany in addition to our current sales operations in Japan, Israel, and the UK." Mr. Goldstein reaffirmed the respectful relationship between Navitar and StockerYale, and his intention to keep the door open for future discussions by adding "We always stand ready to discuss business opportunities that are in the best interests of Navitar's customers, its employees and its stockholders." About Navitar, Inc. Navitar, Inc., established in 1972 and based in Rochester, New York, is a leading manufacturer and suppliers of superior quality optical lens systems and complete customized optical solutions for the machine vision, biomedical diagnostics, and LCD & DLP projection industries. Navitar, Inc. has offices and subsidiaries in the U.S., Europe, the Middle East and Asia. Customers include GE Medical, Intel, Texas Instruments, BAE Systems, Sharp, Sony, NEC, Applied Biosystems, Perceptron, IBM, Philips, Mitsubishi, Agilent, Sanyo, NCR, Nikon, Karl Suss, Bio-Rad and Raytheon. For more information about Navitar, Inc. and their innovative products, visit the Company's web site at www.navitar.com or contact Navitar, Inc., at 200 Commerce Drive, Rochester, NY, 14623. Call 585-359-4000, Fax 585-359-4999, Email: [email protected] [ Back To TMCnet.com's Homepage ]