Read-Rite launches Scion, a new Fibre optics company

   Read-Rite Corp <RDRT> said late on Wednesday it has formed a new fibre
   optics company, Scion Photonics Inc, with $25 million in initial
   funding from Tyco Ventures and Integral Capital Partners. Read-Rite
   also said it was in discussions with several other interested parties
   for more technology and capital investments into Scion.

   Scion's business charter is "to design, manufacture and market
   high-performance optical components to the fibre optics communications
   market," Read-Rite said in a statement.

   Scion will act as a separate company, but will have access to
   Read-Rite's resources and manufacturing infrastructure, Read-Rite
   chairman Cyril Yansouni said in a statement. Read-Rite is contributing
   its Milpitas, California wafer fabrication plant, technical and
   management resources and its knowledge and experience in thin-film
   technology and materials science to Scion, which will be based in
   Milpitas.

   Tyco Ventures, the venture capital unit of Tyco International Ltd.
   <TYC>, invested $15 million in Scion and also invested $15 million in
   Read-Rite through a private placement with the company, Tyco Ventures
   president Richard Kashnow said in a statement.


   CBS article:
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References

   1. http://cbs.marketwatch.com/archive/20000907/news/current/screamers.htx?source=blq/yhoo&dist=yhoo
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