May 10, 2001

Finisar Corporation Announces Acquisition of Transwave Fiber, Inc.

Sunnyvale, CA, May 10, 2001 - Finisar Corporation (Nasdaq: FNSR), a technology leader in gigabit fiber optic solutions for high-speed data and telecommunication networks, announced that it had completed the acquisition of privately held Transwave Fiber, Inc., on May 3, 2001. Finisar had previously announced its agreement to acquire Transwave on November 21, 2000.

Established in February 2000 in Fremont, California, Transwave Fiber has focused on the development of passive optical components for fiber optic networks. By combining core competencies in fusion couplers, crystal processing and instrumentation technologies with access to additional engineering and manufacturing operations at its subsidiary in Shanghai, China, Transwave has quickly introduced several passive optical products for datacom and telecom applications including fusion couplers for multiplexing and demultiplexing.

Finisar will recognize the financial results of the acquisition in the first fiscal quarter ending July 31, 2001. The transaction will be accounted for as a purchase and is intended to qualify as a tax-free reorganization. Under the terms of the agreement, Transwave was merged with a wholly-owned subsidiary of Finisar. Transwave is expected to relocate to a new facility in Hayward, CA.

"The addition of Transwave to the Finisar family will have an immediate impact as we roll out our CWDM line of products for metropolitan networks,” said Jerry Rawls, Finisar’s President and CEO. “Transwave is already beginning to manufacture a number of key components for our CWDM solution. Their acquisition serves to underscore the importance of acquiring key technical competencies in order to speed the pace of innovation and get products to market more quickly.”

About Finisar
Finisar Corporation (Nasdaq:FNSR) is a leading technology innovator of fiber optic subsystems and network performance test systems which enable high-speed data communications over Gigabit Ethernet local area networks (LANs), Fibre Channel storage area networks (SANs), metropolitan and wide area data network applications (MANs and WANs) and CATV. Finisar is focused on the application of digital fiber optics to provide a broad line of high-performance, reliable, value-added optical subsystems for networking and storage equipment manufacturers. Finisar’s headquarters are located at 1308 Moffett Park Drive, Sunnyvale, CA 94089. For more information, visit the Company's web site at http://www.finisar.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding Finisar Corporation's expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this document are based upon information available to Finisar Corporation as of the date hereof, and Finisar Corporation assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with the rapidly evolving market for Finisar’s products and uncertainty regarding the development of these markets; Finisar’s historical dependence on sales to a limited number of customers, fluctuations in the mix of customers in any period and uncertainties related to the current economic slowdown; ongoing new product development and the introduction of new and enhanced products; the challenges of rapid growth; intense competition; and potential problems related to the integration of the operations, technologies and products of five recently acquired companies, Sensors Unlimited, Demeter Technologies, Medusa Labs, Shomiti Systems and Transwave Fiber, as well as those of Marlow Industries, which Finisar has agreed to acquire. These and other risks relating to Finisar Corporation's business are set forth in Finisar Corporation's Form 10-K report filed on July 31, 2000, with the Securities and Exchange Commission and other reports filed from time to time with the Securities and Exchange Commission.


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