Orckit Communications (ORCT) Awarded $12 Million from Commercial Arbitration

Orckit Communications Ltd. (Nasdaq: ORCT) announced that an International Centre for Dispute Resolution (the international division of the American Arbitration Association) ("ICDR") arbitration panel consisting of three arbitrators in New York has issued an interim ruling granting an award to Orckit of $12 million in damages, plus applicable interest and costs, from Conexant Systems Inc. The award covers damages Orckit incurred in the period from 2001 through 2003 from a supplier of semiconductor chips that was acquired by Conexant Systems Inc. The semiconductor chips were used in Orckit's legacy DSL products.

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