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Polatis and Continuum Photonics, Leaders in Optical Switching, Announce Completion of Merger

Combined company will become a leading provider in the rapidly growing optical networking, defense, and test lab markets

Billerica, MA and Cambridge, UK - September 26, 2005 - Polatis Ltd and Continuum Photonics, Inc, makers of high performance optical switch subsystems and module products, today jointly announced the completion of their merger. The companies will combine their technology, product lines and personnel to create a single business, dedicated to providing customers with a full range of industry leading optical switch component and system products for the telecommunications, test and measurement, data networking, and defense markets. Dave Lewis has been named as the Chief Executive Officer of the new company, which will be called Polatis Inc, incorporated in the state of Delaware. The management team will comprise members from the former companies, leveraging organizational knowledge and building upon the capabilities of both companies. The investor base of the company has underlined its confidence by making additional funds available to support the growth plans of the new company.

With this merger, the two companies will combine their existing industry- leading product lines, and integrate technologies to create advanced, feature- rich product platforms. Polatis Inc can offer the widest spectrum of optical switch products to its customers with features that meet the specific requirements of the telecommunications, test and measurement, data networking, and defense markets. The new company will focus on growth into high volume network markets, and has started expanding operations in both the U.S. and UK to support higher volume production. The new company is also investing in its customer support infrastructure through growth of its sales, service and support organizations.

Dave Lewis said, "We are combining leading product lines, a shared passion for innovating high performance products, and an experienced management team, and focusing that synergy into growth opportunities. The result of the merger with Continuum Photonics, and the subsequent financing, creates a well- positioned, well-funded organization that will be able to lead the market in delivering innovative and cost-effective optical connectivity solutions. This merger provides the resources and infrastructure to support our growing customer base and the increasing demand for product in the telecommunications and network monitoring markets."

"There are a number of key growth markets for optical switching, including the ROADM market, Fiber to the Home, and network test and monitoring," states Jessy Cavazos, Program Manager with Frost & Sullivan's Test & Measurement (Communications Test) Group. "Polatis and Continuum are unique in their approach to switching. They use beam-steering, a technology we believe will have significant impact on the optical switching market, as evidenced by our 2005 Product Differentiation & Innovation Award earlier this year. With the merger, we believe this places the new company in the unique position to address the broadest number of market segments in communications, including test & measurement, optical networking, and fiber distribution."

Polatis Inc will continue to introduce innovative products that exceed customer expectations. Its expanding customer base will be served from operations in both the United States and the United Kingdom, increasing its global capabilities. The new team, led by Dave Lewis, has extensive industry expertise and the experience required to build a world class business. Polatis Inc is the new force in high performance optical switching offering its customers a one stop solution to all their optical switching applications.

About Polatis Inc.

Since inception in 2000, Polatis has set the benchmark in ultra-low loss optical switching. Its patented DirectLight(R) optical beam steering technology is powering the creation of highly reliable and compact photonic switching solutions. Polatis delivers a broad range of optical switching products with class-leading performance to customers in the communications, defense and instrumentation sectors. The company is located in Cambridge, UK on the country's foremost Science Park. Polatis Inc. is supported through investments by 3i Group, Alta Berkeley, Prelude Trust, EonTech Ventures, Flagship Ventures, Prism Venture Partners, JK&B Capital, Boston Millennia Partners, Harris and Harris Group, GE Capital, MTDC, Arcadian Venture Partners, and Gainesborough Investments.

To learn more please visit our website at: www.polatis.com

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Contact:

Aaron A. Bent, PhD
Vice President of Marketing
978-670-4910, x189