Orckit shares jump on new Germany office

Orckit: This is an important strategic move, as the region is responsible foralmost a third of the global carrier Ethernet market.

Orckit Communications Ltd. (Nasdaq: ORCT; TASE: ORCT) has opened a new sales office and service center in Germany. The carrier Ethernet + transport (CE+T) networking solutions developer will publish its financial report for the first quarter of 2010 tomorrow.

Orckit said that the new office, to be headed by Bernd Muehlhaus, was "an important strategic move for the company, as the region is responsible for capturing almost a third of the global carrier Ethernet market." The new office "marks the latest achievement in a series of global expansion efforts to increase Orckit-Corrigent’s sales activities and local support across key regions with tremendous growth potential, including recent additions in Brazil, India, the Philippines and Thailand."

Orckit VP corporate sales Oren Tepper said, “We identified that the European market is returning to growth after the latest financial slow down and telecom operators are renewing their investment plans. We are responding by strengthening our presence in Europe to better serve our customers and develop new opportunities."

Orckit added that in addition to current customers in Germany and Scandinavia, the company has other customers, which it has not disclosed, which have deployed its products, and that it also has numerous business partnerships throughout Europe.

Orckit's share price rose 7.7% by midday on the TASE today to NIS 16.05. The share price rose 1.5% on Nasdaq yesterday to $4.02, giving a market cap of $67 million.

Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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