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For Immediate Release

Media Contact:
Amy Foschetti
Interprose PR
Phone: + 1 (704) 849-0433
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NanoOpto Announces Itochu Corporation Joins C-Round Financing

New Strategic Investor Supports Growth in Consumer Electronics and Communications Markets

Somerset, New Jersey. April 12, 2005. NanoOpto Corporation, who is applying novel design methods and proprietary nano-fabrication technology to produce a broad range of unique optical components that enable higher quality, low-cost optical components and systems, today announced that Itochu Corporation has invested $1 million in NanoOpto’s Series C round financing. This is in addition to the previously announced $12 million in Series C round venture financing led by First Analysis, a leading private growth-equity investor. To date, the total financing raised by NanoOpto is $43.3 million.

“First Analysis is pleased to have Itochu join us in this round of investment,” said Tracy Marshbanks, Vice President and General Partner specializing in advanced materials investments at First Analysis, and member of NanoOpto’s Board of Directors. “Itochu’s market and sales experience in the consumer electronics and communications industries in Asia are important in supporting NanoOpto’s product commercialization and revenue growth.”

“Itochu is excited by NanoOpto’s innovative technology and its potential for redefining optical circuit applications – leading to lowered costs and improved capability,” said Hiroo Inoue, COO of Itochu’s IT and Business Solutions Division. “Itochu looks forward to working with NanoOpto to realize the large and growing market potential for nano-optic devices.”

“Given our successful introduction of several new products over the last year, NanoOpto is now strongly focused on market growth,” stated Barry Weinbaum, President and CEO of NanoOpto. “This increases the importance of strong market intelligence and contacts, and so we are pleased to have Itochu join our group of investors.”

NanoOpto’s optical devices provide both discrete and integrated functionality, and bring value to such diverse market applications in digital imaging, optical drives, projection display, and communications. So far in 2005, NanoOpto has announced several new product offerings: IR cut-off filters for digital imaging; achromatic waveplates for optical drives; and optical isolators for data communications and telecommunications.

About NanoOpto
NanoOpto Corporation is applying proprietary nano-fabrication technology to the rapid design and high-volume manufacture of nano-optic devices for optical components and systems. The company’s nano-meter scale optical function design capability combined with wafer-based manufacturing methods delivers optical components that allow more rapid prototyping, higher performance, and lower overall system cost. Both independently and with industry partners, NanoOpto uses its technology to produce superior versions of standard optical components and new classes of integrated optical subassemblies for both custom and general applications. The company has received financial backing from leading venture capitalists and is based in Somerset, New Jersey. For additional information about NanoOpto, visit www.nanoopto.com.

About First Analysis
First Analysis is a leading private growth-equity investor. It has one of the longest records (20 years) in private capital investing. It has invested over $572 million, has created over $1.38 billion in fund liquidations, and has over $190 million in active portfolio investments and over $100 million to invest in new portfolio companies. First Analysis focuses on its three sectors of expertise: chemistry-enabled businesses, outsourced services, and information technology, investing for expansion and growth in small and mid-size companies with established business models, high internal growth rates, and large-market leadership potential. Its goal is to help these companies establish highly profitable leadership positions in their markets.

About Itochu Corporation
ITOCHU Corporation (www.itochu.co.jp) is one of Japan’s leading trading companies and is engaged in a wide variety of businesses, including textiles, machinery, aerospace, information technology, multimedia, metals, energy, chemicals, forest products, food, retail, and financial services. ITOCHU maintains over 140 offices around the world and owns over 650 subsidiaries and affiliates. ITOCHU aims to build new profit-making strategies and add new functions in order to become more global, and to foster businesses in new fields.