Exhibit 99.2


FINISAR CORPORATION ANNOUNCES AGREEMENT TO ACQUIRE TRANSWAVE FIBER, INC.

SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 21, 2000--Finisar Corporation (Nasdaq:
FNSR), a leading provider of gigabit fiber optic solutions for high-speed data
networks, today announced it has entered into a definitive agreement to acquire
Transwave Fiber, Inc. Transwave Fiber, headquartered in Fremont, California and
with operations in Shanghai, China, has developed a line of passive optical
components for use in storage area network and metropolitan access applications.

Live Webcast

Additional information about Finisar's pending acquisition of Transwave Fiber
will be available in a webcast at www.finisar.com scheduled for today, November
21, at 5:00 pm EDT (2:00 pm PDT). A replay of this webcast will be available
beginning approximately eight hours later.

Background

Established in February 2000 in Fremont, California, Transwave Fiber has focused
on the development of passive optical components for fiber optic networks. These
products build on the Company's core competencies in fusion couplers, crystal
processing and instrumentation technologies. With access to a considerable pool
of engineering talent plus manufacturing operations at its subsidiary in
Shanghai, China, Transwave has quickly exercised its technical prowess by
developing a broad line of passive optical products for datacom and telecom
applications.

"As a supplier of passive optical components, Transwave Fiber provides Finisar
with access to another fundamental fiber optic technology," said Jerry Rawls,
Finisar's President and CEO. "Finisar will be able to take advantage of this new
core competency to develop optical subsystems incorporating WDM capabilities for
metropolitan access applications," added Rawls.

"We look forward to an exciting working relationship with an industry leader,"
said Dr. Sen Lu Xu, Transwave's CTO. "Our early collaborations have already
resulted in driving the performance of our CWDM couplers higher than that
offered by others while lowering our product cost at the same time," added Dr.
Sen Lu Xu.

Transaction

Under the terms of the agreement, Transwave Fiber will merge with Finisar, and
Transwave stockholders will be entitled to receive up to approximately 3.6
million shares of Finisar Common Stock including shares issuable upon exercise
of options assumed in the merger. One-third of the shares issued in the merger
will be deposited in an escrow and will be released to the former shareholders
of Transwave Fiber upon the achievement of certain financial and technical
milestones during a three year period following the completion of the merger.
The transaction will be accounted for as a purchase and is intended to qualify
as a tax-free reorganization. The closing price of Finisar's Common Stock on
November 20, 2000 was $22.13 per share, giving the transaction an approximate
value of $80 million. The transaction is expected to close during the first
calendar quarter of 2001 and is subject to approval by Transwave's stockholders
and other customary conditions.

Following the merger, Transwave Fiber will operate as a division of Finisar and
will continue to be a merchant supplier of passive optical components to Finisar
as well as others.

ABOUT FINISAR



Finisar Corporation (Nasdaq:FNSR) is a leading provider 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), and wide-area and metropolitan data networking
applications (WANs and MANs). The Company 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. The Company'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 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's expectations, beliefs, intentions, or strategies regarding the future.
All forward-looking statements included in this press release are based upon
information available to Finisar as of the date hereof, and Finisar 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 markets for Finisar's products and uncertainty
regarding the development of these markets; Finisar's historical dependence on
sales to a limited number of customers and fluctuations in the mix of customers
in any period; ongoing new product development and introduction of new and
enhanced products; the challenges of rapid growth; intensive competition; and
potential problems related to the assimilation and integration of the
operations, technologies and products of two recently acquired companies,
Sensors Unlimited and Demeter Technologies, as well as those of Transwave Fiber
and Shomiti Systems which Finisar has agreed to acquire. Other risks relating to
Finisar's business are set forth in Finisar's Annual Report on Form 10-K and
other interim reports as filed with the Securities and Exchange Commission.

CONTACT:   Finisar Corporation
           Steve Workman or Shelby Palmer, 408/542-5050
           investor.relations@finisar.com