The DAK Group announces the acquisition of essentially all of the assets of Laser Optics, Inc. of Bethel, CT by Photonic Products Group, Inc. (NASDQ: PHPG), located in Northvale, NJ. Laser Optics is a thirty-seven year old, privately held manufacturer of custom optical components, infrared optical components, and specialty thin-film coatings and reticles. Photonic Products develops, manufactures, and supplies products for key photonic industry sectors via its four related product areas: Crystals and Crystal Components, Custom Optics, Systems and Instruments, and Thin Film Services.

The DAK Group, located in Rochelle Park, NJ, acted as financial advisor to Photonic Products and initiated this transaction. Kenneth Light, DAK Managing Director, noted, "Photonic Products has taken an important step toward successfully completing its strategic acquisition plan. I look forward to our continued representation of the Company as we move further through its aggressive growth program."

Dan Lehrfeld, President and CEO of Photonic Products commented, "Laser Optics' reputation for product quality and solving difficult customer challenges in thin films, laser optics, and spherical components is an excellent fit with our existing business. Its operations will be consolidated into our newly expanded Northvale, NJ facility in 2004."

Phil Heinrich, Laser Optics founder and new Vice President and General Manager of Photonic Products added, "With our combined team, extensive finishing, coating and metrology assets, and our expanded sales force, we look forward to serving the growing needs of our customers … old and new."