WAVESPLITTER SIGNS 10 YEAR LEASE FOR A NEW FACILITY AND EXPANDS MANUFACTURING SPACE AT FREMONT FACILITY

Additional capacity required to meet exploding demand for optical components

FREMONT, Calif., JULY 24, 2000 - WaveSplitter Technologies, Inc., a leading developer of components for optical networks, today announced it has signed a 10 year lease for a new 55,000 square foot facility in Fremont adjacent to its current location. At the same time, WaveSplitter announced it is doubling its manufacturing space at the company's current location. This additional manufacturing area will allow WaveSplitter to significantly increase production of their current products, pump combiners for optical amplifiers and interleavers for DWDM systems, as well as provide volume production capability for the planar lightwave circuit (PLC) products WaveSplitter has in development.

"WaveSplitter's products address some of the fastest growing segments in the optical component market," said Sheau Chen, Chairman of the Board and founder of WaveSplitter, "and our customers are placing increasingly larger orders for our products. This additional space creates a total of 110,000 square feet of manufacturing and office space at our Fremont headquarters and insures that we will have the capacity to meet our customers' demands today and in the future."

Also this month, WaveSplitter opened a new R&D and pilot-production facility in Atlanta to develop PLC products, ranging from simple passive couplers to high-channel-count array waveguide gratings. These devices will be manufactured in high-volume at the Fremont facilities.

In addition to increased manufacturing space in Fremont, WaveSplitter's Taiwan manufacturing partner allows WaveSplitter to increase production further while simultaneously reducing costs. "We are well-positioned to meet the burgeoning demands of our rapidly growing customer list," added Bill Diamond, the new President and Chief Executive Officer of WaveSplitter.

About WaveSplitter Technologies, Inc.

WaveSplitter Technologies, Inc. develops, manufactures and markets reliable, highly scalable, cost-effective components for optical amplifier and DWDM systems for both long-haul and metropolitan area network applications. WaveSplitter's high-performance fiber and planar lightwave circuit components increase network bandwidth capabilities and offer a unique combination of low signal loss and modular expandability at an economical value. WaveSplitter was founded in 1996 and is headquartered in Fremont, California. WaveSplitter is a trademark of WaveSplitter Technologies, Inc. All other trademarks are the properties of their respective owners.

For more information, reporters can contact:

Lisa Blair
WaveSplitter Technologies, Inc.
Phone: 510-651-7800 x 243
Fax: 510-580-1395
E-mail: lisa_blair@wavesplitter.com