CHB Spins Out Sorrento

CHB Capital Partners has sponsored a spinout of the fiber optics division of Zhone Technologies Inc. (Nasdaq: ZHNE), and renamed it Sorrento Networks. No financial terms were disclosed. The unit was founded in 1993 and acquired by Zhone in 2004. Original co-founders Jim Neville and Tim Anderson are involved in the spinout.

PRESS RELEASE
Zhone Technologies, Inc. (NASDAQ:ZHNE), a global provider of advanced communications equipment and a leading supplier for VoIP, IPTV, and Ethernet over copper and fiber access lines, today announced the divestiture of the AccessNode and GigaMux product lines. The move solidly positions Zhone as a pure play in the access market, where the company is realizing strong growth in its multi-service access portfolio as the industry accelerates away from legacy infrastructures. Zhone will concentrate full R&D, manufacturing, and marketing resources on the growth core of its business, adding to its portfolio of high-demand access solutions