Oplink Communications Closes Purchase of Majority Interest in Optical Communication Products, Inc. and Reaches Agreement in Prin

  
    
  
  
    
      Oplink Communications, Inc. (Nasdaq: OPLK) 
      (“Oplink”) today 
      announced it has closed its previously announced transaction with The 
      Furukawa Electric Co., Ltd. (“Furukawa”) 
      to acquire Furukawa’s 58.1% stake in Optical 
      Communication Products, Inc. (Nasdaq: OCPI) (“OCP”) 
      for $1.50 per share, payable in cash and stock of Oplink. Separately, 
      Oplink and the Special Committee of OCP’s 
      Board of Directors announced that they have reached an agreement in 
      principle whereby Oplink would acquire the remaining 41.9% of OCP common 
      stock not owned by Oplink for $1.65 per share in cash.
    
    
      Completion of the acquisition of the remaining shares of OCP is subject 
      to the execution of a definitive merger agreement, the affirmative vote 
      of two-thirds of the outstanding OCP shares not owned by Oplink, and 
      customary closing conditions. This transaction is expected to be 
      completed by the end of the third quarter of calendar 2007.
    
    
      Additional details on the proposed transaction will be forthcoming in 
      filings with the Securities and Exchange Commission following the 
      execution of a definitive merger agreement.
    
    
      About Oplink Communications, Inc.
    
    
      Incorporated in 1995, Oplink is a leading provider of design, 
      integration and optical manufacturing solutions (OMS) for optical 
      networking components and subsystems. The Company offers advanced and 
      cost-effective optical-electrical components and subsystem manufacturing 
      through its facilities in Zhuhai and Shanghai, China. In addition, 
      Oplink maintains a full complement of optical-centric front-end design, 
      application, and customer service functions at its headquarters in 
      Fremont, California. The Company's customers include telecommunications, 
      data communications and cable TV equipment manufacturers around the 
      globe. Oplink is committed to providing fully customized, photonic 
      foundry services incorporating its subsystems manufacturing 
      capabilities. To learn more about Oplink, visit its web site at: http://www.oplink.com/.
    
    
      About Optical Communication Products, Inc.
    
    
      Founded in 1991, OCP designs, manufactures and sells a comprehensive 
      line of fiber optic components for metropolitan, local area and 
      fiber-to-the-home networks. Its global speed-to-market strategy calls 
      for increased international market penetration, fast-paced product 
      development and flexible, turnkey manufacturing capacity. The Company’s 
      product lines include optical transceivers, transmitters and receivers. 
      For more information, visit OCP’s web site at www.OCP-inc.com 
      or Investor Digest at www.globalprovince.com/ocpiindex.htm.
    
    
      Oplink’s Safe Harbor Statement under the 
      Private Securities Litigation Reform Act of 1995
    
    
      This news release contains forward-looking statements, including without 
      limitation the statements regarding the expected timing of the closing 
      of Oplink’s acquisition of the remaining 
      shares of OCP, which involve risks and uncertainties that may cause 
      results to differ substantially from expectations. These risks include, 
      but are not limited to, the risk that the acquisition of the remaining 
      shares of OCP will not be consummated, which would limit Oplink’s 
      ability to integrate the businesses of Oplink and OCP and realize 
      anticipated synergies, the risk that even if the acquisition is 
      consummated, Oplink may not realize the anticipated benefits of the 
      acquisition, the risk that the transaction will not be well received by 
      customers, employees, investors or other constituents, and other risks 
      detailed from time to time in Oplink's periodic reports filed with the 
      Securities and Exchange Commission, including the Company's latest 
      Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current 
      Reports on Form 8-K.
    
    
      OCP’s Safe Harbor Statement under the 
      Private Securities Litigation Reform Act of 1995
    
    
      This release contains forward-looking statements that involve risks and 
      uncertainties. Actual results may differ materially from the results 
      predicted. Important factors which could cause actual results to differ 
      materially from those expressed or implied in the forward-looking 
      statements include those detailed under "Risk Factors" and elsewhere in 
      filings with the Securities and Exchange Commission made from time to 
      time by OCP, including its periodic filings on Forms 10-K, 10-Q and 8-K. 
      Other factors that could cause our actual results to differ materially 
      from those expressed or implied in the forward-looking statements 
      include (A) factors relating to the Company and the fiber optic 
      communications industry, such as (i) the risk that our customers are 
      unable to reduce their inventory levels in the near-term and (ii) the 
      risk that we are unable to diversify and increase our customer base; (B) 
      factors relating to the acquisition of OCP Asia, such as (i) the 
      possibility that the anticipated benefits from the acquisition cannot be 
      fully realized, (ii) our ability to successfully integrate the 
      operations of OCP Asia with those of OCP, and the possibility that costs 
      or difficulties related to the integration will be greater than 
      expected, (iii) our ability to implement future business and acquisition 
      strategies, and (iv) our ability to retain personnel of OCP Asia; (C) 
      factors relating to our manufacturing contract with SAE Magnetics, such 
      as the possibility that the expected benefits from that contract will 
      not be fully realized or will be delayed; (D) factors relating to doing 
      business in Taiwan and The People's Republic of China, such as, but not 
      limited to (i) risks relating to political and diplomatic issues between 
      Taiwan and The People's Republic of China, (ii) difficulty of managing 
      global operations, including staffing and managing foreign operations, 
      (iii) differing labor regulations, and (iv) foreign currency risk; (E) 
      factors relating to Furukawa’s sale of its 
      shares of OCP capital stock; and (F) factors relating to Oplink's 
      proposal to acquire the publicly held shares of OCP capital stock. OCP 
      undertakes no obligation to release publicly any revisions to any 
      forward-looking statements to reflect events or circumstances after the 
      date hereof or to reflect the occurrence of unanticipated events.